Tag: Indian Rupee

Rupee sheds 28 paise against greenback

28/11/2016 14:51

The Indian rupee resumed selling spree against its US counterpart on Monday amid sustained outflows by foreign funds as fears of an imminent Fed rate hike and worries over the impact of the government’s demonetization move on the Indian economy soured risk taking appetite.

At the Interbank Foreign Exchange Market, the local currency was trading down by 28 paise to 68.71 per dollar from a previous close of 68.42 per dollar.

The market experts opined that a rising US dollar has put tremendous pressure on the Indian rupee and it which could be headed for 70 per USD if domestic conditions do not improve soon. The sharp strengthening of the dollar has also kept emerging currencies under pressure.

Meanwhile, the increase in the probability of the a Fed rate hike in the December 2016 policy – has pushed up the dollar index by over 3 per cent in November 2016 to 101.2 from 97.5 through November 2016 and from a low of 92.6 in May 2016.

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Rupee trades lower against greenback

16/11/2016 14:48

The Indian rupee was trading lower against its US counterpart in afternoon trade on Wednesday on sustained bouts of dollar demand by importers and banks as India’s trade deficit widened to 10-month high, raising concerns over the health of the Asia’s third largest economy.

Forex dealers said fresh demand for the US unit following the US presidential elections and as investors ascertain implications of the outcome, risk aversion sentiment dominates globally. Additionally, the US Fed’s stance on rates is in focus, keeping the dollar firm.

The rupee has emerged as a low beta asset among the major Asian currencies, exhibiting relative stability. This resilience is likely to continue, keeping it anchored on account of domestic fundamentals.

At the Interbank Foreign Exchange Market, the local currency was trading down by 10 paise to 67.91 per dollar from a previous close of 67.81 per dollar at 14:50 hours.

Rupee weaker against greenback

27/10/2016 12:29

The Indian rupee was trading lower against its US counterpart in afternoon trade on Thursday amid a lower opening in domestic stocks. Sustained demand for the American currency from importers was also at work.

Dealers said the dollar’s renewed strength against other currencies overseas came after a preliminary survey showed key US services expanded in October, which reinforced expectations that the Federal Reserve will lift rates before the end of the year. This mainly pushed down the rupee.

At the Interbank Foreign Exchange Market, the domestic currency was down by 2 paise to USD 66.89 per dollar from a previous close of 66.87 per dollar.

RBI sets rupee reference rate at 68.0144 against US dollar

RBI sets rupee reference rate at 68.0144 against US dollar

24/06/2016 14:16

The Reserve Bank of India today fixed the reference rate of the rupee at 68.0144 against the US dollar and 75.1015 for the euro.

These rates were 67.3702 and 76.3776 respectively, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 92.9553 and 66.45 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee figure will be based on this rate, the statement added.

Rupee under pressure on Rexit effect

Rupee under pressure on Rexit effect

20/06/2016 12:50

The Indian rupee nosedived nearly 1 per cent in early trade on Monday in a knee-jerk reaction to Raghuram Rajan’s abrupt decision to step down as the RBI governor following the end of his term in September. However, recovery in the Indian equities helped rupee pare some of early losses.

At MCXSX, USDINR for June 2016 contract traded at Rs. 67.4800 per dollar, rupee depreciated by 30 paise, after opening at Rs. 67.4500 against the previous closing price of Rs. 67.1750. Rupee declined to intra-day low of Rs. 67.7800 per dollar with a contract volume of 2,17,031 till the trading. (At 12.55 PM today).

The market experts opined that Rajan’s exit could spell volatility for equities and the rupee which may also take a hit from heightened global economic uncertainty amidst fears that a potential exit of the UK from the European Union may weaken the global economy.

The Brexit referendum slated on June 23, 2016 will decide whether the UK will break away from the European Union, an event which could hurt capital flows to emerging markets.

RBI sets rupee reference rate at 66.5040 against US dollar

21/03/2016 14:56

The Reserve Bank of India today fixed the reference rate of the rupee at 66.5040 against the US dollar and 74.9168 for the euro.

These rates were 66.6088 and 75.3012, respectively, on March 18, 2016.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 95.8722 and 59.66 per 100 yens, respectively.

The SDR-rupee figure will be based on this rate, the statement added.

RBI sets rupee reference rate at 66.8806 against dollar

17/03/2016 15:31

The Reserve Bank of India on March 17, 2016 fixed the reference rate of rupee for US dollar at 66.8806 against 67.3680 on March 16, 2016.

The central bank has set reference rate of rupee for the euro at 75.0735 against 74.7583 on Wednesday, RBI said in a notification.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted 95.1644 and 59.59 yen, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee rate would be based on this rate, the statement added.