Tag: Rupee

Rupee trades marginally up against US dollar

19/12/2016 11:20

The Indian rupee rebounded against the US dollar after making a weak start at the Interbank Foreign Exchange on Monday amid fresh selling of dollars by banks and exporters.

According to Angel Broking, the local currency strengthened against the US counterpart as surge in as recent weakness in the home currency prompted the exporters, banks and traders to book profits.

At the Interbank Foreign Exchange Market, the local currency was trading up by 03 paise to 67.76 per dollar from a previous close of 67.79 per dollar at 11:25 hours. The Indian currency opened at 67.83, down 04 paise against the US dollar.

The home currency tumbled 40 paise against the US dollar on Thursday after the US Federal Reserve raised interest rates for the first time this year by 25 basis points to between 0.50 per cent and 0.75 per cent and also hinted of a brisker pace of rate rises in 2017.

Rupee free fall continues against greenback

24/11/2016 12:06

The Indian rupee free fall continues unabated against its US counterpart on Thursday amid sustained outflows by foreign funds amid the American currency strengthening overseas.

The bearish trend at Indian equity market owing to the de-notification of the currency and worsening of the global rate market conditions kept the domestic markets on tenterhooks.

At the Interbank Foreign Exchange Market, the local currency was trading down by 7 paise to 68.63 per dollar from a previous close of 68.56 per dollar.

The market experts opined that the rising US dollar has put tremendous pressure on the Indian rupee and it 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 Fed rate hike in the December 2016 policy – pushed up the dollar index to 101.2 from 97.5 through November 2016 and low of 92.6 in May 2016.

Rupee extends fall on Fed rate hike fear, weak equity market

21/11/2016 12:05

The Indian rupee continued its losing streak against its US counterpart in early trade on Monday on sustained bouts of dollar demand by importers and banks amid weak local equities.

The local currency remained under pressure as lingering worries over the impact of demonetization of higher value currency notes and hints of a rate hike in December by US Federal Reserve chair Janet Yellen weighed on rupee movement.

At the Interbank Foreign Exchange Market, the local currency was trading down by 09 paise to 68.27 per dollar from a previous close of 68.18 per dollar.

With Fed Chair Janet Yellen signalling that an interest rate hike is in the offing quite soon, traders remain wary of the potential impact of US monetary tightening on capital flows to emerging markets.

Further, the RBI may wait until February to cut interest rates further despite softening inflation as it gets greater clarity over US Fed policy stance in December and assesses the impact of a potential Fed rate hike on the Indian economy and new US President Donald Trump’s policies on financial markets.

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 66.8481 against US dollar

14/10/2016 13:34

The Reserve Bank of India today fixed the reference rate of the rupee at 66.8481 against the US dollar and 73.6867 for the euro.

The corresponding rates were 66.8473 and 73.6657, respectively yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.4811 and 64.23 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 trades flat against greenback

04/10/2016 12:51

The Indian rupee were trading flat, paring early gains, against its US counterpart on Tuesday as traders remained jittery ahead of outcome of RBI monetary policy review which will be the first one for new governor Urjit Patel.

At the Interbank Foreign Exchange Market, the local currency was trading flat at USD 66.81 per dollar as compared to previous closing price of 66.81 per dollar.

Traders are hoping that the newly constituted Monetary Policy Committee (MPC) headed by Patel may cut interest rates by 25 bps amid the recent dip in consumer inflation.

Rupee trading weak at 67.15 against US dollar

21/09/2016 11:49

The Indian rupee was trading lower against its US counterpart on Wednesday amid demand for the dollar from banks and importers, tracking weakness across global markets as traders worldwide stick to a cautious approach ahead of the outcome of key central bank meetings in Japan and the US.

At the Interbank Foreign Exchange Market, the partially convertible currency fell 3 paise at 67.15 per dollar from a previous close of 67.12 per dollar.

However, strong trading in domestic equity market capped downtrend of local currency.

Rupee falls 18 paise at 67.04 against US dollar

12/09/2016 12:54

The Indian rupee was trading lower against its US counterpart on Monday amid fresh demand for the dollar from banks and importers, tracking a slump across global markets as central banks in the world’s biggest economies start to question the benefits of loose monetary policies.

At the Interbank Foreign Exchange Market, the partially convertible currency fell 18 paise at 67.04 per dollar from a previous close of 66.86 per dollar.

Weakness in the domestic equity market also weighed on the local currency.

Boston Federal Reserve Bank of President Eric Rosengren has said that there rests a ‘reasonable case’ for gradual interest rate hikes in the world’s biggest economy, which he sees in resilient shape notwithstanding a drag from a global slowdown in the wake of heightened headwinds.

RBI sets rupee reference rate at 67.0299 against dollar

26/08/2016 15:25

The Reserve Bank of India today fixed the reference rate of the rupee at 67.0299 against the US dollar and 75.7371 for the euro.

These rates were at 67.0876 and 75.5943 respectively, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 88.5934 and 66.72 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.