Image used for representational purposes only.
| Photo Credit: Reuters

Image used for representation purpose only.
| Photo Credit: Reuters

Image used for representational purpose only.
| Photo Credit: Getty Images/iStockphoto

File image.
| Photo Credit: Reuters

The rupee fell 2 paise to trade at 84.49 against the U.S. dollar in early trade on Friday (November 29, 2024) dragged down by significant foreign fund outflows and month-end dollar demand from importers.

Forex traders said the rupee remains in a weakening mode due to dollar demand from importers and foreign banks.

At the interbank foreign exchange, the rupee opened at 84.49 against the greenback, registering a fall of 2 paise over its previous close.

On Thursday, the rupee depreciated 7 paise to close at 84.47 against U.S. dollar.

As FPIs sold ₹11,000 crore of shares on Thursday Indian rupee was constantly on the selling side against the U.S. dollar which surged to its highest at 84.51 before closing at 84.4850 with the Reserve Bank of India (RBI) protecting any fall beyond 84.50 for now, Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP said.

“Good month-end demand for US dollar and FPIs buying it kept dollar well bid near to 84.50. Expect the buying to continue on Friday also,” Bhansali added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.18% at 105.85.

Brent crude, the global oil benchmark, rose 0.14% to $73.38 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex rose 396.99 points or 0.50% to 79,440.73 in morning trade, while Nifty was up 128.00 points or 0.54% to 24,042.15 points.

Foreign Institutional Investors (FIIs) offloaded ₹11,756.25 crore in the capital markets on net basis on Thursday, according to exchange data.

File.
| Photo Credit: K. Pichumani

The rupee consolidated in a narrow range and settled for the day higher by 1 paisa at 83.30 against the U.S. dollar on April 24, as the support from positive domestic equities was negated by rising American currency.

Forex traders said elevated crude oil prices and significant foreign fund outflows in the international market dented investors’ sentiments.

At the interbank foreign exchange market, the local unit opened at 83.29 against the greenback. The unit hit an intra-day high of 83.26 and a low of 83.33 against the greenback.

The domestic unit finally settled at 83.30 (provisional) against the dollar, 1 paisa higher from its previous close.

On Tuesday, the rupee closed at 83.31 against the American currency.

Forex traders said the rupee is expected to trade with a slight positive bias on improved global risk sentiments and easing of geopolitical tensions in the Middle East. However, any fresh aggressions in the Middle East may cap gains for the local unit.

Brent crude futures, the global oil benchmark, fell 0.34% to $88.12 per barrel.

“Geopolitical risks in the Middle East and talks of fresh energy sanctions on Iran could see some occasional hiccups in prices to move higher but we don’t expect prices to sustain USD 85 for a short duration,” said Mohammed Imran – Research Analyst at Sharekhan by BNP Paribas.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 105.84, higher by 0.16%.

“We expect the rupee to trade with a slight positive bias on rise in risk appetite in global markets and easing geopolitical tensions in the Middle East. However, hawkish comments from the Fed may support the dollar at lower levels,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

However, any fresh aggressions in the Middle East may cap sharp upside. Traders may take cues from durable goods orders data from the US. Investors may remain cautious ahead of inflation data later this week. USD-INR spot price is expected to trade in a range of Rs 83.05 to Rs 83.50, Choudhary added.

On the domestic equity market front, Sensex advanced 114.49 points, or 0.16%, to settle at 73,852.94 points. The Nifty rose 34.40 points, or 0.15%, to close at 22,402.40 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth ₹3,044.54 crore, according to exchange data.

Photo used for representation purpose only. The rupee rose on April 5, bolstered by dollar sales from foreign and state-run banks and after the central bank kept rates unchanged for a seventh consecutive meeting.
| Photo Credit: The Hindu

The rupee rose on April 5, bolstered by dollar sales from foreign and state-run banks and after the central bank kept rates unchanged for a seventh consecutive meeting.

The rupee closed at 83.2950 against the U.S dollar, up nearly 0.2% compared with its close of 83.4375 in the previous session.

The currency logged a gain of 0.1% week-on-week, rebounding from a record low of 83.4550 hit on Thursday.

Dollar sales picked up after the rupee managed to hold above 83.45 despite a raft of weak global cues, a FX trader at a foreign bank said.

Brent crude oil prices rising above $90 per barrel for the first time since October and hawkish comments from Federal Reserve policymakers weighed early in the session.

But foreign and state-run banks’ dollar sales after the Reserve Bank of India’s (RBI) policy decision helped lift the rupee, traders said.

Stop losses were hit after the currency rose above 83.35, which led to traders exiting long dollar positions, the foreign bank trader said.

Five out of six members of India’s rate-setting committee voted in favour of a pause and for holding the monetary stance at ‘withdrawal of accommodation’.

The robust growth prospects provide the central bank the space to remain focused on inflation, RBI Governor Shaktikanta Das said.

Investors now await the U.S. non-farm payrolls report due later on Friday. The U.S. likely added 200,000 jobs in March, according to a Reuters poll of economists.

The dollar index was little changed at 104.2 while Asian currencies were mixed.

The rupee is likely to trade with a modest appreciation bias over the next few sessions, Arnob Biswas, head of foreign exchange research at SMC Global Securities said. (Reporting by Jaspreet Kala; Editing by Mrigank Dhaniwala)

Image used for representative purpose only.
| Photo Credit: REUTERS

The rupee settled flat at 83.25 (provisional) against the U.S. dollar on Monday, as sustained foreign fund outflows and the strength of the American currency in the overseas market weighed on investor sentiments.

Forex traders said the Indian rupee traded on a flat note with a slight negative bias on strong U.S. dollar and selling pressure from foreign funds.

However, a positive tone in domestic equities and a decline in crude oil prices cushioned the downside. U.S. dollar gained on safe-haven demand as Israel expanded its ground operations in Gaza.

At the interbank foreign exchange, in a range-bound trade the rupee opened at 83.25 and finally settled at the same level against the American currency, even as the domestic equity market made a smart recovery and ended the day on a positive note.

During the day, the rupee witnessed an intra-day high of 83.24 and a low of 83.27 against the greenback.

On Friday, the rupee settled at 83.25 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading marginally lower by 0.13% at 106.42.

Brent crude futures, the global oil benchmark, fell 1.28% to $89.29 per barrel.

“We expect the rupee to trade with a slight negative bias on geopolitical uncertainty in the West Asia, which may lead to safe-haven demand for US dollar,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

Mr. Choudhary further said that month-end dollar demand from importers and OMCs and weak global market sentiments may weigh on the domestic currency.

“However, weak crude oil prices and any intervention by the RBI may support rupee at lower levels. Investors may remain cautious ahead of the FOMC meeting later this week. USD-INR spot price is expected to trade in a range of ₹83 to ₹83.60,” Mr. Choudhary said.

On the domestic equity market front, the BSE Sensex closed 329.85 points or 0.52% higher at 64,112.65. The broader NSE Nifty advanced 93.65 points or 0.49% to 19,140.90.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they sold shares worth ₹1,500.13 crore, according to exchange data.

Meanwhile, India’s forex reserves declined by $2.36 billion to $583.53 billion during the week ended October 20, according to the Reserve Bank of India data.

In the previous reporting week, the overall reserves had increased by $1.153 billion to $585.895 billion.

File.
| Photo Credit: C. Venkatachalapathy

The rupee was trading in a narrow range against the US dollar in early trade on Monday, amid a negative trend in domestic equities.

Forex traders said the rupee is trading in a narrow range as sustained foreign fund outflows and strength of the American currency in the overseas market weighed on investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 83.25 against the dollar and then touched an early high of 83.24, and a low of 83.26 against the greenback.

On Friday, the rupee settled at 83.25 against the U.S. dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.03% higher at 106.59.

Oil prices Brent crude futures, the global oil benchmark, fell 1.23% to $89.37 per barrel.

“Asian currencies are slightly lower while European currencies continue to remain on the lower side as the dollar index is near 106.57, Brent oil at USD 88.43 per barrel and Gold crossed USD 2,000 per ounce,” Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said.

In the domestic equity market, the 30-share BSE Sensex was trading 219.53 points or 0.34% lower at 63,563.27. The broader NSE Nifty declined 66.10 points or 0.35% to 18,981.15.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they sold shares worth ₹1,500.13 crore, according to exchange data.

Meanwhile, India’s Forex reserves declined by $2.36 billion to $583.53 billion during the week ended October 20, according to the Reserve Bank of India data.

In the previous reporting week, the overall reserves had increased by $1.153 billion to $585.895 billion.

File image.
| Photo Credit: C. Venkatachalapathy

The rupee declined 3 paise to 83.15 against the U.S. dollar in a restricted trade on October 23 due to a stronger greenback in overseas markets and foreign fund outflows.

A correction in crude oil prices and firm domestic stock markets in opening trade capped the losses of the rupee, according to Forex dealers.

The local unit opened lower by 3 paise at 83.15 against the greenback at the interbank foreign exchange market.

The rupee moved in a tight range of 83.15 to 83.09 against the dollar in morning deals before trading at 83.15. It had closed almost flat at 83.12 on Friday.

Foreign Portfolio Investors (FPIs) have withdrawn over ₹12,000 crore from Indian equities so far this month, mainly due to a sustained rise in US bond yields and the uncertain environment resulting from the Israel-Hamas conflict.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, gained 0.12% to 106.30.

Oil prices eased on Monday with the global oil benchmark Brent crude declining 0.79% to $91.43 per barrel.

On the domestic equity market front, Sensex rose 9.55 points or 0.01% to 65,407.17 points while broader Nifty was up 3.8 points or 0.02% at 19,546.45 points.

File.
| Photo Credit: C. Venkatachalapathy

The rupee depreciated 29 paise to settle at an all-time low of 83.11 (provisional) against the U.S. dollar on August 14, weighed down by a strong greenback overseas and firm crude oil prices in the international markets.

Foreign fund outflows also weighed on the local unit, analysts said.

At the interbank foreign exchange, the domestic unit opened at 83.04 against the dollar, and it finally ended the day at 83.11 (provisional), registering a fall of 29 paise from its previous close.

During the session, the local unit touched a peak of 82.94 and a low of 83.11.

On Friday, the domestic unit had settled 16 paise lower at 82.82 against the dollar.

The rupee fell on weak domestic markets and a strong US dollar. India’s IIP also grew at a slower pace as compared to the forecast, said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

The dollar gained after U.S. PPI data was higher than forecast, and safe haven demand on risk aversion in global markets.

“We expect the rupee to trade with a negative bias on risk aversion in global markets and rising US dollars. FII outflows may also weigh on the rupee.

“However, a decline in crude oil prices may support the rupee at lower levels. Traders may take cues from India’s inflation data which is expected to jump to 6.4 per cent from 4.81 per cent in the previous month. We expect the USD/INR spot to trade in the range of 82.50 to 83.50 in the near term,” Choudhary added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.01% to 102.85.

Brent crude futures, the global oil benchmark, declined by 0.28% to $86.57 per barrel.

On the domestic equity market front, the 30-share BSE Sensex closed 79.27 points or 0.12% higher at 65,401.92 points. The broader NSE Nifty advanced 6.25 points or 0.03% to close at 19,434.55 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth ₹3,073.28 crore, according to exchange data.