The rupee witnessed range-bound trading in initial deals against the U.S. dollar on March 12. Image for representation purposes only. File
| Photo Credit: Reuters

The rupee witnessed range-bound trading in initial deals against the U.S. dollar on March 12, as market participants remained on the sidelines ahead of the release of key macroeconomic data.

Forex traders said focus will be on the U.S. Feb CPI print and on the domestic front, Feb CPI print and Jan IIP are due post market hours.

Meanwhile, positive domestic equities, foreign fund inflows and broad weakness of the American currency in the overseas market aided investor sentiments, while rising crude oil prices weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 82.74 against the greenback, then touched 82.72, registering a rise of 3 paise over its previous closing price.

On Monday, the rupee declined by 8 paise to settle at 82.75 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06% lower at 104.80.

Brent crude futures, the global oil benchmark, advanced 0.36% to $82.51 per barrel.

Forex traders said FDI-related inflows may support the rupee at lower levels. A recovery in domestic equities also supported the rupee. However, market participants are likely to remain cautious ahead of the release of inflation data from India and the U.S.

“Rupee ended at 82.75 on Monday. It is likely to open around 82.75 and trade in an 82.70-82.80 range with sideways price action,” IFA Global Research Academy said in a note.

On the domestic equity market front, Sensex advanced 413.78 points, or 0.56%, to settle at 73,916.42 points. The Nifty rose 94.10 points, or 0.42%, to close at 22,426.75 points.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Monday as they bought shares worth ₹4,212.76 crore, according to exchange data.

At the interbank foreign exchange, the local currency opened at 82.88 and dipped to 82.89 against the greenback, registering a gain of 2 paise from its previous close. Image for representation purposes only. File
| Photo Credit: Reuters

The rupee appreciated 2 paise to 82.89 against the U.S. dollar in early trade on February 29, tracking a weak American currency and a downward trend in the crude oil prices.

The domestic unit, however, weighed down by a volatile equity market and unabated outflow of foreign funds, forex traders said.

Market participants were also awaiting the domestic GDP data to be released later in the day, they said.

At the interbank foreign exchange, the local currency opened at 82.88 and dipped to 82.89 against the greenback, registering a gain of 2 paise from its previous close.

On Wednesday, the rupee settled 2 paise lower at 82.91 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.11% lower at 103.86 on Thursday.

Analysts said the dip in the American currency was an instant reaction to the U.S. macroeconomic data which projected a slightly lower growth rate for the world’s largest economy.

According to Gaurang Somaiya, forex and bullion analyst, Motilal Oswal Financial Services, market participants remained cautious ahead of the GDP number that will be released on the domestic front.

“Today, market participants will focus on India’s GDP which is expected at 6.6%, and any disappointment could weigh on the rupee. Also focus will be on German CPI, and the Fed’s preferred inflation gauge – the Core PCE price index. We expect USD-INR (Spot) to trade sideways and quote in the range of 82.80-83.20,” he added.

Brent crude futures, the global oil benchmark, declined 0.18% to $83.53 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 68.22 points or 0.09% higher at 72,373.10 points.

The broader NSE Nifty rose 2.80 points or 0.01% to 21,953.95 points.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth ₹1,879.23 crore on a net basis, according to exchange data.

Forex traders said subdued equity market sentiment and strengthening American currency weighed on the domestic unit. Image for representation purposes only. File
| Photo Credit: Reuters

The rupee appreciated 2 paise to 82.89 against the U.S. dollar in early trade on February 26 on the back of foreign funds inflow and retreating crude oil prices in the overseas market.

Forex traders said subdued equity market sentiment and strengthening American currency weighed on the domestic unit.

Also, they said investors adopted cautious approach ahead of inflation and other macroeconomic data to be released in India as well as in the U.S. later this week.

At the interbank foreign exchange, the local currency opened at 82.88 and slipped further to 82.89 against the greenback, registering a gain of 2 paise from the previous close.

On Friday, the rupee settled 6 paise lower at 82.91 against the U.S. dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.06% higher at 103.92.

Brent crude futures, the global oil benchmark, was trading 0.45% lower at $82.25 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 219.37 points or 0.30% lower at 72,923.43 points. The broader NSE Nifty declined 51.10 points or 0.23% to 22,161.60 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased worth ₹1,276.09 crore, according to exchange data.

India’s forex reserves declined $5.24 billion to $617.23 billion for the week ending February 9, according to weekly data released by the Reserve Bank of India (RBI) on Friday.

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

The rupee recovered from its all-time low levels and appreciated by 10 paise to 83.13 against the U.S. dollar in early trade on Friday, tracking a positive trend in domestic equities.

Forex traders said the rupee is trading in a narrow range as firm crude oil prices and the strength of the American currency in the overseas market dented investor sentiments, while positive domestic equities cushioned the downside.

At the interbank foreign exchange, the domestic unit opened at 83.13, registering a rise of 10 paise over its last close.

On Thursday, the rupee depreciated 10 paise to its lifetime low of 83.23 against the U.S. dollar.

Forex traders expect the rupee to trade with a negative bias on a strong dollar and elevated crude oil prices. Disappointing European data may further support the dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell marginally by 0.15% to 104.89.

Brent crude futures, the global oil benchmark, fell 0.61% to $89.37 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 168.59 points or 0.25% higher at 66,434.15. The broader NSE Nifty advanced 41.80 points or 0.21% to 19,768.85.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth ₹758.55 crore, according to exchange data.

FIIs were net sellers in the capital market on September 7 as they offloaded shares worth ₹3,245.86 crore, according to exchange data. Image for representation purpose only. File
| Photo Credit: Reuters

The rupee depreciated for the fourth straight day and settled nine9 paise lower at its lifetime low of 83.22 (provisional) against the U.S. dollar on September 7 amid a firm American currency and elevated crude oil prices.

Positive trend in the domestic equity markets, however, provided a cushion to the rupee, according to forex traders.

Crude oil breached the $90 per barrel-mark after oil-producing countries agreed to extend supply cut till December this year while dollar stayed firm on safe-haven demand.

At the interbank foreign exchange, the domestic unit opened at 83.15 against the dollar and traded in the range of 83.12 to 83.22 against the greenback. It ended at the lowest level of 83.22 (provisional) against the dollar, registering a fall of nine paise from its previous close.

On Wednesday, the rupee settled nine9 paise lower at 83.13 against the dollar. Earlier, the Indian currency had closed at the same level of 83.13 on August 21.

The domestic unit has declined 60 paise since Monday when it had closed nine9 paise lower at 82.71 against the greenback. On Tuesday, the unit had plunged 33 paise, the sharpest fall this week.

“We expect rupee to trade with a negative bias on strong dollar and elevated crude oil prices. Disappointing European data may further support dollar. Rising U.S. treasury yields and concerns over global economic growth may also weigh on rupee,” Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas, said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.09% to 104.95.

Brent crude futures, the global oil benchmark, was trading 0.39% lower at $90.25 per barrel.

On the domestic equity market front, the BSE Sensex closed 385.04 points or 0.58% higher at 66,265.56 points while the broader Nifty jumped 116 points or 0.59% to end at 19,727.05 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth ₹3,245.86 crore, according to exchange data.