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

The rupee consolidated in a narrow range and settled for the day 3 paise lower at 82.78 (provisional) against the U.S. dollar on Tuesday, as market participants remained on the sidelines ahead of the release of key macroeconomic data.

Forex traders said the Indian rupee declined marginally on positive U.S. dollar and recovery in crude oil prices. However, positive domestic markets and sustained foreign fund inflows over the past three sessions supported the local unit at lower levels.

At the interbank foreign exchange market, the local unit opened at 82.74 and touched the intra-day low of 82.78 and a high of 82.72 against the greenback. The local unit finally settled at 82.78 (provisional) against the dollar, registering a loss of 2 paise from its previous close.

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 0.01% lower at 102.85, ahead of inflation data from the U.S.

Brent crude futures, the global oil benchmark, advanced 0.81% to $82.88 per barrel.

“We expect the rupee to trade with a slight negative bias on recovery in the greenback and concerns over elevated crude oil prices. However, a positive tone in domestic markets may support the rupee at lower levels.

“Traders may take cues from India’s CPI and IIP data. Market participants may remain cautious ahead of inflation and budget deficit data from the U.S. USD-INR spot price is expected to trade in a range of ₹82.50 to ₹83,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

On the domestic equity market front, Sensex jumped 165.32 points, or 0.22%, to settle at 73,667.96 points. The Nifty rose 3.05 points, or 0.01%, to close at 22,335.70 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.

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.

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.

The rupee settled on a flat note at 82.96 (provisional) against the U.S. dollar.
| Photo Credit: PTI

The rupee settled on a flat note at 82.96 (provisional) against the U.S. dollar on February 8, after the Reserve Bank of India decided to keep the key policy rate unchanged for the sixth time in a row to maintain a tight vigil on inflation.

Forex traders said a negative trend in domestic equities weighed on investor sentiments.

At the interbank foreign exchange, the rupee opened at 82.94 against the dollar and moved in a narrow range and settled for the day at 82.96 against the American currency, as the central bank retained the repo rate at 6.5% for the sixth consecutive time.

During the day, the rupee touched an intraday high of 82.89 and a low of 83 against the U.S. dollar.

On February 7, the rupee appreciated 9 paise to close at 82.96 against the dollar.

The Indian rupee remained flat as RBI maintained status quo in its monetary policy for the sixth consecutive time and left Repo Rate unchanged at 6.5%, in line with street expectations.

The central bank revised FY24 GDP projections higher at 7.3% from 7% and projected FY25 GDP at 7%. It also projected CPI (consumer price-based inflation) in FY25 lower at 4.5%.

However, the rupee lost earlier gains as domestic markets declined and U.S. dollar also recovered.

“We expect rupee to trade with a slight negative bias on expectations that US dollar may recover amid hawkish U.S. Fed speak and geopolitical tensions,” said Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas.

Israeli Prime Minister rejected a peace proposal by Hamas which may also lead to rise in crude oil prices.

However, positive global markets may support rupee at lower levels. Traders may take cues from weekly unemployment claims data from U.S. and speeches by various Fed officials. USD-INR spot price is expected to trade in a range of ₹82.70 to ₹83.30.

Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das on February 8 said the Monetary Policy Committee (MPC) will remain watchful of food inflation so that the benefits gained are not frittered away.

The RBI on February 8 projected a Gross Domestic Product (GDP) growth of 7% for 2024-25, which is lower than the 7.3% expansion estimated for the current fiscal.

Mr. Das said rural demand continues to gather pace, urban consumption remains strong and investment cycle is gaining steam on the back of increased capex.

He said there are signs of revival in private investments.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.03% higher at 104.08.

Brent crude futures, the global oil benchmark, rose 0.16% to $79.34 per barrel.

In the domestic equity market, the 30-share BSE Sensex closed 723.57 points, or 1%, lower at 71,428.43. The broader NSE Nifty declined 212.55 points, or 0.97%, to 21,717.95.

Foreign institutional Investors (FIIs) were net sellers in the capital markets on February 7 as they offloaded shares worth ₹1,691.02 crore, according to exchange data.

The rupee depreciated 15 paise to close at 83.21 (provisional) against the U.S. dollar on Tuesday (October 3), as a strong U.S. dollar and weak domestic equities dented investor sentiments.

Forex traders said muted domestic macroeconomic data and sustained FII outflows also mounted downside pressure on rupee.

At the interbank foreign exchange market, the local unit opened at 83.21 against the U.S. dollar and moved in a range of 83.23 to 83.17.

The rupee finally settled at 83.21 (provisional) against the U.S. dollar, down 15 paise from its previous close.

On Friday, the rupee appreciated 13 paise to settle at 83.06 against the U.S. dollar.

On Monday, the domestic forex market was closed on account of Mahatma Gandhi Jayanti.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.14% to 104.05.

Brent crude futures, the global oil benchmark, declined 0.02% to #90.69 per barrel.

“We expect the rupee to trade with a negative bias as the hawkish Fed speak and a strong dollar may continue to put downward pressure on the rupee. Risk aversion in global markets may further weigh on the domestic currency,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

Mr. Choudhary further said that decline in crude oil prices and any selling of dollars by RBI may support rupee at lower levels.

“Traders may take cues from JOLTS job openings data from the U.S. Investors may remain cautious ahead of the RBI’s monetary policy meeting later this week. USD-INR spot price is expected to trade in a range of ₹82.80 to ₹83.70,” Mr. Choudhary said.

On the domestic equity market front, the 30-share BSE Sensex closed 316.31 points or 0.48% lower at 65,512.10. The broader NSE Nifty declined 109.55 points or 0.56% to 19,528.75.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth ₹1,685.70 crore, according to exchange data.

Manufacturing activities in India fell to a five-month low in September as new orders rose at a softer pace, which tempered production growth, a monthly survey said on Tuesday.

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) fell to 57.5 in September, down from 58.6 in August — the lowest in five months.

At the interbank foreign exchange, the rupee opened at 83.23 and traded in a narrow range of 83.18 to 83.24 against the U.S. dollar. It finally settled at 83.22 (provisional). File
| Photo Credit: The Hindu

The rupee on Wednesday staged a recovery after two days of steep losses to end 6 paise higher at 83.22 (provisional) against the U.S. dollar on positive cues from domestic equity markets.

However, selling pressure from foreign equity investors amid elevated levels of American currency and surging crude oil prices weighed on the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 83.23 and traded in a narrow range of 83.18 to 83.24 against the greenback. It finally settled at 83.22 (provisional), registering a gain of 6 paise from its previous close.

The rupee lost 34 paise in the past two sessions. It closed 15 paise lower at 83.28 against the dollar on Tuesday, a day after registering a decline of 19 paise.

The downward movement of the rupee was attributed to a strengthening dollar amid a record rise in U.S. Treasury yields. Also, the U.S. dollar surged to a ten-month high level after a Federal Reserve policymaker hinted at a prolonged interest rate hike cycle.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.05% to 106.28.

Brent crude futures, the global oil benchmark, were trading 0.87% higher at $94.78 per barrel.

On the domestic equity market front, the BSE Sensex closed 173.22 points or 0.26% higher at 66,118.69. The broader NSE Nifty advanced 51.75 points or 0.26% to settle at 19,716.45.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth ₹693.47 crore, according to exchange data.

Image used for representational purpose only.

The rupee appreciated 9 paise to close at 82.94 (provisional) against the U.S. dollar on Tuesday (September 12) amid fresh foreign fund inflows and expectations of better macroeconomic data.

Forex traders said the Indian rupee appreciated on Tuesday as domestic markets hit fresh record highs after Nifty breached the 20,000-mark for the first time on Monday.

At the interbank foreign exchange market, the local unit opened at 82.93 against the U.S. dollar and moved in a range of 82.86 to 83.01 in the day trade.

The rupee finally settled 9 paise higher at 82.94 (provisional) against the previous close.

On Monday, the rupee closed on a flat note at 83.03 against the American currency.

“Indian rupee outperforms among the Asian currencies on the central bank’s dollar selling ahead of the inflation data. The expectation of ease in India’s inflation numbers and better industrial output, which will be released after the market closes, supported the rupee,” Dilip Parmar, Research Analyst at HDFC Securities, said.

Spot USD-INR has support at 82.80 and resistance at 83.15. In the short term, the pair is likely to consolidate in a narrow range before heading higher while the medium-term trend remains bullish, Mr. Parmar said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.18% to 104.76.

“The greenback is a marginally better bid as the market sits and waits for tomorrow’s August U.S. CPI release and ECB monetary policy decision. A hawkish tone from the U.S. CPI data and a hike from the ECB could push the greenback further higher,” Mr. Parmar added.

Brent crude futures, the global oil benchmark, advanced 0.81% to % 91.37 per barrel.

On the domestic equity market front, the BSE Sensex closed 94.05 points or 0.14% higher at 67,221.13 points. The broader NSE Nifty declined 3.15 points or 0.02% to 19,993.20

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they purchased shares worth ₹1,473.09 crore, according to exchange data.

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

The rupee settled 1 paisa lower at 83.03 (provisional) against the U.S. dollar on Monday (September 11), as positive cues from domestic equity markets failed to allay investors’ concerns over elevated crude prices.

A weak American currency against major rivals overseas, however, supported the domestic unit and restricted the fall, forex traders said.

At the interbank foreign exchange market, the local unit opened at 82.93 against the U.S. dollar and moved between the peak of 82.83 and the lowest level of 83.06.

The rupee finally settled 1 paisa lower at 83.03 (provisional) against the American currency.

On Friday, the Indian unit had appreciated 21 paise to close at 83.02 against the greenback.

“We expect the rupee to trade with a slight positive bias on the soft U.S. dollar, positive domestic markets and a correction in crude oil prices. However, concerns over global economic slowdown and rising expectations of a rate hike by FOMC amid strong economic data from the US may cap sharp gains,” Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.

Mr. Choudhary said that traders may remain cautious ahead of inflation data from India and the U.S. later this week. “USD/INR spot price is expected to trade in a range of ₹82.40 to ₹83.30.”

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.42% to 104.65.

Brent crude futures, the global oil benchmark, were trading 0.30% lower at $90.38 per barrel.

On the domestic equity market front, the BSE Sensex regained the 67,000-level and closed 528.17 points or 0.79% higher at 67,127.08. The broader NSE Nifty advanced 176.40 points or 0.89% to 19,996.35.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth ₹224.22 crore, according to exchange data.

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

The rupee reversed its three-day rally and depreciated by 13 paise to settle at 82.69 (provisional) against the U.S. dollar on Friday (August 25), tracking strong American currency and negative equity markets.

Rising crude oil prices also weighed on the domestic unit even as foreign fund inflows restricted losses, forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 82.60 and touched the intra-day low of 82.72 against the greenback. It finally settled at 82.69 (provisional) against the dollar, registering a fall of 13 paise over its previous close.

On Thursday, the rupee appreciated by 16 paise to settle at 82.56 against the U.S. dollar, making it the third straight day of gain.

“Indian rupee depreciated on Friday on strong dollar and weak domestic markets. However, FII inflows cushioned the downside. The dollar rose on mixed to positive economic data from the U.S.,” Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.

The latest U.S. government data showed a dip in weekly unemployment claims and an increase in core durable goods orders in July over the preceding month, raising expectations of a further rate hike by the U.S. Federal Reserve.

Investors are awaiting cues on the U.S. Fed’s monetary policy from Chairman Jerome Powell’s speech at the Jackson Hole Symposium on Friday.

“We expect the rupee to trade with a slight negative bias on risk aversion in global markets and a strong U.S. dollar. However, weakness in crude oil prices and inflows by foreign investors may support the rupee at lower levels,” Mr. Chaudhary said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.18% to 104.17.

Global oil benchmark Brent crude futures climbed 1.39% to $84.52 per barrel.

On the domestic equity market front, the BSE Sensex closed 365.83 points or 0.56% lower at 64,886.51. The broader NSE Nifty declined 120.90 points or 0.62% to 19,265.80.

Foreign institutional investors (FIIs) were net buyers in equities on Thursday as they purchased shares worth ₹1,524.87 crore, according to exchange data.

On August 8, the rupee had settled at more than 8-month low level of 82.91 against the dollar. Image for representation purpose only. File
| Photo Credit: PTI

The rupee appreciated by 10 paise to 82.81 against the U.S. dollar in early trade on August 9 gaining ground from the 8-month low level amid weakening American currency against major rivals overseas.

However, weak equity markets, outflow of foreign funds and crude prices breaching $85 per barrel weighed on the local unit, said analysts.

Participants were trading cautiously awaiting the U.S. inflation data, the U.K.’s GDP number and RBI’s monetary policy decision to be announced on Thursday.

At the interbank foreign exchange, the domestic unit opened stronger at 82.83 against the dollar and touched a peak of 82.80.

The rupee later traded at 82.81, registering a gain of 10 paise over its previous close.

On Tuesday, the rupee had settled at more than 8-month low level of 82.91 against the dollar.

“Upside attempts lingered on, but momentum continued to be absent. While we continue to play for 82.90, dips to 82.65 may be expected,” Anand James, Chief Market Strategist at Geojit Financial Services, said in his USD-INR outlook.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.07 per cent to 102.45.

Global oil benchmark Brent crude was trading 0.21% lower at $85.99 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 120.66 points or 0.18% lower at 65,725.84. The broader NSE Nifty declined 19.90 points or 0.10% to 19,550.95.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth ₹711.34 crore, according to exchange data.