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| Photo Credit: R. Ragu

The rupee traded flat at 83.53 against the U.S. currency in early trade on July 12 amid firm crude oil prices and gains in domestic stocks.

At the interbank foreign exchange market, the rupee opened flat at 83.53 against the U.S. dollar. The local unit moved in a tight range of 83.50 to 83.54 in morning deals.

The rupee was trading flat at 83.53 against the U.S. dollar at 0935 hrs.

Forex dealers said the impact of firm crude oil prices was offset by overnight losses in the US dollar index and early gains in the domestic equity markets.

The U.S. dollar index eased on Thursday after softer US inflation data raised hopes of rate cut by the US Fed by September.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05% lower at 104.49.

Brent crude futures, the global oil benchmark, were trading 0.20% higher at USD 85.60 per barrel.

Domestic equity markets were trading higher in early session on Friday. Benchmark Sensex climbed 226.11 points to 80,123.45 while broader Nifty was up 82.1 points to 24,398.05.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,137.01 crore, according to exchange data.

 The rupee had edged up 1 paisa to close at 83.49 against the U.S. dollar on Tuesday ahead of the key testimony of US Federal Reserve Chair Jerome Powell in front of Congress. File.
| Photo Credit: Reuters

The rupee traded flat at 83.49 against the U.S. currency in the early session on July 10 amid losses in domestic equities and easing crude oil prices.

At the interbank foreign exchange market, the rupee opened flat at 83.49 against the U.S. dollar. The local currency moved in a restricted range of 83.49 to 83.50 against the greenback in early trade.

The rupee had edged up 1 paisa to close at 83.49 against the U.S. dollar on Tuesday ahead of the key testimony of US Federal Reserve Chair Jerome Powell in front of Congress.

Powell’s testimony offered little new guidance on the US central bank’s plans for when it might cut interest rates.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, eased 0.03% from overnight high levels to 105.09.

Brent crude, the global oil benchmark, declined 0.26% to $84.44 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex dropped by 143.15 points or 0.18% to close at 80,208.49. The broader NSE Nifty declined 27.20 points, or 0.11%, to 24,406.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth ₹314.46 crore, according to exchange data.

The rupee appreciated 5 paise to 83.45 against the US dollar in early trade on Friday, July 5, 2024, as the American currency retreated from its elevated levels and was supported by significant foreign fund inflows.

At the interbank foreign exchange market, the local unit opened at 83.48 and gained further to 83.45 against the greenback, registering a rise of 5 paise from its previous close.

On Thursday, the rupee pared its initial losses and settled for the day on an almost flat note at 83.50 against the US dollar.

Forex traders said rising crude oil prices weighed on investor sentiments and restricted the upside. Brent crude futures, the global oil benchmark, declined 0.37 per cent to USD 87.11 per barrel.

“The pressure stems from oil marketing companies purchasing crude in anticipation of further price hikes, with Brent oil hovering around USD 87 per barrel. Additionally, it appears the Reserve Bank of India (RBI) is managing the rupee’s volatility, capping both its upward and downward movements,” CR Forex Advisors MD Amit Pabari said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 105, lower by 0.12 per cent.

“The Dollar Index fell towards 105 levels and US 10-year bond yields dropped towards 4.35 per cent, as a series of economic data showed a cooling US economy, thereby heightening the expectations that the US Fed will cut rates sometime soon,” Pabari added.

On the domestic equity market front, the 30-share BSE Sensex fell 386.58 points, or 0.48 per cent, to 79,663.09 points. The broader NSE Nifty declined 84.85 points, or 0.35 per cent, to 24,217.30 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth ₹2,575.85 crore, according to exchange data.

The rupee depreciated 4 paise to settle at 83.52 (provisional) against the U.S. dollar on Wednesday, weighed down by elevated crude oil prices.

Forex traders said the Indian rupee depreciated on strength in crude oil prices, which touched a two-week high on Tuesday. However, a firm tone in domestic markets and favourable macroeconomic data cushioned the downside.

At the interbank foreign exchange market, the local unit opened at 83.51 and hit the intraday high of 83.49 and a low of 83.56 against the American currency during the session.

It finally settled at 83.52 (provisional) against the dollar, 4 paise lower than its previous close.

On Tuesday, the rupee depreciated 4 paise to settle at 83.48 against the U.S. dollar.

“We expect the rupee to trade with a slight positive bias on softening of the U.S. dollar and rise in global risk sentiments. Strength in the domestic markets may also support sentiments,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas “However, elevated crude oil price and FII outflows may cap sharp upside. Traders may take cues from ADP non-farm employment, weekly unemployment claims, ISM services PMI, Challenger job cuts, trade balance and factory orders data from the U.S. Investors may remain cautious ahead of FOMC meeting minutes,” Mr. Choudhary said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.10% lower at 105.61.

Brent crude futures, the global oil benchmark, were trading 0.09% higher at $86.32 per barrel.

In the domestic equity market, Sensex hit the historic 80,000-mark and Nifty scaled a fresh lifetime high. The 30-share BSE Sensex finally ended the day 545.35 points, or 0.69%, up at 79,986.80 points. The broader NSE Nifty settled 162.65 points, or 0.67%, higher at 24,286.50 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth ₹2,000.12 crore, according to exchange data.

On the domestic macroeconomic front, India’s services sector growth quickened in June from May’s five-month low.

The seasonally adjusted HSBC India Services Business Activity Index rose from 60.2 in May to 60.5 in June, pointing to a sharp expansion in output.

The rupee depreciated 5 paise to 83.53 against the US dollar in early trade on Wednesday, July 3, 2024, weighed down by the strong American currency and elevated crude oil prices.

Forex traders said the rupee is trading in a narrow range as US dollar buying by oil companies and Foreign Portfolio Investors (FPIs) further dented investor sentiment, while a firm trend in domestic equities supported the rupee at lower levels.

At the interbank foreign exchange market, the rupee opened at 83.51 and lost further ground to trade at 83.53 against the greenback in initial deals, registering a fall of 5 paise from its previous closing level.

On Tuesday, the rupee depreciated 4 paise to settle at 83.48 against the US dollar.

“… Global factors such as the elevated US DXY around 105.50, the depreciation of the Yen and Yuan, and the rise in US bond yields have prevented the rupee from gaining significant strength and moving away from its multi-month low,” CR Forex Advisors MD Amit Pabari said.

Rupee traders are in for a roller-coaster ride, though within a constrained range of 83.20 to 83.70 for the time being, Pabari added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 105.71, lower by 0.01 per cent, following a surge in US treasury yields.

Brent crude futures, the global oil benchmark, advanced 0.55 per cent to USD 86.71 per barrel.

In the domestic equity market, Sensex hit the historic 80,000-mark and Nifty scaled fresh lifetime highs in early trade. The BSE Sensex was later trading 446.5 points, or 0.56 per cent higher at 79,887.95 points. The broader NSE Nifty advanced 132.50 points, or 0.55 per cent, to 24,256.35 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth ₹2,000.12 crore, according to exchange data.

The rupee depreciated 6 paise to settle at 83.50 (provisional) against the U.S. dollar on Tuesday, weighed down by a strong greenback in the overseas market and elevated global crude oil prices.

Besides, a muted trend in domestic equities and foreign fund outflows dented investor sentiments, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.51 and hit the intraday high of 83.47 and a low of 83.56 against the American currency during the session.

It finally settled at 83.50 (provisional) against the dollar, 6 paise lower than its previous close.

On Monday, the rupee depreciated 10 paise to settle at 83.44 against the U.S. dollar.

“We expect the rupee to trade with a slight negative bias as the strength in the U.S. Dollar and surge in crude oil prices may keep the rupee under downside pressure,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

Mr. Choudhary further said the overall positive trend in the domestic markets and expectations of fresh foreign inflows may support the rupee at lower levels. Traders may take cues from Fed Chair Jerome Powell’s speech and JOLTS job openings data from the U.S.

“USD/INR spot price is expected to trade in a range of ₹83.20 to ₹83.75,” Mr. Choudhary said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.09% higher at 105.99.

Brent crude futures, the global oil benchmark, were trading 0.76% higher at $87.26 per barrel.

In the domestic equity market, the 30-share BSE Sensex fell 34.74 points, or 0.04%, to close at a new peak of 79,441.45 points. The broader NSE Nifty settled 18.10 points, or 0.07%, lower at 24,123.85 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth ₹426.03 crore, according to exchange data.

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| Photo Credit: Reuters

The rupee appreciated 8 paise to 83.37 against the U.S. dollar in early trade on June 28, supported by a positive trend in domestic equities and foreign fund inflows.

Forex traders said the strength of the American currency in the overseas market and elevated crude oil prices weighed on the local unit and restricted the appreciation bias.

At the interbank foreign exchange market, the local unit opened at 83.42 and gained further ground to trade at 83.37 against the greenback in initial deals, registering an increase of 8 paise from its previous closing level.

On Thursday, the rupee appreciated 12 paise to settle at 83.45 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.15% at 106.06, ahead of the crucial U.S. inflation reading this evening.

Brent crude futures, the global oil benchmark, were trading 0.47% higher at $86.80 per barrel, as fears of supply disruptions from Russia and the Middle East on continued war offset slowing demand.

On Thursday, there were good inflows taking the rupee higher from Wednesday’s closing level, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

“Inflows are expected on Friday as well, it being the month-end and quarter-end and could take the rupee higher towards 83.35. Exporters may wait to sell while importers may buy the dips,” Mr. Bhansali added.

In the domestic equity market, the 30-share BSE Sensex advanced 347.48 points, or 0.44%, to 79,590.66 points. The broader NSE Nifty rose 114.55 points, or 114.55%, to 24,159.05 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth ₹7,658.77 crore, according to exchange data.

On Tuesday, the Rupee appreciated four paise and settled at 83.43 against the greenback.

The Rupee depreciated 17 paise against the U.S. dollar and settled at 83.60 (provisional) on June 26, weighed down by the strength of the American currency in the overseas market and elevated crude oil prices.

“However, a firm trend in domestic equities, wherein benchmark indices scaled new peaks, supported the local unit and restricted the downslide,” forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.45 and hit the intraday high of 83.43 and a low of 83.61 against the greenback during the session. It finally settled at 83.60 (provisional) against the dollar, 17 paise lower than its previous close. On Tuesday, the Rupee appreciated four paise and settled at 83.43 against the greenback.

“We expect the Rupee to trade with a slight negative bias on dollar demand ahead from oil importers as we are heading towards the end of the month. A strong dollar and elevated crude oil prices may also put downside pressure on the Rupee,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

“However, positive domestic markets and Foreign Institutional Investor (FII) and foreign inflows may support the Rupee. USDINR spot price is expected to trade in a range of ₹83.30 to ₹84,” Mr. Choudhary added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.22% higher at 105.83. Brent crude futures, the global oil benchmark, were trading 0.80% higher at $85.69 per barrel.

In the domestic equity market, the 30-share BSE Sensex rose 620.73 points, or 0.80%, to close at a new peak of 78,674.25 points. The broader NSE Nifty settled 147.50 points or 0.62%, higher at a record 23,868.80 points.

FIIs were net buyers in the capital markets on June 25, as they purchased shares worth ₹1,175.91 crore, according to exchange data.

Meanwhile, Reserve Bank Governor Shaktikanta Das on Tuesday asserted that the high interest rates are not impeding growth, and made it clear that the monetary policy will “unambiguously” focus on getting down inflation going forward.

“The country is at the threshold of a “major structural shift” in its growth trajectory and is moving towards a path where 8% real GDP growth can be sustained on a yearly basis,” Mr. Das said, addressing an event by Bombay Chamber of Commerce and Industry.

The rupee fell 4 paise to 83.48 against the US dollar on Thursday, June 20, 2024, due to firm American currency and an upward trend in crude oil prices overseas.

The local unit resisted the fall amid the unabated inflow of foreign capital but gave in to the pressure due to a muted trend in the domestic equity markets, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.43 and lost further to 83.48 against the greenback, registering a fall of 4 paise from its previous close.

On Wednesday, the rupee settled 1 paisa lower at 83.44 against the US dollar. “The local currency’s upward momentum was halted by a strong US dollar and rising crude oil prices in the international market,” said Anand James, Chief Market Strategist, Geojit Financial Services.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.02 per cent at 104.90.

Brent crude futures, the global oil benchmark, advanced 0.02 per cent to USD 85.09 per barrel.

In the domestic equity markets, the 30-share BSE Sensex fell 72.43 points, or 0.09 per cent, to 77,265.16 points. The broader NSE Nifty declined 30.25 points, or 0.13 per cent, to 23,485.75 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday, as they purchased shares worth ₹7,908.36 crore, according to exchange data.

At the interbank foreign exchange market, the local unit opened strong at 83.39 and moved in the range of 83.34 and 83.48 against the greenback during the session.
| Photo Credit: The Hindu

The Rupee paired its initial gains and settled one paisa lower at 83.44 (provisional) against the U.S. dollar on June 19 in sink with the domestic equity markets that turned choppy at the fag-end of the session.

Forex traders said the gaining momentum in the local unit was snapped by a firm American currency and higher level of crude oil prices in the overseas market.

At the interbank foreign exchange market, the local unit opened strong at 83.39 and moved in the range of 83.34 and 83.48 against the greenback during the session. The local unit finally settled at 83.44 (provisional) against the American currency, registering a loss of 1 paisa from previous closing level. On June 18, the Rupee had settled 12 paise higher at 83.43 against the U.S. dollar.

Jateen Trivedi, V-P Research Analyst – Commodity and Currency, LKP Securities, said the Rupee traded on a volatile note, showing strength at the opening but giving up gains as the dollar index found support near 104.80. “The Rupee is anticipated to continue trading in a volatile range between 83.25-83.60.”

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.01% at 104.88.

Analysts said the dollar index fell initially as the U.S. data showed the growth in retail sales was lower than expected, though the currency recovered with May industrial output numbers topping the forecast.

Officials of the U.S. Federal Reserve also indicated a hawkish stance to continue, dousing hopes of an interest rate cut until December. Brent crude futures, the global oil benchmark, declined 0.13% to $85.22 per barrel.

In the domestic equity markets, the 30-share BSE Sensex inched up 36.45 points, or 0.05% to 77,337.59 points. The broader NSE Nifty fell 41.90 points or 0.18%, to 23,516.00 points. Both the indices touched their fresh peak levels during intra-day.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth ₹2,569.40 crore, according to exchange data.

Analysts attributed the strong FII buying to the firm domestic macroeconomic outlook and a sharp fall in the U.S. treasury yield. The government data released on Tuesday showed the net direct tax collection grew 21% to more than ₹4.62 lakh crore so far this fiscal on higher advance tax payments by corporates, reflecting robust economic activity.

Fitch Ratings on Tuesday raised India’s growth forecast for the current fiscal to 7.2%, from 7% projected in March, citing a recovery in consumer spending and increased investment.