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Rupee depreciated 8 paise to close at 86.96 (provisional) against the US dollar, weighed down by sustained foreign fund outflows and an uptick in the US dollar index.Forex traders said there is a negative bias for the USD/INR pair as foreign investors continue to sell domestic equities and RBI support is tapering off slowly.At the interbank foreign exchange, the rupee opened at 86.94 and touched a high of 86.91 against the greenback intraday. It also touched a low of 86.98, before ending the session at 86.96 (provisional) against the dollar, logging a loss of 8 paise from its previous close.On…
The Rupee opened 6 paise weaker at 86.9425 per Dollar against the previous close of 86.88 and appears to be within striking distance of breaching the crucial 87. It hit an intraday low of 86.9675 per Dollar so far and is currently trading at 86.96. Amit Pabari, MD, CR Forex Advisors, observed that the central bank’s measures, coupled with the absence of anticipated U.S. tariffs, have alleviated trade-related concerns, allowing emerging market currencies like the rupee to stay firm. However, the trade deficit and RBI’s plan to purchase bonds worth ₹40000 crore (which will further boost the rupee’s liquidity creating…
The Indian Rupee (INR) is expected to trade within the range of 86.5 to 87.5 per US dollar in the near term, with the Reserve Bank of India (RBI) likely to keep its intervention limited, according to a recent report by Bank of Baroda.The report highlighted that the RBI’s intervention in the forex market may remain limited due to the prevailing tight domestic liquidity conditions. “RBI’s intervention is likely to be limited going ahead given the tight domestic liquidity situation. We expect INR to trade in the range of 86.5-87.5/$ in the near-term” the report stated. The Indian Rupee witnessed…
The rupee depreciated 16 paise to close at 86.87 (provisional) against the US dollar on Monday, weighed down by significant foreign fund outflows and a recovery in the US dollar index from intraday lows.Forex traders said the Indian rupee is trading with a negative bias as foreign banks went on a dollar-buying spree and importers scrambled to secure dollars, as they feared further depreciation amid global uncertainty.At the interbank foreign exchange, the rupee opened at 86.70 and hit a high of 86.68 against the greenback during intraday. It also touched a low of 86.88, before ending the session at 86.87…
The rupee witnessed a range-bound trade and depreciated 5 paise to 86.76 against the US dollar in initial deals on Monday, weighed down by significant foreign fund outflows and a negative trend in domestic equities. Forex traders said the Indian rupee is trading with a negative bias as foreign banks went on a dollar-buying spree and importers scrambled to secure dollars, as they feared further depreciation amid global uncertainty. At the interbank foreign exchange, the rupee moved in a narrow range. It opened at 86.70, then touched a high of 86.68 and a low of 86.76 in initial deals amid…
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