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The rupee appreciated 9 paise to 87.28 against the US dollar in early trade on Monday as the American currency index retreated from elevated level and domestic equity markets indicated some recovery after firm macroeconomic data. According to forex traders, withdrawal of foreign capital is expected to halt as the latest government data released on Friday showed the country’s economy grew by 6.2 per cent in the October-December quarter, recovering sequentially from seven-quarter lows. However, the volatility triggered by the US tariff continued to linger, leading to an increase in crude oil prices and capping a sharp gain in the…

The Indian rupee logged its fifth straight monthly fall in February, weighed down by foreign portfolio outflows and increased hedging in the onshore and the non-deliverable forward market. The rupee ended at 87.4950 against the U.S. dollar compared with 87.20 in the previous session. The domestic unit fell 1% in February, and slipped to an all-time low of 87.95 during the month. However, periodic intervention by the Reserve Bank of India (RBI) largely curbed one-way moves on the domestic unit and prevented speculators from betting against the rupee.The RBI conducted a three-year dollar-rupee buy-sell swap auction on Friday, drawing bids…

The Indian rupee logged its worst day in three weeks on Tuesday, weighed down by weakness in regional peers, importer hedging and dollar demand related to the expiry of non-deliverable forward contracts. The rupee ended at 87.21 to the U.S. dollar, down from 86.6950 in the previous session. The domestic unit slipped 0.6% on the day, its biggest single-day fall since February 5. The rupee pared some losses as the central bank likely intervened to support the currency after it dropped due to demand for the greenback related to derivatives expiry, four traders told Reuters.”You have dollar demand on the…

The Indian rupee ended little changed on Monday, in contrast to the gains in its regional peers, as dollar demand from oil companies weighed. The rupee ended at 86.6950 to the U.S. dollar, compared with its close of 86.7125 on Friday. The Indian currency had opened higher at 86.56 and had hit 86.51 in early trades.”There was good dollar buying from state-run banks, on behalf of oil companies, which may have wanted to take advantage of the rupee edging closer to 86.50,” said a trader with a private bank. The likely outflows from Indian equities also contributed to the rupee’s…

The rupee pared initial gains and settled 7 paise lower at 86.71 (provisional) against the US dollar on Friday, weighed down by sustained foreign fund outflows and a recovery in the American currency index. Forex traders said the Indian rupee declined on Friday on weak domestic markets and a recovery in the US dollar index. However, weak crude oil prices cushioned the downside. At the interbank foreign exchange, the rupee opened on a positive note at 86.50 against the greenback. During the session it pared the gains and fell to an intra-day low of 86.77 before ending the session at…

Indian rupees weakened slightly on Friday, pressurizing dollars demand from importers and weakness in local shares, who have witnessed a migration of more than 2025 foreign funds. The rupee decreased to 86.7125 against the US dollar after increasing by 86.4850 in the session. The currency was 0.1% from the week to week. While a businessman from a private bank said that Mudra benefited from widely weak dollars in early trades, a consistent dollar purchases from foreign banks ate, said a businessman from a private bank.”The price action of the last two days suggests that the Dips (on USD/INR) will be…

The rupee appreciated 14 paise to 86.50 against the US dollar in early trade on Friday, fuelled by the broad weakening of the US dollar, which faced downward pressure from lackluster economic data.Forex traders said rupee is expected to trade with a slight negative bias on weak domestic equities and foreign fund outflows. However, overall weakness in crude oil prices may cushion sharp downside. At the interbank foreign exchange, the rupee opened at 86.50 against the greenback, up 14 paise from its previous close. On Thursday, the rupee appreciated 34 paise to close at 86.64 against the US dollar. “The…

The rupee appreciated 33 paise to close at 86.65 (provisional) against the US dollar on Thursday, supported by the weakening of the American currency in the overseas market. Forex traders said there is a negative bias for the USD/INR pair amid a muted trend in domestic equities and the unabated foreign fund outflow which is weighing on investor sentiments. At the interbank foreign exchange, the rupee opened at 86.88 and touched a high of 86.58 and a low of 86.88 against the greenback during intraday. It ended the session at 86.65 (provisional) against the dollar, logging a gain of 33…

Benchmark indices ended Wednesday’s session nearly flat after a volatile day of trading, even as mid and small-cap stocks rallied sharply from recent lows. The Sensex closed at 75,939.18, down marginally by 28.21 points or 0.04 per cent, while the Nifty 50 slipped 12.40 points or 0.05 per cent to end at 22,932.90. The day saw a remarkable divergence between benchmarks and broader markets, with the Nifty Midcap Select surging 1.20 per cent to 11,270.25 and the Nifty Next 50 climbing 1.19 per cent to 60,156.40. Banking stocks showed strength, with the Nifty Bank index rising 0.98 per cent to…

The prevailing conditions indicate that the rupee is likely to remain in the 86.60-87 range over the next week. Post which, an eventual breach of 87 can result in a fall to 87.60. | Photo Credit: Andrii Yalanskyi The rupee, after witnessing a volatile first half of February, has now stabilised against the dollar. It has been witnessing a sideways movement in the past few sessions. The domestic currency has closed Tuesday’s session at 86.96.Helping the rupee stabilise, the dollar fell over the past week. The greenback softened as the retail sales data in the US came in weaker-than-expected. For…