&w=3840&q=100)
Indian Rupee opens 12 paise higher at 85.33/$ amid steady FII inflows
The Indian Rupee opened stronger on Monday, supported by steady foreign portfolio investment inflows into equities and a dip in oil prices, following a loss triggered by escalating border tensions.
The domestic currency opened 12 paise higher at 85.33 after ending at 85.45 against the greenback on Friday. With three sessions remaining in this month, the currency is on track to end April with gains of 0.20 per cent.
On Friday, the Indian rupee lost momentum with tensions between India and Pakistan escalating after a ceasefire violation across the Line of Control (LoC) by Pakistan, following the Pahalgam terror attack.
Meanwhile, foreign portfolio investors (FPIs) continued to buy equities for the eighth consecutive day on Friday. Global funds bought stocks worth ₹2,952.33, taking the eight-day purchase to ₹32,500 crore. FPIs have consistently bought Indian shares, selling dollars on any uptick, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, noted. Pakistan tensions have kept the rupee on the edge with uncertainty prevailing on strikes by India at Pakistan Terrorist outlets, he said.
Amid the volatility, India's underlying economic fundamentals provided crucial support for the rupee, Amit Pabari, managing director at CR Forex Advisors, said. This steady rise in reserves enhances India's import cover, providing a crucial buffer against external shocks and lending stability to the rupee, he said. "In parallel, robust equity inflows—amounting to ₹5,425.58 crore—signalled sustained investor confidence in the Indian economy, offering an additional layer of strength to the domestic currency."
Looking ahead, the dollar-rupee pair is expected to remain volatile, Pabari said. "Strong domestic fundamentals, such as rising forex reserves and healthy capital inflows, are likely to support the rupee... Technically, dollar-rupee has strong support between 85.00 and 85.20 levels, and it could move towards the 85.80–86.20 range."
Meanwhile, the dollar index — a measure of the value of the US dollar relative to a basket of foreign currencies — was up 0.19 per cent at 99.66, as of 9:15 AM IST. The ongoing global trade tension is weighing on the dollar index, keeping it anchored around the 99 level, and indirectly benefiting the rupee by curbing dollar strength, Pabari said.
Crude oil prices dipped on Monday geopolitical developments in Iran weighed on sentiments. Brent crude oil was up 0.27 per cent to $67.05 per barrel, while WTI crude was up 0.35 per cent at 63.24 per barrel as of 9:20 AM IST.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
an hour ago
- Mint
Bearish bias to persist in India bonds as demand dampens post RBI policy
MUMBAI, June 11 (Reuters) - Indian government bond yields could continue to witness a mild uptick in early deals on Wednesday, as investor appetite has taken a beating after the Reserve Bank of India (RBI) changed its monetary policy stance. The yield on the benchmark 10-year bond is expected to move between 6.27% and 6.33%, a trader at a private bank said, compared with the previous close of 6.2946%, which was the highest since May 9. The five-year 6.75% 2029 bond yield ended at 5.9513% in the previous session. Bond yields have been on a rising spree since Friday disappointed by the RBI's shift to "neutral" stance, signalling limited scope for rate cuts, after it delivered an outsized 50-basis point reduction. "We thought the market was showing signs of recovery in the aftermath of (the RBI) policy, but yesterday's state debt cutoffs spoiled the party and we are back in the bearish grip that should persist for today," the trader said. Weak demand for state debt at an auction on Tuesday, pushed yields, which move inversely to prices, above the 7% handle for the first time in this financial year. It weighed on the overall market sentiment, negating the gains in bond prices made earlier in the day due to value purchases. The central bank is likely to keep rates on hold for the rest of this fiscal year, according to a Reuters poll of economists. The mid- to long-term bond yields have risen despite the steepest cut in policy rates in five years, as traders have chosen to focus on the central bank's guidance that the easing cycle is over, with some favouring the shorter end of the curve. RATES Indian overnight index swap (OIS) rates are expected to witness paying pressure across the curve after they ended higher on Tuesday. The one-year OIS rate ended at 5.54%, the two-year OIS rate INR2YMIBROIS=CC closed at 5.51% and the liquid five-year finished at 5.73%. KEY INDICATORS: ** Brent crude futures 0.2% were lower at $66.75 per barrel after easing 0.3% in previous session ** Ten-year U.S. Treasury yield at 4.4639%; two-year yield at 4.0139% ** The RBI to auction treasury bills worth 190 billion rupees ($2.22 billion) ($1 = 85.5640 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Harikrishnan Nair)
Time of India
an hour ago
- Time of India
Techie quit his job in USA, now selling Rajma Chawal, Kadhi Pakora on the streets of Punjab. Viral video leaves desis divided
Netizens react Not all homecomings look the same, and some are served with a side of kadhi pakora . While many dream of moving abroad for a better life, one Indian techie chose to do the opposite. After spending years in the corporate grind of the United States, Maninder Singh returned home, not to climb another rung of the tech ladder, but to open a modest food stall in Punjab. His story, shared in a now-viral video, has sparked a wave of admiration and curiosity across the who once navigated the structured chaos of New York's tech world, now stands calmly behind a steaming kadhai in Mohali's Phase 5. In a video posted by the Instagram food page Foodler, he recounts how his journey took a surprising turn after more than 12 years in the IT sector, including a three-year stint in the clarified that his return wasn't forced; he wasn't deported. It was a deeply personal decision following the death of his father. While many might have jumped back into the job market, Maninder saw things differently. Inspired by his wife's exceptional cooking skills, he decided to create a business built around her talent.'I've done it all—retail, call centres, tech.' But after coming back to India, he didn't just want to find another job. Instead, the couple launched a humble street food venture offering Punjabi staples like rajma chawal and kadhi pakora, chaap and Mango lassi- comfort food with a story behind it. His decision to trade a desk in New York for a roadside stall in Punjab has sparked mixed to Maninder Singh's story have been mixed, with the internet divided over whether his move is admirable or misguided. Some users criticized the decision, calling it less of a business and more of a street-side setup, suggesting it sends the wrong message to aspiring professionals. Others questioned why he didn't opt to open a proper restaurant instead, speculating whether it was an attempt to avoid pointed out that the food being served didn't appear visually appealing and argued that someone with international experience and a tech background shouldn't be selling rice on the roadside. They warned that the food business is highly volatile—capable of providing a living, but perhaps not the best use of one's skills and the flip side, others saw his choice as a testament to the idea that happiness is a personal pursuit and not always tied to conventional definitions of success.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
Stocks to Watch Today, June 11: RInfra, liquor, Ireda, Maruti, AB Capital
Stocks to Watch Today, Wednesday, June 11, 2025: Stock markets may open on a flat note on Wednesday, June 11. At 7:40 AM, GIFT Nifty futures were up 10 points at 25,171 level. In the global markets news, the US and China have agreed to implement the Geneva trade consensus, after receiving approval from Donald Trump and Xi Jinping. The development comes after the second day of trade discussions in London. Meanwhile, a federal appeals court in the US, on Tuesday, allowed US President Trump to go ahead with the reciprocal tariffs. Back home, the Indian and US trade negotiators have "significant" progress in their latest round of talks, saying that the two sides are looking at early conclusion of the initial tranche of the trade pact. Markets across the Asia Pacific region, including Japan, South Korea, China, and Australia, are up in the rage of 0.3 per cent to 0.6 per cent. Overnight in the US, key benchmark indices ended higher by up to 0.6 per cent. Catch Stock Market Latest Updates Today LIVE Meanwhile, here is a list of stocks to watch today: Maruti Suzuki share price: A Reuters report has claimed that Maruti Suzuki has reduced the production targets for its maiden electric vehicle, e-Vitara, by two-thirds in the near future amid rare earths curbs by China. Ireda share price: Indian Renewable Energy Development Agency (Ireda) has closed its fund raising process via QIP, and has approved the allocation of 12,14,66,562 (121.46 million) equity shares to eligible QIBs at an issue price of ₹165.14 per equity share. Liquor stocks: Share prices of liquor companies such as United Spirits, Sula Vineyard, United Breweries, Allied Blenders and Distillers have, reportedly, raised prices in Maharashtra after the state government approved a massive hike in excise duties on liquor and introduced reforms to tighten control and boost tax revenues. Under the new tax rates, the excise duty on Indian-made foreign Liquor (IMFL) will go from the present 3 times the production value to 4.5 times the production value. Aditya Birla Capital share price: As per reports, Advent International may sell 1.4 per cent of its stake for ₹856 crore. Affiliate Jomei Investments, meanwhile, has set a floor price of ₹237.81 apiece. Vodafone Idea share price: Vodafone Idea will roll out its 5G services in Bengaluru starting today. This follows the company's 5G services in Mumbai, Delhi-NCR, Patna, and Chandigarh. Reliance Infrastructure share price: German-based defence company, Diehl Defence, said on Tuesday that it aims to strengthen the current relationship with Reliance Infra, in the context of Terminally Guided Munition (TGM) for the Indian Armed Forces, which was signed in 2019. The main purpose of the current Strategic Cooperation Agreement is to focus on the urgent supply of the "System Vulcano 155mm Precision Guided Munition" for the Indian Armed Forces. Wipro share price: Wipro has extended its partnership with Metro AG, an international food wholesaler, by two years. Solarium Green Energy share price: Solarium Green Energy is mulling re-entering the business of manufacturing solar modules. The company aims to set up a manufacturing facility with a production capacity of ~1000 Mw (Megawatt) at Ahmedabad, Gujarat, at an estimated project capex cost of ₹70 crore + requisite working capital. Popular Vehicles and Services share price: The fully integrated automotive dealership company has received a Letter Of Intent from Maruti Suzuki India to establish a new independent 'True Value' outlet for pre-owned vehicles in Bangalore, Karnataka. RailTel share price: The company will hold a meeting of the Board of Directors on Sunday, June 15, 2025, to consider the recommendation of a final dividend, if any, for the Financial Year 2024-25. Avantel share price: The company informed the stock exchanges that Imeds Global Private Limited, its wholly-owned subsidiary, has set up a facility to design, develop, and manufacture medical products at Andhra Pradesh MedTech Zone (AMTZ), Visakhapatnam. Tolins Tyres share price: Sharing an update on its monthly production, Tolins Tyres said that it recorded its highest-ever monthly production of 816 metric tonnes in May 2025. This record includes 46,599 units (252 MT) of tyres and 17,714 units (564 MT) of Precured Tread Rubber (PCTR) — driven by strong demand and efficient plant operations. Kaynes Technology share price: Kaynes Semicon Pvt Ltd, a wholly-owned subsidiary of the company, has signed an asset purchase agreement with Japan-based Fujitsu General Electronics to acquire power module production lines and other manufacturing assets. The acquisition will be done at a price of ₹85 crore.
