Latest news with #AnilKumarBhansali
&w=3840&q=100)
Business Standard
3 days ago
- Business
- Business Standard
Rupee extends fall as dollar revives; opens 29 paise weaker at 85.63/$
Indian Rupee extended its losses for the second day on Wednesday as the dollar index staged a recovery, after better-than-expected US consumer confidence data. The domestic currency opened 29 paise weaker at 85.63 against the US dollar, after ending at 85.34 on Tuesday, according to Bloomberg. The currency has depreciated by 1.4 per cent in the month so far, after two straight months of gains. Indian rupee fell yesterday before regaining composure and closing at 85.33 as exporters lined up orders to sell their receivables, which are within the costing, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. Exporters should consider selling around the 85.50–85.60 level to hedge their receivables, Bhansali said. "Importers, on the other hand, may wait for the rate to fall below 85.00 before buying dollars for near-term hedging purposes." Track LIVE Stock Market Updates Here In cues for the day, all eyes will be on India's upcoming industrial and manufacturing production data. Strong surprise data could offer further support to the rupee, but a miss could cause downside risks, according to Amit Pabari, managing director at CR Forex Advisors. Weak equity markets, muted foreign inflows, and a rebound in crude oil prices were adding pressure to the currency, Pabari said. Meanwhile, the rise in the dollar was driven by Japan's potential cut in bond issuance, which triggered a spike in US Treasury yields. Further, the US consumer confidence rebounded sharply in May from a near five-year low, driving global investors into dollar-denominated assets. The dollar index, which measures the greenback against a basket of six major currencies, was up 0.27 per cent at 99.79. Further, the index is down over 8 per cent so far this year on US trade policy uncertainty and fiscal worries. However, long-term dollar weakness driven by rising fiscal deficit concerns, policy instability, rising uncertainty, and weak economic conditions is going to support the emerging markets, including the rupee, Pabari noted. In commodities, crude oil prices advanced ahead of an OPEC+ committee meeting. Brent crude price was up 0.62 per cent to $64.49 per barrel, while WTI crude prices were 0.64 per cent higher at 61.28, as of 9:15 AM IST.
&w=3840&q=100)
Business Standard
4 days ago
- Business
- Business Standard
Indian Rupee ends at 85.34/$; slips 25 paise on dollar recovery
The Indian Rupee closed lower on Tuesday, weighed down by a rebound in the dollar index and oil prices, alongside a decline in domestic equities. The domestic currency closed 25 paise weaker at 85.34 against the US dollar, after ending at 85.09 on Monday, according to Bloomberg. During the previous session, the currency rose past the 85 mark and went as high as 84.82 against the greenback. The local unit was expected to be in a range of 84.75 to 85.50, with an expectation of a Zomato outflow of $900 million due to the MSCI rebalancing, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. The US President Donald Trump, on Monday, extended the deadline for 50 per cent European Union tariffs until July 9. The dollar index, which measures the greenback against a basket of six major currencies, was up 0.43 per cent at 99.36. The Dollar Index continuing to trade near the 99.00 level is acting as a tailwind for the rupee, Amit Pabari, managing director at CR Forex Advisors. "Add to that, subdued Brent crude prices are helping keep India's trade deficit under control." Moreover, the upcoming slew of initial public offerings is set to boost the FII inflows, further supporting the rupee. However, speculation of a Reserve Bank of India (RBI) rate cut in the upcoming MPC meeting is also weighing on the short-term rupee, Pabari said. "The rupee is likely to face strong resistance near 85.50 levels and every uptick is a selling opportunity, while the immediate support would be 84.80-84.90." Meanwhile, profit booking among select blue-chip stocks at higher levels dragged the benchmark equity indices lower on Tuesday.
&w=3840&q=100)
Business Standard
4 days ago
- Business
- Business Standard
Rupee opens 6 paise lower at 85.15/$ even as dollar, oil prices slip
The Indian Rupee opened slightly lower on Tuesday, after briefly rising above the 85 mark in the previous session, despite softer oil prices and a weaker dollar index. The domestic currency began 6 paise weaker at 85.15 against the US dollar, after ending at 85.09 on Monday, according to Bloomberg. During the previous session, the currency rose past the 85 per cent and went as high as 84.82 against the greenback. The domestic unit, which briefly strengthened beyond the 85 mark yesterday, was sold off at 84.7750 and ended near 85.0850 in a volatile session, despite lower volumes due to the US holiday, according to analysts. Today, the rupee opens at 85.07 and is expected to be in a range of 84.75 to 85.50, with an expectation of a Zomato outflow of $900 million due to the MSCI rebalancing, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. The Dollar Index continues to trade below the 99.00 level is acting as a tailwind for the rupee, Amit Pabari, managing director at CR Forex Advisors. "Add to that, subdued Brent crude prices are helping keep India's trade deficit under control." Moreover, the upcoming slew of initial public offerings is set to boost the FII inflows, further supporting the rupee. The US President Donald Trump, on Monday, extended the deadline for 50 per cent European Union tariffs until July 9. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.4 per cent at 98.89. However, speculation of a Reserve Bank of India (RBI) rate cut in the upcoming MPC meeting is also weighing on the short-term rupee, Pabari said. "The rupee is likely to face strong resistance near 85.50 levels and every uptick is a selling opportunity, while the immediate support would be 84.80-84.90." Crude oil prices were trading lower as the market weighed on the extension of the European Union tariff deadline. Brent crude price was down 0.31 per cent to $64.54 per barrel, while WTI crude prices were 0.42 per cent lower at 61.27, as of 9:15 AM IST.
&w=3840&q=100)
Business Standard
5 days ago
- Business
- Business Standard
Rupee extends gains on weak Dollar; opens 17 paise higher at 85.05/$
Indian Rupee opened with gains on Monday, in line with other Asian currencies, amid a weaker US dollar. This followed its sharpest single-day gain since November 2022 in the previous session. The domestic currency began trading 17 paise stronger at 85.05 against the US dollar, after ending at 85.22 on Friday, according to Bloomberg. The domestic unit has weakened 0.66 per cent so far this month. Meanwhile, the Korean won, Thai baht, and Indonesian rupiah have gained between 2.5 per cent and 5.5 per cent. The gain in current follows Reserve Bank of India's recent surplus transfer of ₹2.69 trillion to the government, which fell short of some market projections ranging up to ₹3 trillion. The RBI dividend represents a substantial and durable infusion of liquidity into the system. However, its impact on system liquidity will become evident only when government expenditure begins to accelerate. After reversing course on Friday from a low of 86.06 to 85.10, the Indian Rupee is expected to open slightly stronger at 85.03 on Monday morning, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. "The session coincides with a US holiday, leading to subdued market flows, while five mainboard IPOs are set to launch this week." The outflows of MSCI tomorrow could be a trigger for the rupee to weaken a bit from tomorrow, Bhansali added. The dollar index continued to face pressure after US President Donald Trump extended the deadline for 50 per cent European Union tariffs until July 9. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.3 per cent at 98.81. Foreign Institutional Investors (FIIs) could potentially continue selling due to a narrowing bond yield differential between Indian and US 10-year bonds. Global funds have already pulled out ₹4,000 crore from the Indian bond market last week (excluding Friday), the highest in over a month, compounding rupee pressure. Crude oil prices edged higher on easing trade tensions after Trump's deadline extensions for the EU. Brent crude price was up 0.31 per cent to $64.98 per barrel, while WTI crude prices were 0.31 per cent higher at 61.72, as of 9:22 AM IST.
&w=3840&q=100)
Business Standard
22-05-2025
- Business
- Business Standard
Indian Rupee opens higher at 85.59/$ as US fiscal concerns weigh on dollar
Indian Rupee today: The domestic currency began the session 5 paise stronger at 85.59 against the dollar SI Reporter Mumbai Indian Rupee opened higher on Thursday, snapping a two-day fall, as fiscal deficit concerns in the US trigger more pressure for the Dollar index. The domestic currency began the session 5 paise stronger at 85.59, after closing at 85.64 against the greenback on Wednesday, according to Bloomberg data. The dollar index fell for the fourth consecutive day as US President Donald Trump continued to push his sweeping spending and tax-cut bill. The index, which measures the greenback against a basket of six major currencies, was 0.07 per cent lower at 99.49. Indian rupee fell yesterday before closing at 85.64 on constant demand from oil companies and importers, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. "Rupee may open at 85.52 and the trading is to be done within the range of 85.25/75 for the day." With the dollar index below 100 and Asian currencies up, any downside to the rupee can be used by exporters to sell dollars, Bhansali said. The narrowing yield differential between India and the US is making Indian assets less attractive, prompting global funds to pull out money from Indian markets, Amit Pabari, managing director at CR Forex Advisors, said. "This outflow is putting additional pressure on the rupee." Rising geopolitical tensions in the Middle East have pushed crude oil prices higher, further adding pressure to the rupee, he added. On the brighter side, the Chinese Yuan and Japanese Yen have started appreciating against the dollar, offering a measure of support to the rupee, Pabari said. "Technically, the dollar/rupee pair is expected to trade in a range as it faces strong resistance near 85.80, while immediate support lies at 85.20-85.30 levels." Meanwhile, crude oil prices fell as an increase in US crude inventories overshadowed reports that Israel is preparing for a potential strike on Iranian nuclear sites. Brent crude price was down 0.05 per cent to $64.88 per barrel, while WTI crude prices were flat at 61.57, as of 9:10 AM IST.
