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Economic Times
6 days ago
- Business
- Economic Times
Rupee ends slightly lower on firmer dollar, importer hedging
The Indian rupee weakened slightly on Thursday, as the greenback firmed following a court decision to block President Donald Trump's "reciprocal tariffs" from going into effect, while traders also pointed to importer dollar bids weighing on the local unit. ADVERTISEMENT The rupee closed at 85.5075 against the U.S. dollar, down 0.2% from its close at 85.36 in the previous session. The dollar index rose to an over one-week high of 100.48 before slipping back below the 100-handle while Asian currencies were trading mixed. The offshore Chinese yuan was little changed at 7.19 while the Malaysian ringgit led losses among Asian peers, with a 0.5% decline. Traders also pointed to routine dollar bids from importers weighing on the rupee. "From a technical standpoint, the USD/INR pair remains in a consolidation zone with resistance near 85.70-85.90 levels and strong support of 84.90-85.10 levels," said Amit Pabari, managing director at FX advisory firm CR Forex. ADVERTISEMENT "A breach on either side could pave a sharp movement in that direction," Pabari added. The U.S. court decision to halt reciprocal tariffs provided some relief to the greenback which had otherwise struggled this year due to trade uncertainty. ADVERTISEMENT The dollar strengthened against safe havens like the Swiss franc and Japanese yen as well. "We think the combination of this tariff news and a slightly hawkish FOMC minutes (almost all participants commented on the risk that inflation could prove to be more persistent than expected), can help the dollar stay bid in the near term," ING said in a note. ADVERTISEMENT Minutes of the Federal Reserve's May policy meeting also pointed out that the recent sharp decline in the dollar was primarily driven by increased foreign exchange hedge ratios, rather than significant foreign selling of U.S. assets. (You can now subscribe to our ETMarkets WhatsApp channel)
Reuters
6 days ago
- Business
- Reuters
Rupee ends slightly lower on firmer dollar, importer hedging
MUMBAI, May 29 (Reuters) - The Indian rupee weakened slightly on Thursday, as the greenback firmed following a court decision to block President Donald Trump's "reciprocal tariffs" from going into effect, while traders also pointed to importer dollar bids weighing on the local unit. The rupee closed at 85.5075 against the U.S. dollar, down 0.2% from its close at 85.36 in the previous session. The dollar index rose to an over one-week high of 100.48 before slipping back below the 100-handle while Asian currencies were trading mixed. The offshore Chinese yuan was little changed at 7.19 while the Malaysian ringgit led losses among Asian peers, with a 0.5% decline. Traders also pointed to routine dollar bids from importers weighing on the rupee. "From a technical standpoint, the USD/INR pair remains in a consolidation zone with resistance near 85.70-85.90 levels and strong support of 84.90-85.10 levels," said Amit Pabari, managing director at FX advisory firm CR Forex. "A breach on either side could pave a sharp movement in that direction," Pabari added. The U.S. court decision to halt reciprocal tariffs provided some relief to the greenback which had otherwise struggled this year due to trade uncertainty. The dollar strengthened against safe havens like the Swiss franc and Japanese yen as well. "We think the combination of this tariff news and a slightly hawkish FOMC minutes (almost all participants commented on the risk that inflation could prove to be more persistent than expected), can help the dollar stay bid in the near term," ING said in a note. Minutes of the Federal Reserve's May policy meeting also pointed out that the recent sharp decline in the dollar was primarily driven by increased foreign exchange hedge ratios, rather than significant foreign selling of U.S. assets.
Reuters
28-05-2025
- Business
- Reuters
Rupee bogged down by month-end importer dollar bids, firmer greenback
MUMBAI, May 28 (Reuters) - The Indian rupee declined on Wednesday in the face of month-end dollar demand from importers and a broad recovery in the greenback following better-than-expected U.S. consumer confidence data. The rupee weakened to 85.6575 against the U.S. dollar as of 11:20 a.m. IST, down 0.3% on the day. Traders pointed to a heightened appetite to buy dollars at the daily reference rate published by the Reserve Bank of India, likely spurred by month-end corporate payments. The daily fix was last quoted at 0.40/0.60 paisa premium, a trader at a Mumbai-based bank said. Anticipation of portfolio dollar outflows related to an equity block deal is prompting some intra-day speculative bets, weighing on the rupee, the trader said. British American Tobacco (BATS.L), opens new tab said on Tuesday it intends to sell a 2.3% stake in Indian consumer goods company ITC ( opens new tab, worth about $1.4 billion in a block trade deal. In the near-term, the rupee is expected to hover between 84.80 and 85.80, said Amit Pabari, managing director at FX advisory firm CR Forex. The dollar index, meanwhile, rose 0.3% to 99.8, boosted by upbeat economic data, which also helped Wall Street surge overnight as investors returned from an extended weekend break. Asian equities were mostly stronger on the day but India's benchmark indexes, the BSE Sensex (.BSESN), opens new tab and Nifty 50 (.NSEI), opens new tab, were slightly in the red. The country's benchmark 10-year bond yield eased below a key level, propelled by bets of deeper interest rate cuts by the central bank and comforted by a fall in long tenor U.S. Treasury yields. "Broadly, we saw DM (developed market) curves bull flatten amidst hopes that there could be more policy support for long-end bonds. Month-end flows probably helped as well," DBS said in a note.
Time of India
16-05-2025
- Business
- Time of India
Rupee flat on day; dips on week as corporate, interbank dollar bids weigh
The Indian rupee closed nearly flat on Friday but notched its second consecutive weekly fall as a relief rally following an India-Pakistan truce proved fleeting in the face of sustained dollar demand from local companies and foreign banks. On the day, outflows related to an equity block deal weighed on the rupee, while broad weakness in the dollar and mild exporter hedging helped keep a lid on the currency 's losses, traders said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo The rupee closed at 85.5050 against the U.S. dollar, nearly unchanegd from its close of 85.55 in the previous session. It declined 0.1% on the week after falling nearly 1% the previous week. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. The currency hovered in a 84.6250-85.7225 range over a holiday-shortened trading week which saw the currency markets react to a ceasefire between India and Pakistan, a U.S.-China trade pact, developments in trade negotiations between India and the U.S. alongside choppy price action in the U.S. dollar. India's benchmark Nifty 50 index hit its highest level since October this week and logged a weekly rise of over 4%. The country's the 10-year benchmark bond was in the green week-on-week as well. Live Events In the near-term, the rupee is likely to be range-bound between 84.80 and 85.80, said Amit Pabari, managing director at FX advisory firm CR Forex. Traders expect the currency to be influenced by developments on a potential India-U.S. trade deal alongside the broad trajectories of the U.S. dollar and the Chinese yuan. Asian currencies were mostly higher on the day with the Korean won leading gains. The dollar index was a tad lower at 100.7, weighed down by heightened odds of rate cuts by the Federal Reserve later this year. The dollar is "likely to find structural depreciation the path of least resistance," Richard Yetsenga, group chief economist at ANZ wrote in a Friday note.
Reuters
16-05-2025
- Business
- Reuters
Rupee flat on day; dips on week as corporate, interbank dollar bids weigh
MUMBAI, May 16 (Reuters) - The Indian rupee closed nearly flat on Friday but notched its second consecutive weekly fall as a relief rally following an India-Pakistan truce proved fleeting in the face of sustained dollar demand from local companies and foreign banks. On the day, outflows related to an equity block deal weighed on the rupee, while broad weakness in the dollar and mild exporter hedging helped keep a lid on the currency's losses, traders said. The rupee closed at 85.5050 against the U.S. dollar, nearly unchanegd from its close of 85.55 in the previous session. It declined 0.1% on the week after falling nearly 1% the previous week. The currency hovered in a 84.6250-85.7225 range over a holiday-shortened trading week which saw the currency markets react to a ceasefire between India and Pakistan, a U.S.-China trade pact, developments in trade negotiations between India and the U.S. alongside choppy price action in the U.S. dollar. India's benchmark Nifty 50 index (.NSEI), opens new tab hit its highest level since October this week and logged a weekly rise of over 4%. The country's the 10-year benchmark bond was in the green week-on-week as well. In the near-term, the rupee is likely to be range-bound between 84.80 and 85.80, said Amit Pabari, managing director at FX advisory firm CR Forex. Traders expect the currency to be influenced by developments on a potential India-U.S. trade deal alongside the broad trajectories of the U.S. dollar and the Chinese yuan. Asian currencies were mostly higher on the day with the Korean won leading gains. The dollar index was a tad lower at 100.7, weighed down by heightened odds of rate cuts by the Federal Reserve later this year. The dollar is "likely to find structural depreciation the path of least resistance," Richard Yetsenga, group chief economist at ANZ wrote in a Friday note.
