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The Wire
3 days ago
- Business
- The Wire
Rupee Falls to All-Time Low of 87.88 Against US Dollar Amid Trump's Threats to Increase Tariff
Business In the domestic equity market, the BSE Sensex declined 308.47 points and settled at 80,710.25, while the Nifty was down 73.20 to 24,649.55. New Delhi: The rupee fell to its all-time low level on Tuesday (August 5), ending with a loss of 22 paise at 87.88 against the US dollar amid fresh threats by US president Donald Trump to increase tariffs on Indian goods over the country continuing its oil purchases from Russia. Forex traders predicted that the rupee is expected to slide further, reported Press Trust of India. At the interbank foreign exchange, rupee opened at 87.95 against the greenback, its lowest-ever intra-day level that was previously recorded on February 10 this year. During the session, it touched the high of 87.75 against the American currency and at the end closed at 87.88, down 22 paise over its previous close. Earlier on Monday (August 4), the rupee had depreciated 48 paise to close at 87.66 against the US dollar. "We expect the rupee to continue to slide as India-US trade deal uncertainty continues to dent domestic market sentiments. Weak tone in the domestic equities and FII outflows may further pressurise the rupee," said Anuj Choudhary, Research Analyst, Commodities Research, Mirae Asset Sharekhan, reported PTI. In the domestic equity market, the BSE Sensex declined 308.47 points and settled at 80,710.25, while the Nifty was down 73.20 to 24,649.55. Foreign institutional investors (FIIs) offloaded equities worth Rs 22.48 crore on a net basis on Tuesday, exchange data reveals. Indian households deal with a surge in food prices Meanwhile, owing to a weakening rupee along with factors such as, heavier-than-expected monsoon rain and lower crop production, Indian households are dealing with a surge in food prices. In the last one month, prices of key staples including edible oils, rice, various flours and vegetables have increased sharply, putting pressure on kitchen budgets across the country, reported Economic Times. Among the commodities which saw an increase included prices of mustard and sunflower oil, rice, and tomatoes rising by 50% sequentially in the last two-four weeks. Wheat flour (atta), refined flour (maida), semolina (suji), and sugar have also witnessed price increases of up to 6% over the past month and are 8-12% higher year-on-year. Prices of palm, sunflower, and soybean oil – that make up over 85% of India's edible oil consumption – have surged since the past two months due to limited supply and low inventories,' said Rahul Guha, senior director at Crisil Ratings, reported ET. According to industry data, in the past one month, prices of atta, maida, and suji have increased 5-5.5%, while wheat is up 3%, shows industry data. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
Mint
4 days ago
- Business
- Mint
INR vs USD: Indian rupee falls to record low! Opportunity to buy IT stocks for short-term?
INR vs USD: Indian Rupee appreciated by 15 paise to reach 87.73 against the US dollar in early trading on Wednesday, August 6, supported by a softer dollar. On Tuesday, rupee slipped back to its record low and closed 22 paise weaker at 87.88 against the US dollar on August 5, as investor sentiment turned risk-averse following renewed tariff threats from US President Donald Trump in response to India's ongoing imports of Russian oil. According to forex traders, gains in the domestic currency were limited due to an increase in global Brent crude prices and continued outflows from foreign institutional investors (FIIs). They added that markets remained cautious, awaiting clarity on the outcome of the US tariffs. ' Indian Rupee opened weak, briefly breaching the 88 per Dollar mark as US President Donald Trump threatened additional tariffs on India amid oil imports from Russia. Weak domestic markets too weighed on the rupee. However, Rupee pared initial losses on supposed intervention by the RBI. A soft US Dollar and overnight decline in crude oil prices also cushioned the downside,' said Anuj Choudhary, Research Analyst, Commodities Research| Mirae Asset Sharekhan. Choudhary further said that the Indian currency to likely to slide as India-US trade deal uncertainty continue to dent domestic market sentiments. ' Weak tone in the domestic equities and FII outflows may further pressurise the Rupee. Market expect a rate cut by the central bank. However, overall weakness in the US Dollar amid rising odds of a rate cut by the Fed in September may support the Rupee at lower levels. Traders may take cues from ISM services PMI data from the US. USDINR spot price is expected to trade in a range of ₹ 87.50 to ₹ 88.20,' he added. Meanwhile, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, believes that the Indian Rupee is likely to remain volatile and remain under pressure. ' Rupee traded weak at 87.80 as panic gripped markets following a late-evening post by the US President hinting at higher tariffs on India. Additionally, expectations that the US may pressure India to reduce Russian oil imports sparked fears of a higher import bill, pushing the rupee briefly below the 88.00 mark overnight. Some recovery was seen after the Ministry of External Affairs clarified India's stance on crude purchases. However, the ongoing friction between the US and India on trade and energy is likely to keep the rupee volatile and under pressure. The rupee is expected to trade in the 87.40–88.25 range,' Trivedi said. Anuj Gupta, Director, Ya Wealth Research & Advisory recommended to invest in Indian IT stocks amid weak Rupee. ' This is a good opportunity to invest in export sector particular like IT, Textile, Pharma & Gem& jewellery . However trump is expecting to impose more aggressive tariffs, but due to weakness in rupee may curb this impact on the exports. The value of export from India to Us is approx $86.5 billion, which can be shrinked due to tariff, but weakness in rupee may curb this down fall value of the export,' Gupta said. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
The Hindu
4 days ago
- Business
- The Hindu
Rupee falls 16 paise to close at 87.82 against U.S. dollar
The rupee depreciated 16 paise to close at 87.82 (provisional) against the U.S. dollar on Tuesday (August 5, 2025), as risk-off sentiment deepened after U.S. President Donald Trump renewed his threat to raise tariffs on Indian goods over New Delhi's continued purchases of Russian oil. Forex traders said the rupee is likely to slide further as India-U.S. trade deal uncertainty continues to dent domestic market sentiments. Moreover, weak equity markets dented investors' sentiments further. However, the domestic unit pared initial losses on supposed intervention by the Reserve Bank of India (RBI). A soft U.S. dollar and overnight decline in crude oil prices also cushioned the downside to some extent, they said. At the interbank foreign exchange, the domestic unit opened at 87.95 against the greenback, and during the day, it touched an intra-day high of 87.75 against the American currency. At the end of Tuesday's (August 5, 2025) trading session, the domestic unit was at 87.82 (provisional), down 16 paise over its previous close. On Monday (August 3, 2025), the rupee depreciated 48 paise to close at 87.66 against the U.S. dollar. In a fresh trade threat against India, President Donald Trump on Monday (August 3, 2025) said he will "substantially" raise U.S. tariffs on New Delhi, accusing it of buying massive amounts of Russian oil and selling it for big profits. Last week, the Trump administration slapped a 25% duty on all Indian goods. The U.S. president also announced a penalty for buying "vast majority" of Russian military equipment and crude oil. "We expect the rupee to continue to slide as India-U.S. trade deal uncertainty continues to dent domestic market sentiments. Weak tone in the domestic equities and FII outflows may further pressurise the rupee," Anuj Choudhary, Research Analyst, Commodities Research, Mirae Asset Sharekhan, said. Mr. Choudhary added that "the rupee may also remain weak ahead of the RBI's monetary policy. Market expects a rate cut by the central bank. However, overall weakness in the U.S. dollar amid rising odds of a rate cut by the Fed in September may support the rupee at lower levels". Meanwhile, investors remain cautious ahead of the RBI monetary policy decision this week. RBI Governor Sanjay Malhotra-headed rate-setting panel on Monday (August 3, 2025) started the three-day deliberations to decide the next bi-monthly monetary policy. The six-member Monetary Policy Committee (MPC) is scheduled to announce the next bi-monthly policy rate on Wednesday (August 6, 2025). Meanwhile, Brent crude prices fell 0.97% to $68.09 per barrel in futures trade, after OPEC+ agreed to hike another large output increase in September, adding to oversupply concerns after U.S. data showed lacklustre fuel demand. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.18% to 98.68. In the domestic equity market, the 30-share BSE Sensex advanced 308.47 points, or 0.38%, to close at 80,710.25, while the Nifty rose 73.20 points, or 0.30%, to settle at 24,649.55. Foreign institutional investors (FIIs) offloaded equities worth $2,566.51 crore on a net basis on Monday (August 3, 2025), according to exchange data.
Bloomberg
24-04-2025
- Business
- Bloomberg
Bloomberg Markets 04/24/2025
"Bloomberg Markets" follows the market moves across every global asset class and discusses the biggest issues for Wall Street. Today's guests; Germany Finance Minister Joerg Kukies, Envestneet Solutions Co-CIO and President Dana D'Auria, Citi Global Head of Commodities Research Max Layton, Wolfe Research Global Internet Managing Director Shweta Khajuria, and Van Eck Associates Senior Municipal Credit Analyst Tamara Lowin. (Source: Bloomberg)
Bloomberg
03-04-2025
- Business
- Bloomberg
Stock Rout Deepens On Tariff Shock
"Bloomberg Markets" follows the market moves across every global asset class and discusses the biggest issues for Wall Street. Today's guests; Charles Schwab Chief Investment Strategist Liz Ann Sonders, Lord Mayor of London Alastair King, Citigroup Global Head, Commodities Research Max Layton, and MGA Entertainment Founder and CEO Isaac Larian. (Source: Bloomberg)
