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Business Standard
2 days ago
- Business
- Business Standard
Rupee snaps three-day fall; opens at 85.36/$ as dollar revival fizzles out
The Indian Rupee gained after three straight days of decline as the revival in the US dollar proved short-lived with the federal appeals court temporarily reinstating US President Donald Trump's tariffs. The domestic currency opened 16 paise stronger at 85.36 against the US dollar, after ending at 85.52 on Thursday, according to Bloomberg. However, the currency is on course to end the month with a depreciation of 0.9 per cent. On Thursday, the US Court of Appeals granted the Trump administration's request to temporarily pause the trade court's ruling to block 'liberation day' tariffs. Further, the higher-than-expected rise in the jobless numbers in the US also pressured the greenback, along with a 0.2 per cent decline in the March quarter economic growth. The dollar index, which measures the greenback against a basket of six major currencies, was up 0.14 per cent at 99.43. With See-saw tariff policies continuing to keep investors on edge, the dollar index has fallen 8 per cent this year. The greenback is heading for its fifth straight monthly loss as traders braced for further bouts of uncertainty around trade and fiscal health, experts said. The rupee is expected to open slightly stronger at 85.32, supported by daily flows, as the market reacts to weakening US jobless claims, which have started to show cracks, pulling down the US 10-year yield, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. "We continue with the recommendation to sell dollars near 85.70/75 whenever we get the level, while we buy dollars on a cash basis." India's gross domestic product (GDP) data for the final quarter of the previous financial year will be the key data to watch. The dollar-rupee pair remains in a consolidation zone with resistance near 85.70-85.90 levels and strong support of 84.90-85.10 levels, according to Amit Pabari, managing director at CR Forex Advisors. "A breach on either side could pave a sharp movement in that direction." In commodities, crude oil prices fell after a day of advance after an appeals court temporarily reinstated tariffs. Brent crude price was down 0.48 per cent to $63.84 per barrel, while WTI crude prices were 0.48 per cent lower at 60.65, as of 9:15 AM IST.
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Business Standard
4 days ago
- Business
- Business Standard
Rupee extends fall as dollar revives; opens 29 paise weaker at 85.63/$
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 $64.49 per barrel, while WTI crude prices were 0.64 per cent higher at 61.28, as of 9:15 AM IST.
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Business Standard
22-05-2025
- Business
- Business Standard
Indian Rupee opens higher at 85.59/$ 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 $64.88 per barrel, while WTI crude prices were flat at 61.57, as of 9:10 AM IST.
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Business Standard
21-05-2025
- Business
- Business Standard
Indian Rupee opens flat at 85.65/$ as weak Dollar caps decline
The Indian Rupee opened flat on Wednesday, a day after it snapped two days of gains, as the weakness in the dollar index capped heavy depreciation in the currency. The domestic currency depreciated 1 paise to open at 85.65 after closing at 85.64 against the greenback on Tuesday, according to Bloomberg data. The currency has fallen by over 1.3 per cent so far this month. The local unit fell on Tuesday as oil companies bought dollars and a stocks selloff by global funds, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. Foreign portfolio investors (FPIs) sold equities worth over ₹10,000 crore in the cash market, the highest in over three months. Track LIVE Stock Market Updates Here Meanwhile, the US Dollar Index showed signs of weakness as it once again fell below the 100 mark. The index, which measures the greenback against a basket of six major currencies, was trading 0.44 per cent lower at 99.67. The fall in the index boosted Asian currencies, which rose between 0.1 per cent and 0.4 per cent. The decline in the index comes after Federal Reserve officials had a cautious tone on the US economic outlook. According to reports, St. Louis Fed President Alberto Musalem cautioned that the US labour market may weaken and prices could rise, a concern echoed by Atlanta Fed President Raphael Bostic. The 10-year treasury yield climbed back to the 4.50 per cent level, while short-maturity yields were broadly unchanged. On the geopolitical front, tensions escalated after reports emerged that Israel is preparing for a potential strike on Iranian nuclear facilities. Following this news, Brent crude price was up 1.48 per cent to $66.35 per barrel, while WTI crude prices were 0.21 per cent lower at 62.56, as of 9:15 AM IST. Firm global crude oil prices intensified the downside pressure on the currency, according to Amit Pabari, managing director at CR Forex Advisors. The latest geopolitical developments may cause a tick-up in oil prices, which can cause the rupee to be in pressure, he said. Technically, the dollar-rupee pair is expected to face strong resistance near 85.60-85.80 levels while 85.20 will act as a strong support, Pabari said. ALSO READ:
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Business Standard
20-05-2025
- Business
- Business Standard
Indian Rupee snaps two-day winning streak; opens 8 paise lower at 85.48/$
The Indian Rupee opened weaker on Tuesday, snapping two days of gains, amid a lack of major triggers for the currency. The domestic currency opened 8 paise lower at 85.48 after closing at 85.40 against the greenback on Monday, according to Bloomberg data. So far this calendar year, the currency has depreciated by 0.3 per cent. The local unit is expected to open a tad weaker at 85.44 and will remain in a range of 85.25/75 for the day as there is no fresh market indicator for it to change course, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. "With US yields falling, there could be some buying in the dollar to take the pair higher." The Dollar index continues to weaken amid pressures from a ratings downgrade for the US debt by Moody's Ratings. The Index, which measures the greenback against a basket of six major currencies, was trading 0.06 per cent lower at 100.36. The dollar Index faces immediate resistance around the 101.20–101.40 zone, with support at 100.00, according to Amit Pabari, managing director at CR Forex Advisors. Moody's downgraded the US rating from a top-tier rating of AAA to AA1, citing concerns over the ballooning debt that could worsen under President Donald Trump's tax cuts. A strong foreign institutional investor (FII) inflow, totalling nearly $1.4 billion over the last two trading sessions, further supported the rupee, Pabari said. "Additionally, upcoming initial public offerings are likely to attract more FII inflows, further strengthening the currency." The rupee is expected to trade in a stable range of 85.00–85.80 in the near term, Pabari noted. "As the dollar continues to slide due to deepening fiscal concerns in the US, the rupee may witness further appreciation." Meanwhile, after a phone call with Vladimir Putin, US President Donald Trump said that Russia and Ukraine will 'immediately' begin negotiations to end the war. Following this, Brent crude price was down 0.08 per cent to $65.49 per barrel, while WTI crude prices were flat at 62.69, as of 9:12 AM.
