Latest news with #USDINR
Business Standard
3 days ago
- Business
- Business Standard
INR gains amid falling Crude oil
Indian rupee gained in early trades on Thursday as a slide in the Crude oil prices supported the sentiments. Weakness in the US dollar also helped INR. The dollar index steadied at around 99.40 in early Asia awaiting key PCE data for further cues on Federal course of action. INR quotes at Rs 85.28 per dollar, up ten paise on the day. On the NSE, the USDINR futures are down marginally at 85.56.
Business Standard
5 days ago
- Business
- Business Standard
INR ends flat amid muted equities, dollar strength overseas
The Indian rupee pared losses and settled on a flat note at 85.40 (provisional) against the US dollar in a volatile trade on Wednesday amid rising crude oil prices and a negative trend in domestic equities. Indian shares ended modestly lower on Wednesday, extending losses for a second straight session in the wake of fund outflows due to large block deals and increased primary market activity. The benchmark 30-share BSE Sensex dropped 239.31 points, or 0.29 percent, to 81,312.32 while the broader NSE Nifty index ended down 73.75 points, or 0.30 percent, at 24,752.45. Increased month-end dollar demand added strength to the American currency, keeping the local unit under pressure, while investors also moved cautiously awaiting cues from domestic macroeconomic data. India's industrial production data for April will be released later in the day, while the GDP growth figures for the first quarter of FY26 are scheduled to be announced on Friday. On the NSE, USDINR futures pair ended the day marginally lower at 85.57.
The Print
5 days ago
- Business
- The Print
Rupee falls 30 paise to 85.40 against US dollar
Moreover, investors also moved cautiously awaiting domestic industrial and manufacturing production data for April as well as the first quarter GDP growth numbers to be released this week. According to forex traders, the dollar strengthened against major currencies and this recovery was fueled by a rebound in US bonds. Mumbai, May 27 (PTI) The rupee retreated from a two-day surge and depreciated 30 paise to settle at 85.40 against the US dollar on Tuesday, tracking a recovery in American currency index, negative domestic equity market and muted foreign fund inflows. At the interbank foreign exchange, the domestic unit opened at 85.15 and moved between the high of 85.11 and the low of 85.45 against the greenback during intraday trade. The unit settled at 85.40 against the dollar, registering a loss of 30 paise over its previous close. On Monday, the rupee closed 35 paise higher at 85.10 against the greenback, after gaining 50 paise in the preceding session on Friday. 'The Indian rupee weakened, retreating from a two-day surge, as the dollar strengthened against major currencies. This dollar recovery was fueled by a rebound in US bonds, which in turn was prompted by indications from Japan that it is considering a reduction in its bond issuance,' said Dilip Parmar – Senior Research Analyst, HDFC Securities. In the near-term, the spot USDINR pair is anticipated to rise incrementally due to month-end adjustments and demand from oil importers, Parmar said, adding that the pair faces resistance at 85.90 and has support at 84.80. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.51 per cent at 99.43. Brent crude, the global oil benchmark, fell 0.83 per cent to USD 64.20 per barrel in futures trade. Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said the rupee fell on weak domestic equities and positive US dollar index. Muted foreign inflows also weighed on the rupee. 'Month-end dollar demand from importers may also pressurise the domestic unit. However, overall weakness in the US dollar index and improved global risk sentiments may support the rupee. USD-INR spot price is expected to trade in a range of 85 to 85.70,' he added. In the domestic equity market, the 30-share BSE Sensex tumbled 624.82 points, or 0.76 per cent, to close at 81,551.63, while the Nifty tanked 174.95 points, or 0.70 per cent, to 24,826.20. Foreign institutional investors (FIIs) purchased equities worth Rs 348.45 crore on a net basis on Tuesday, according to exchange data. PTI HVA DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
6 days ago
- Business
- Business Standard
Rupee appreciates beyond 85 per dollar, pares gains on RBI intervention
The rupee appreciated beyond the 85 mark to 84.78 per dollar on Monday on the back of a fall in the dollar index. However, it trimmed some gains by the end of the trade as state-owned banks bought dollars — likely on behalf of the Reserve Bank of India — said dealers. The local currency settled at 85.09 per dollar, against the previous close of 85.22 per dollar. 'The volume was low today because there was a holiday in the US — that could be one of the reasons for the volatility,' said a dealer at a state-owned bank. 'The RBI was there after the movement in the morning,' he added. 'The Indian rupee commenced the week favourably, bolstered by an appetite for risk and a subdued US dollar. The greenback continued to face downward pressure, stemming from escalating trade concerns, elevated bond yields, and mixed economic indicators. In the absence of significant international catalysts, the rupee largely mirrored the US dollar's movements, confined to a tight trading band amid US and UK holiday. Looking ahead, the spot USDINR pair is anticipated to fluctuate between 84.60 and 85.30 in the near term,' said Dilip Parmar, Senior Research Analyst, HDFC Securities. The rupee has appreciated by 0.6 per cent in the current calendar year and 0.5 per cent in the current financial year. However, so far in May, the rupee has depreciated by 0.7 per cent against the US dollar. It was one of only three Asian currencies to weaken against the greenback during the month and ranked as the second-worst performing emerging market currency, after the Hong Kong dollar. The rupee saw a sharp depreciation at the beginning of the month, despite a decline in the dollar index, as foreign investors withdrew from domestic markets amid escalating tensions between India and Pakistan.
The Print
23-05-2025
- Business
- The Print
Rupee falls 36 paise to close at 85.95 against US dollar
Besides, elevated crude oil prices amid rising geopolitical tensions in the Middle East, further dented investor sentiments. Forex traders said surging US bond yields are rattling global investors. Moreover, the narrowing yield differential between India and the US, is making Indian assets less attractive. Mumbai, May 22 (PTI) Rupee depreciated 36 paise to close at 85.95 against the US dollar on Thursday, on dollar demand from importers and foreign banks as well as surge in crude oil prices. At the interbank foreign exchange market, the rupee opened flat at 85.59 then touched an intra-day high of 85.58 and a low of 86.11 against the US dollar. The domestic unit settled for the day at 85.95, lower by 36 per cent over its previous close. On Wednesday, the rupee settled at 85.59 against the greenback. 'The Indian rupee has ebbed for a third straight session, influenced by importers' appetite for the dollar and the unwinding of short positions after a key technical level was breached,' Dilip Parmar, Senior Research Analyst, HDFC Securities, said. Parmar added that 'a prevailing inclination towards risk aversion, alongside carry trades involving the Japanese yen, additionally exerted downward pressure on the domestic rupee'. 'Dollar surged against the rupee as importers bought dollar and the RBI decided to let go its tight hold on the currency pair at 85.70. Oil companies, FPIs, defence requirements, government payments and importers' payments were the reason for constant buying as short-sellers of dollars were squeezed out,' Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. 'The rupee… looks headed lower towards 85.75/86.50 for tomorrow (Friday) with dips to the dollar to be bought. Yet we expect rupee to gain towards 84 by the year-end and every uptick will be a good sell for long-term exports,' he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.25 per cent at 99.80. Brent crude, the global oil benchmark, fell 1.45 per cent to USD 63.97 per barrel in futures trade. 'The spot USDINR rate has retraced to its 100-day simple moving average in today's session. Advancement beyond the 86.11 threshold might propel it into the 86.30 to 86.45 spectrum. Conversely, the 85.60 mark now acts as a prospective support,' Parmar said. In the domestic equity market, the 30-share BSE Sensex declined 644.64 points, or 0.79 per cent, to close at 80,951.99, while the Nifty fell 203.75 points, or 0.82 per cent, to 24,609.70. Foreign institutional investors (FIIs) sold equities worth Rs 5,045.36 crore on Thursday. PTI DRR TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
