Tag: domestic equities

Rupee settles 2 paise higher at 73.06 against US dollar

Banking & Finance

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The Indian rupee settled with a marginal gain of 2 paise at 73.06 (provisional) against the US dollar on Thursday despite a sustained rally in domestic equities.

At the interbank forex market, the local unit opened at 73.04 against the greenback and witnessed an intra-day high of 72.96 and a low of 73.13.

It finally ended at 73.06 against the American currency, registering a gain of just 2 paise over its previous close.

On Wednesday, the rupee had settled at 73.08 against the US dollar.

On the domestic equity market front, the BSE Sensex ended 514.33 points or 0.90 per cent higher at a lifetime high of 57,852.54, while the broader NSE Nifty advanced 156.90 points or 0.92 per cent to close at record 17,233.15.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.06 per cent to 92.39.

Brent crude futures, the global oil benchmark, rose 0.32 per cent to USD $71.82 per barrel.

Foreign institutional investors were net buyers in the capital market on Wednesday as they purchased shares worth Rs 666.66 crore, as per exchange data.

 

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Rupee inches 4 paise higher to 73.25 against US dollar, BFSI News, ET BFSI

Personal Finance

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MUMBAI: The Indian rupee appreciated 4 paise to 73.25 against the US dollar in opening trade on Tuesday, tracking a positive trend in domestic equities.

At the interbank foreign exchange, the rupee opened at 73.26 against the dollar, then inched higher to 73.25, up 4 paise over its previous close.

On Monday, the rupee had settled at 73.29 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.12 per cent at 92.54.

A strong rally in the domestic equity markets and a weak American currency in the overseas markets also supported the rupee sentiment.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the rupee which has appreciated nearly 100 paise since Friday, has been gaining on bountiful corporate inflows.

“RBI has been present intermittently and equity inflows have also been aiding the rupee after FED rhetoric on Friday,” he added.

The US Fed chief Jerome Powell’s speech at Jackson Hole Symposium was ‘dovish’ and expressed hope that the Fed will keep supporting the market with low interest rates, traders said.

Global oil benchmark Brent crude futures fell 0.48 per cent to USD 73.06 per barrel.

On the domestic equity market front, BSE Sensex was trading 87.09 points or 0.15 per cent higher at 56,976.85, while the broader NSE Nifty advanced 21.55 points or 0.13 per cent to 16,952.60.

Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 1,202.81 crore, as per exchange data.



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Rupee slips below 75/$ level in early trade ahead of key macroeconomic data release

Banking & Finance

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The rupee opened on a weak note and fell below the 75 per US dollar level in early trade on Monday amid lacklustre opening in domestic equities ahead of the release of key macro-economic data.

Moreover, rising crude oil prices, foreign fund outflows, spiking Covid-19 cases and heavy selling in domestic equities weighed on the domestic currency.

At the interbank foreign exchange market, the rupee opened at 74.97, then lost further ground and fell to 75.14 against the US dollar, showing a decline of 41 paise over its previous closing.

The Indian rupee, on Friday, had closed at 74.73 against the US dollar.

The rupee started on a weak note against the US dollar weighed by the inflationary pressures on the economy ahead of the data release tonight, Reliance Securities said.

Meanwhile, India hit a new coronavirus infection record with 1,68,912 new cases, the highest single-day rise so far, taking the total tally of cases to 1,35,27,717, according to official data.

Meanwhile, Brent crude futures, the global oil benchmark, rose 0.05 per cent to $62.98 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out ₹653.51 crore on Friday, as per provisional data.

Domestic bourses opened on a weak note on Monday with benchmark indices Sensex trading 1,357.46 points down at 48,233.86 and Nifty down 402.35 points at 14,432.50.

Meanwhile, US consumer price data will be released on Tuesday, while investors will also await Fed Chair Jerome Powell’s speech on Wednesday at the Economic Club of Washington, the note said.

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Rupee falls 20 paise to 73.58 against US dollar in early trade

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The Indian rupee slumped 20 paise to 73.58 against the US dollar in opening trade on Wednesday, weighed down by the strength of the greenback and weak domestic equities.

At the interbank forex market, the domestic unit opened at 73.56 against the US dollar, then fell further to 73.58, registering a fall of 20 paise over its previous close.

On Tuesday, the rupee had settled at 73.38 against the American currency.

Most of the Asian currencies were weak this Wednesday morning and will weigh on sentiments, traders said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.13 per cent to 93.41.

“The US dollar was flat to higher against the basket of currencies this Wednesday morning in Asian trade as investors bet that massive fiscal stimulus and aggressive vaccinations will help the US lead a global pandemic recovery,” Reliance Securities said in a research note.

On the data front, the government is likely to announce borrowing plan for April-September. Additionally, the government is scheduled to release April-February fiscal deficit data. RBI is also likely to release October-December current account data, the note added.

In the domestic equity market, the 30-share BSE benchmark Sensex was trading 422.74 points lower at 49,713.84, and the broader NSE Nifty fell 96.85 points to 14,748.25.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹769.47 crore on Tuesday, according to exchange data.

Brent crude futures, the global oil benchmark, rose 0.48 per cent to $64.45 per barrel.

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