Tag: rupee

Rupee surges 12 paise to 74.33 against US dollar in early trade

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The rupee surged 12 paise to 74.33 against the US dollar in opening trade on Monday as a firm trend in domestic equities and easing crude oil prices boosted investor sentiments.

At the interbank foreign exchange, the rupee opened strong at 74.38 against the dollar and gained further ground to 74.33 in early deals, a rise of 12 paise over its previous close.

On Friday, the rupee had settled at 74.45 against the US dollar.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, as the dollar index rises and oil prices fall, rupee is likely to move within a range of 74.20 to 74.60 for the day.

“With three listings on Wednesday, outflow could be seen particularly that of Paytm… India CPI came a tad higher at 4.48 per cent while IIP came a bit lower at 3.1 per cent. Oil prices have fallen to 81.50 while dollar Index has risen to 95.10,” Bhansali said, adding that exporters can take a call to sell at 74.55 while importers may buy near to 74.20.

Dollar index

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.12 per cent to 95.01.

Global oil benchmark Brent crude futures fell 0.82 per cent to $81.50 per barrel.

On the domestic equity market front, BSE Sensex was trading 144.4 points or 0.24 per cent higher at 60,831.09, while the broader NSE Nifty advanced 27.75 points or 0.15 per cent to 18,130.50.

Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth ₹511.10 crore, as per exchange data.

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Rupee slips 11 paise to 74.16 against US dollar in early trade

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The Indian rupee depreciated by 11 paise to 74.16 against the US dollar in opening trade on Wednesday, tracking a lacklustre trend in the domestic equity market and firm American dollar.

At the interbank foreign exchange, the rupee opened on a weak note at 74.11, then fell further to 74.16, registering a decline of 11 paise from the last close.

On Tuesday, the rupee had closed at 74.05 against the US dollar.

Dollar index

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.08 per cent to 94.03.

“As the inflows in the two IPOs getting subscribed are tepid, the dollar rupee was bought yesterday from 73.86. Today, there could be outflows of Nykaa and may be some inflows of Paytm,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

Bhansali further said that “importers to keep buying near to 74.00 and below. Exporters will wait for 74.40 and 74.50 before they begin to sell.” Global oil benchmark Brent crude futures advanced 0.29 per cent to $85.03 per barrel.

Moreover, foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth ₹2,445.25 crore, as per exchange data.

On the domestic equity market front, the 30-share Sensex was trading 286.21 points or 0.47 per cent lower at 60,147.24, while the broader NSE Nifty declined 84.40 points or 0.47 per cent to 17,959.85.

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Rupee surges 27 paise to 74.19 against US dollar in early trade

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The rupee surged 27 paise to 74.19 against the US dollar in opening trade on Monday supported by dovish central banks.

At the interbank foreign exchange, the rupee opened strong at 74.25 against the dollar and gained further ground to 74.19 in early deals, a rise of 27 paise over its previous close.

On Thursday, the rupee had settled at 74.46 against the US dollar.

The forex market was closed on Friday for ‘Diwali Balipratipada’.

The Indian Rupee opened stronger this Monday supported by dovish central banks, Reliance Securities said in a research note.

Fed’s taper announcement

Fed Chair Jerome Powell said he was in no rush to hike borrowing costs, as there was still ground to cover to reach maximum employment. The central bank did announce a $15 billion monthly tapering of its $120 billion in monthly asset purchases.

Additionally, flows into the market could also lend support. However, the Reserve Bank of India’s presence could cap the appreciation bias, the note said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.01 per cent to 94.31.

Global oil benchmark Brent crude futures rose 1.02 per cent to $83.58 per barrel.

On the domestic equity market front, BSE Sensex was trading 221.26 points or 0.37 per cent lower at 59,846.36, while the broader NSE Nifty declined 56.75 points or 0.32 per cent to 17,860.05.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth ₹328.11 crore, as per exchange data.

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Rupee to gain strength on likely return of FIIs, BFSI News, ET BFSI

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Mumbai, The expected return of foreign capital into India’s key indices will strengthen the Indian rupee further during the upcoming week.

Accordingly, the rupee is likely to touch the 74 to a USD mark during this period.

The FIIs have been on a selling spree in India’s equity market, however, the rate of off-load has significantly come down during the last few sessions.

On last Thursday, during the hour-long ‘Muhurat Trade Session’, FIIs sold just Rs 328.11 crore worth of stocks on the BSE, NSE and MSEI in the capital market segment.

“Rupee closed strong in this short trade week at 74.50 to a USD on back of lower crude and IPO inflows. Also on the back of IMF’s suggestion of lower interventions to India’s Central bank,” said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities.

“The US yields also softened a bit after touching 1.70 levels paving way for a rally in risk assets. Rupee is expected to test 74 levels this week and the Nifty is likely to gain further strength.”

According to Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities: “This week rupee behaved exactly as expected and appreciated amid heavy FPI flows from ongoing IPOs. Better PMI numbers of manufacturing and service activities indicating economic conditions are improving.”

“We now expect the Rupee to consolidate its recent gains and also factor in the important announcement of tapering from the US FOMC this week. We continue to remain rupee bulls, and we expect it to appreciate towards the 73.5-mark over the course of the next few weeks.”

On the other hand, Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services said: “Domestic factors continue to be in favour of the rupee as a number of IPOs are attracting fund flows and thereby supporting the currency. Inflation and industrial production too will be in focus on the domestic front.”

“Rise in inflation is likely to trigger volatility for the currency as well as 10-year yields. We expect the momentum for the rupee would continue to remain positive and it could quote in the range of 74.20 and 75.20.”

In addition, the currency desk of Emkay Global Financial Services: “This week was a short week with USDINR spot witnessing a downtrend on IPO subscriptions.”

“But we can brace for a heightened volatility next week after the FOMC, BOE monetary policy decisions, OPEC meeting and US NFP data.”



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Rupee strengthens vs dollar on IPO flows; gains capped before US FOMC statement, BFSI News, ET BFSI

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NEW DELHI: The rupee strengthened marginally versus the US dollar on Wednesday because of a drop in global crude oil prices and on the back of dollar sales by foreign banks for overseas investments in initial public offerings of Indian companies, dealers said.

The domestic currency on Wednesday opened at 74.60 against the US dollar as against 74.6775 at the previous close. The local unit, which was last at 74.5550 versus the greenback, moved in the range of 74.5375-74.6425 so far in the day.

Crude oil prices declined, providing some relief for traders on the twin fronts of inflation and the trade deficit. India is the world’s third-largest importer and consumer of crude oil.

Oil futures for December delivery on the New York Mercantile Exchange declined 0.2 per cent to close at $83.91 per barrel on Tuesday.

The rupee had also gained sharply on Tuesday on account of flows for overseas investment into local companies, with the domestic currency adding 0.3 per cent versus the greenback.

“There were flows for Policybazaar IPO etc. And now we have Paytm IPO lined up as well next week,” a dealer with a private bank said on condition of anonymity.

“Oil seems to have stabilised a bit after the surge of this month. But having said that, we don’t expect a major degree of appreciation before the Fed’s statement. Whatever they say on tapering is going to set the tone for markets,” he said.

The US Federal Open Market Committee is scheduled to release its monetary policy statement late Wednesday.

Details of a potential rollback in quantitative easing in the world’s largest economy may play a major role in overseas investors’ appetite for emerging market currencies such as the rupee.

Government bonds were steady, with the yield on the 10-year benchmark 6.10 per cent 2031 paper unchanged at 6.36 per cent. Bond prices and yields move inversely.

Bond traders kept to the sidelines in a heavily truncated week. The market will be shut on Thursday and Friday on account of Diwali and Diwali Balipratipada.



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Rupee gains 19 paise to end at 74.68 against US dollar, BFSI News, ET BFSI

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Mumbai, Nov 2 : The rupee gained 19 paise to close at 74.68 (provisional) against the US dollar on Tuesday, as IPO related inflows supported the local unit amid a lacklustre trend in the domestic equity market. At the interbank forex market, the domestic unit opened at 74.83 against the greenback and witnessed an intra-day high of 74.66 and a low of 74.86 during the day’s trade. It finally ended at 74.68 a dollar.

On Monday, the rupee had settled at 74.87 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.06 per cent to 93.94.

“After two days of lacklustre movements, the rupee has appreciated quarter percentage points backed by inflows from IPOs. While overseas markets traded sideways ahead of the US Fed and Bank of England policy meeting this week,” said Dilip Parmar, Research Analyst, HDFC Securities.

Dollar supply remained high on the back of IPOs, while traders may remain light in holiday truncated weeks, Parmar said, adding “Spot USD/INR is expected to trade in a tight range of 74.50 to 75”.

On the domestic equity market front, the BSE Sensex fell 109.40 points or 1.18 per cent to end at 60,029.06, while the broader NSE Nifty declined 40.70 points or 0.23 per cent to 17,888.95.

Brent crude futures, the global oil benchmark, rose 0.27 per cent to USD 84.94 per barrel.

Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 202.13 crore, as per exchange data.



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Rupee rises 16 paise against dollar in early trade

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The rupee surged 16 paise to 74.87 against the US dollar in opening trade on Thursday amid easing crude oil prices.

At the interbank foreign exchange, the rupee opened strong at 74.92 against the dollar and gained further to touch 74.87 in early deals, a rise of 16 paise over its previous close.

On Wednesday, the rupee had settled at 75.03 against the US dollar.

Cash is still ‘King’ as digital divide between Bharat and India continues

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.04 per cent to 93.84.

Global oil benchmark Brent crude futures fell 2.03 per cent to $82.86 per barrel.

Bitcoin edges off all-time high

On the domestic equity market front, BSE Sensex was trading 363.32 points or 0.59 per cent lower at 60,780.01, while the broader NSE Nifty declined 119.75 points or 0.66 per cent to 18,091.20.

Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth ₹1,913.36 crore, as per exchange data.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the range for USD-INR for the day is 74.80-75.20.

“Markets await for the US Fed meeting but equities are down while currencies are in a range. On Wednesday buying was from ONGC and BPCL, which may continue on Thursday,” Bhansali said.

Bhansali added that “exporters may sell above 75 at around 75.10 and importers may buy near 74.80.”

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Rupee ends 47 paise higher against the dollar on Wednesday

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The rupee ended 47 paise stronger on Wednesday due to dollar inflows in the backdrop of foreign portfolio investors eyeing investments in public offerings by Indian companies and due to the weakening of the greenback.

The Indian unit closed at 74.88 per dollar against the previous close of 75.35.

In intraday trade, the rupee saw a high of 74.83 to the dollar and a low of 75.1350.

Dollar index falls

IFA Global, in a report, observed that the rupee rose against the dollar because the dollar index remained weak and risk sentiment improved with a rise in equities globally.

“The dollar weakened because rising inflation amid a surge in energy prices in global economies is expected to push central bankers for a quick monetary policy tightening that may outpace the US Fed’s. Brent crude oil prices eased a bit and fell below the $85-per-barrel mark, which provided further relief to the domestic currency,” the report said.

However, a sharp rise in the yield on the 10-year benchmark US Treasury note limited any sharp gains in the rupee.

Anindya Banerjee, DVP, Kotak Securities, noted that the rupee appreciated on the back of a sharp rally in Chinese currency and fall in the US Dollar index.

“With oil prices holding steady at around 85 dollars a barrel, rupee has become a major underperformer in the Asian basket. There is scope for the currency to gain further ground, especially if the US Dollar index remains weak and global equity markets maintain the risk on-trend,” Banerjee said.

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Rupee gains 12 paise to 75.25 against US dollar in early trade

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The Indian rupee appreciated 12 paise to 75.25 against the US dollar in opening trade on Thursday, buoyed by heavy buying in domestic equities and fresh foreign fund inflows.

Weakness of the American currency in the overseas market also helped the domestic unit, forex dealers said.

However, higher crude prices restrained the rupee to gain momentum, they added.

At the interbank foreign exchange, the domestic unit opened strong at 75.27 against the US dollar, then gained further ground to 75.25, registering a rise of 12 paise against the previous close.

In initial deals, the rupee was trading in a tight range of 75.25 and 75.27 with a positive bias against the greenback.

The domestic had settled at 75.37 against the US currency on Wednesday.

Domestic equities

On the domestic equity market front, the BSE Sensex was trading 327.18 points or 0.54 per cent higher at 61,064.23, while the broader NSE Nifty surged 114.05 points or 0.63 per cent to 18,275.80.

Foreign institutional investors emerged as net buyers in the capital market on Wednesday, as they purchased shares worth ₹937.31 crore, as per exchange data.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.03 per cent to 94.05.

Global oil benchmark Brent crude futures rose 0.70 per cent to $83.76 per barrel.

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Rupee, government bonds gain as mkts cheer sharp decline in CPI inflation, BFSI News, ET BFSI

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NEW DELHI: The rupee gained against the US dollar in early trade Wednesday because of a sharp decline in Consumer Price Index-based inflation for September and as global crude oil prices retreated from multi-year highs, dealers said.

The domestic currency on Wednesday opened at 75.3150 to a dollar, stronger than 75.5060 per dollar on Tuesday. At 10:20 hours (IST), the local unit traded at 75.2675 per dollar.

Data released after trading hours on Tuesday showed that India’s headline retail inflation declined sharply to 4.35 per cent in September versus 5.30 per cent in August.

While domestic retail inflation has been softening over the past couple of months, a recent jump in global crude oil prices had led to fears of fresh upside risks to inflation.

Crude oil prices have climbed to multi-year highs since last week due to concerns of global demand outstripping supply.

Comfortingly for local currency traders, Brent crude futures declined on Tuesday, with the contract for December delivery shedding $0.23 to close at $83.42 per barrel.

“There is a pull-back in crude oil prices which is providing support but the larger positive is the sharp decline in inflation,” a dealer with a large private bank said on condition of anonymity.

“After the kind of depreciation we have seen this month, there is also some dollar selling by foreign banks for exporters. Because they want to lock in a good level. 75.50/$1 was breached yesterday but it is unlikely that RBI will let it go to 76/$1 very soon,” he said.

The rupee has shed around 1.5 per cent against the US dollar so far this month.

Government bonds also gained with yield on the 10-year benchmark 6.10%, 2031 paper last at 6.31%, two basis points lower than previous close, as traders welcomed the inflation print for September.

Bond prices and yields move inversely.

With the fall in headline retail inflation last month providing breathing room to the RBI, bond dealers believe that the central bank may not be in a rush to commence raising interest rates.

“After the last policy statement (on Friday), there was a lot of talk about how the reverse repo rate will be raised in December, I think RBI could stretch it out till February, given that inflation so far is behaving itself. The only joker in the pack is oil prices,” a dealer with a large foreign bank said on condition of anonymity.



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