Tag: US dollar

Rupee inches 8 paise higher to 73.75 against US dollar in early trade

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The Indian rupee appreciated 8 paise to 73.75 against the US dollar in opening trade on Tuesday, tracking positive domestic equities.

Forex traders said rupee is trading in a narrow range as weakness of Asian currencies, firm crude oil prices and strong dollar weighed on the domestic unit.

At the interbank foreign exchange, the rupee opened at 73.79 against the dollar, then edged higher to 73.75, up 8 paise over its previous close.

On Monday, the rupee had settled at 73.83 against the US dollar.

Dolla index rises

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.06 per cent to 93.44.

The Indian rupee opened on a flat note this Tuesday morning against the dollar, tracking the strength of the greenback and strong crude oil prices, Reliance Securities said in a research note.

Moreover, most emerging market and Asian currencies have started weaker this Tuesday morning and will weigh on sentiments, the note added.

Meanwhile, foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth ₹594.63 crore, as per exchange data.

On the domestic equity market front, the BSE Sensex was trading 16.19 points or 0.03 per cent higher at 60,094.07, while the broader NSE Nifty advanced 24.75 points or 0.14 per cent to 17,879.85.

Meanwhile, global oil benchmark Brent crude futures rose 0.79 per cent to $80.16 per barrel.

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Rupee slips 5 paise to 73.73 against US dollar in early trade

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The Indian rupee edged lower by 5 paise to trade at 73.73 against the US dollar in opening deals on Monday due to fresh demands for dollar from banks and importers.

Though, a sustained bull run in the domestic equity market and dollar’s weakness against key rivals overseas lent some support to the rupee and checked its further fall, analysts said.

At the interbank foreign exchange, the rupee opened on a weak note at 73.70 and slid further to 73.73 as the trade progressed, logging a loss of 5 paise against the greenback over its previous close.

On Friday, the Indian currency had closed 4 paise down at 73.68 against the US dollar.

Dollar index

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.11 per cent to 93.22.

On the domestic equity market front, the BSE Sensex was trading 114.73 points or 0.19 per cent higher at 60,163.20. Similarly, the NSE Nifty was trading 23.25 points or 0.13 per cent up at 17,876.45.

Meanwhile, global crude oil benchmark Brent futures advanced 1.19 per cent to $79 per barrel.

Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth ₹442.49 crore, as per exchange data.

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Rupee slumps 26 paise to close at 73.74 against US dollar, BFSI News, ET BFSI

Personal Finance

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MUMBAI: The Indian rupee fell by 26 paise to close at 73.74 (provisional) against the US dollar on Monday, tracking a strong American currency in the overseas market and muted trend in domestic equities.

At the interbank foreign exchange market, the local currency opened at 73.82 and finally settled for the day at 73.74 a dollar, down 26 paise over its previous close.

In the previous session on Friday, the rupee had settled at 73.48 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.27 per cent higher at 93.44.

“The Indian rupee started the week on back foot as markets are in a risk-averse mood, triggered by the worries over the Chinese property developer Evergrande’s debt crisis,” said Dilip Parmar, Research Analyst, HDFC Securities.

“Volatility buyers are active in the forex markets as this week will witness fourteen central banks, apart from crucial FOMC, rate decisions and elections in Canada and Germany,” Parmar said.

The INR/USD pair is expected to find resistance around 74 while hold support at 73.40, he noted.

Brent crude futures, the global oil benchmark, fell 1.79 per cent to USD 73.99 per barrel.

On the domestic equity market front, the BSE Sensex ended 524.96 points or 0.89 per cent lower at 58,490.93, while the broader NSE Nifty declined 188.25 points or 1.07 per cent to 17,396.90.

Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth Rs 1,552.59 crore, as per exchange data.



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Rupee settles 2 paise higher at 73.06 against US dollar

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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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Is another bitcoin crash inevitable?, BFSI News, ET BFSI

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There is one simple thumb rule to investing in assets, Bitcoin included, and it is – learning to take volatility in your stride. Given the fickle nature of the investment world where the graph swings wildly, it takes a strong heart to ride the wave. Trading in Bitcoins is no exception.

A lot has happened since the mysterious Satoshi Nakamoto gave the first Bitcoin specification with proof of concept in 2009. Two years later, on February 9, 2011, the cryptocurrency (or crypto) reached parity with the US Dollar at a 1:1 ratio. This means you could buy a Bitcoin for just one dollar. Since then, Bitcoin has been on a roller coaster ride touching $62,006.92 on April 17, 2021. To put things into perspective, between Feb 9, 2011 and April 17, 2021, the value of the Bitcoin has gone up by nearly 62,00,600 percent. Yes, the figure could boggle your mind, but that’s what it is. As of August 29, the crypto was trading at $48,616.15. The $1,00,000 mark predicted by optimists is yet to happen though.

Nakamoto, in setting a 21 million cap, created a distinct identity for the world’s foremost cryptocurrency. With a circulating supply of around 18 million Bitcoins against the above maximum cap, the fluctuation is only expected to increase. Regulatory statements coming out from Russia and China and idiosyncrasies of investors such as Elon Musk and Michael Saylor only add to the edge-of-the-seat excitement in the Bitcoin world.

History of Bitcoin crash
Bitcoin has witnessed several small and big ‘Boom and Bust’ cycles ever since it arrived on the investment horizon. Here are two significant crashes that are still talked about.

  • Between April 10 and 12, 2013, the cryptocurrency shed more than 80 percent of its value.
  • In December 2017, the cryptocurrency’s value peaked at around $20,000, and after this high, it considerably collapsed.

When it comes to Bitcoins, everyone’s opinions stand divided. Warren Buffett had termed Bitcoin as a risky and speculative asset. On the other end of the trading spectrum, support from critic-turned-fan Saylor makes Bitcoin investors hum Yeh Dil Maange More.

The unpredictability notwithstanding, what makes investing in Bitcoins interesting is that, unlike the institutional investors who buy it in large numbers, individuals too can own a fraction of this crypto down to the eighth decimal point. It thus makes sense when Saylor tweeted last year that he holds 17,732 Bitcoins that he bought for $9,882 apiece. This declaration came much before the business analytics platform – MicroStrategy that he heads did so. More and more institutional investors are pouring money into Bitcoins as compared to retail ones.

Will we see another Bitcoin crash?
Any investment is done primarily for returns. The higher the returns, the higher would be the investment. Backing exactly this sentiment, Saylor and his ilk preferred Bitcoins over gold. In 2020, Bitcoin outdid every other asset to give 318 percent returns.

Over the last year or so, there has been a steady influx of positive stories on the Bitcoin front:

  • In September 2020, MicroStrategy acquired a total of 38,250 bitcoins valued at $425 million and subsequently announced its intentions to raise another $537.2 million to buy even more bitcoin
  • In October 2020, PayPal allowed their customers to buy, sell, and hold bitcoin using their online wallets.
  • In February this year, electric car manufacturer Tesla announced that they had bought $1.5 billion in Bitcoins. The company added that they are also likely to accept the cryptocurrency as payments.
  • Recently, El Salvador has adopted Bitcoin as legal tender and the Argentinian President also said that he is open to the idea of treating cryptos as legal currency.

These stories have boosted the sentiment around Bitcoins.
However, going back to what we mentioned at the start of the story. Bitcoin and other cryptocurrencies are highly volatile. Their prices will touch highs and lows all the time, so it’s tough to predict a rise or crash. Nobody can say that with any guarantee or certainty. But what you can do as an investor is be prudent when it comes to investing in Bitcoins.

One approach that you can follow is rupee-cost averaging. Instead of buying Bitcoins for a lump sum amount in one go, what you can do is spread your investment over a period of time. This will shield you from Bitcoin’s volatility upto a certain extent and also give you better returns.

The best time to buy Bitcoin was 2009 and the next best time is today. Helping you invest in Bitcoins in a safe, secure and simple manner is ZebPay. With ZebPay, you can begin your cryptocurrency journey for as little as Rs 100. Start now and get ready to ride the crypto wave!

Bitcoin’s recent report card

  • December 16, 2020: Bitcoin touches $20,000/coin for the first time ever
  • April 13, 2021: Bitcoin touches a record high of $63,375
  • June 22, 2021: Bitcoin slips under $30,000 for the first time in five months
  • August 2, 2021: Bitcoin rally takes it to the highest level since May at $40,000
  • August 23, 2021: Bitcoin returns to above the $50,000 mark

Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.



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Rupee inches 7 paise higher to 74.35 against US dollar in early trade

Banking & Finance

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The Indian rupee gained 7 paise and touched 74.35 against the US dollar in early trade on Tuesday, tracking positive domestic equities.

Forex traders said the rupee is trading in a narrow range as investors are awaiting cues from the US Fed’s policy decision due on Wednesday.

At the interbank foreign exchange, the domestic unit opened at 74.36 against the dollar, then inched higher to 74.35, registering a gain of 7 paise over its previous close. On Monday, the rupee had settled at 74.42 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05 per cent down at 92.60, as traders and investors will look to cues from the Fed’s policy decision, due on Wednesday.

Asian currencies have started marginally stronger against the greenback this Tuesday morning and could lend support, Reliance Securities said in a research note.

Also read: Rupee drops by 2 paise to 74.42

On the domestic equity market front, BSE Sensex was trading 119.08 points or 0.23 per cent higher at 52,971.35, while the broader NSE Nifty advanced 49.95 points or 0.32 per cent to 15,874.40.

Meanwhile, foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth ₹2,376.79 crore, as per exchange data.

Global oil benchmark Brent crude futures advanced 0.48 per cent to USD 74.86 per barrel.

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Dollar fights for footing as Fed minutes eyed

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The US dollar found pockets of support in Asia on Monday, but struggled to post gains, as investors are heavily positioned for it to fall further while the US Federal Reserve holds interest rates low and US trade and current account deficits grow.

Easing commodity prices and virus outbreaks in Singapore and Taiwan — where Covid-19 had been contained — helped modest dollar gains of 0.2 per cent against the Australian and New Zealand dollars in the early part of the Asia session. The greenback also rose 0.1 per cent against the euro and the yen. But it remains close to testing major support levels, which if broken could see a return to a downtrend that pressed it lower through April.

Also read: Rupee rises 13 paise to settle at 73.29 against US dollar

A dollar bounce that followed higher-than-expected inflation data last week has also faded as traders figure the Fed will keep rates low. The dollar last traded at $1.2134 per euro and has support around $1.2179. The dollar index is likewise, at 90.389, just above key supports at 89.677 and 89.206. It bought 109.45 yen and traded at $0.7758 per Aussie and $0.7228 per kiwi.

Fed minutes, from an April meeting that predated the data surprise on inflation last week, are due on Wednesday and are the next market focus for clues on the Fed’s thinking.

“We expect the minutes … to reiterate that policymakers consider the pick up in inflation to be transitory,” said Kim Mundy, a currency strategist at the Commonwealth Bank of Australia in Sydney. “The upshot is that we do not expect the (Fed) to consider tapering its asset purchases soon,” she said. “The dollar is expected to resume its downtrend this week after last week’s CPI-inspired boost.”

Speculators increased their bets against the dollar last week, mostly by adding to bets on the euro and to a lesser extent sterling as Britain and Europe head toward recovery. Sterling was perched near a two-and-a-half-month high on Monday, at $1.4085, as Britain reopens its economy after a four-month Covid-19 lockdown.

Things are travelling in the opposite direction in Asia where some early leaders in taming the pandemic are now dealing with new outbreaks. Singapore and Taiwan have both tightened curbs as cases rise and the Taiwan dollar fell to a three-week low on Monday. The dollar crept up 0.1 per cent against the Chinese yuan to trade at 6.4424 ahead of industrial output and retail sales figures due mid-morning on Monday. Elsewhere, cryptocurrencies traded under pressure after another weekend bouncing around following tweets from Tesla boss Elon Musk. Bitcoin hit its lowest since February on Sunday after Musk hinted at Tesla possibly selling its holdings. Bitcoin last traded 2 per cent weaker at $45,302 and ether was 4 per cent lower at $3,421.

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Rupee rises 9 paise against US dollar in early trade

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The rupee appreciated by 9 paise to 72.46 against the US dollar in opening trade on Thursday, supported by positive domestic equity markets and easing crude prices.

However, a strong US dollar against major currencies overseas restricted the rupee’s rise, forex dealers said.

At the interbank forex market, the local unit opened at 72.48 against the US dollar, then inched higher to 72.46, registering a rise of 9 paise over its previous close.

On Wednesday, the rupee had settled at 72.55 against the American currency.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 292.68 points higher at 50,094.30, and the broader NSE Nifty rose 90.50 points to 14,811.80.

After its two-day policy meeting, the US Fed reassured investors that it expects to keep its key interest rate near zero through 2023.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, surged 0.10 per cent to 91.53.

Brent crude futures, the global oil benchmark, fell 0.69 per cent to $67.53 per barrel.

Foreign institutional investors remained net buyers in the capital market as they bought shares worth ₹2,625.82 crore on Wednesday, according to exchange data.

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