Tag: rupee

Rupee Falls 3 Paise Against US Dollar in Early Trade

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Representative photo. (Image: Reuters)

Representative photo. (Image: Reuters)

The global oil benchmark Brent crude was trading 0.32 percent higher at USD 63.48 per barrel.

  • PTI
  • Last Updated:March 19, 2021, 11:11 IST
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The rupee depreciated by 3 paise to 72.56 against the US dollar in opening trade on Friday, as muted opening in domestic equities weighed on investor sentiment. However, consistent foreign fund inflows and a weak dollar overseas supported the rupee, a forex dealer said.

At the interbank forex market, the local unit opened lower at 72.57 against the US dollar, then recovered some ground to quote at 72.56, a decline of 3 paise over its previous close. On Thursday, the rupee had settled at 72.53 against the American currency.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 243.44 points lower at 48,973.08, and the broader NSE Nifty fell 74.30 points to 14,483.55 in early deals. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.05 percent to 91.81.

The global oil benchmark Brent crude was trading 0.32 percent higher at USD 63.48 per barrel. Foreign institutional investors (FIIs) were net buyers in the capital market on Thursday as they bought shares worth Rs 1,258.47 crore, as per exchange data.

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Rupee up by 2 paise at 72.53 against U.S. dollar

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Persistent foreign fund inflows and lower crude prices supported the domestic unit, forex traders said

The rupee erased some of its initial gains to end 2 paise higher at 72.53 against the U.S. dollar on Thursday, tracking subdued equity market sentiment and a stronger dollar overseas.

Persistent foreign fund inflows and lower crude prices supported the domestic unit, forex traders said.

At the interbank forex market, the local unit opened strong at 72.48 against the greenback but failed to hold on to gains following a massive selloff in the domestic equity markets.

During the session, it witnessed an intra-day high of 72.43 and a low of 72.60. It finally settled 2 paise higher at 72.53 against the American currency. On Wednesday, the rupee had settled at 72.55 against the American currency.

On the domestic equity market front, the BSE Sensex ended 585.10 points or 1.17% lower at 49,216.52, while the broader NSE Nifty dropped 163.45 points or 1.11% to 14,557.85.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.24% to 91.65.

Brent crude futures, the global oil benchmark, fell 0.35% to $67.76 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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Rupee Rises to 72.46 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 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 USD 67.53 per barrel.

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

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Rupee Snaps 4-day Winning Streak, Drops 9 Paise Vs Dollar As Muted Domestic Equities Weigh on Market

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The rupee snapped its four-session winning run to close 9 paise lower at 72.55 against the US dollar on Tuesday as muted domestic equities and a strengthening greenback overseas weighed on market sentiment. At the interbank forex market, the local unit opened at 72.46 against the American currency and witnessed an intra-day high of 72.37 and a low of 72.64.

It finally ended at 72.55, registering a fall of 9 paise over its previous closing. On Monday, the rupee had settled at 72.46. “Indian Rupee depreciated amid strong dollar and muted domestic markets. Further, rupee slipped on disappointing macroeconomic data,” said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

Additionally, market remained cautious ahead of major central banks monetary policy meetings, Mukadam said. However, sharp downside was prevented on softening of crude oil prices.

Crude oil prices slipped on concern about slow pace of vaccination in the EU after Germany, France and Italy joined other European nations to hit pause on the AstraZeneca COVID-19 vaccine, Mukadam said. Rupee may trade in the range of 72.25 to 73.00 in next couple of sessions, he added.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.04 per cent to 91.87. Meanwhile, Brent crude futures, the global oil benchmark, fell 1.51 per cent to USD 67.84 per barrel.

On the domestic equity market front, the BSE Sensex ended 31.12 points or 0.06 per cent lower at 50,363.96, while the broader NSE Nifty fell 19.05 points or 0.13 per cent to 14,910.45. Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,101.35 crore on Monday, according to exchange data.

“After four days of winning streak, rupee fell following firmer dollar ahead of the Federal Reserve’s key monetary policy meeting,” said Dilip Parmar, Research Analyst, HDFC Securities. Parmar further noted that on the domestic front, the decision of fresh restrictions by many states following rise in COVID-19 cases impacted risk sentiment amid foreign fund outflows.

“All eyes will remain on the Federal Open Market Committee (FOMC) meeting outcome announcement tomorrow as comments from the Fed will be important for the dollar movement and risk sentiment,” he said. Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services, said the rupee after appreciating in the last couple of sessions fell against the US dollar on Tuesday following continued weakness in domestic equities and as the dollar strengthened against its major crosses ahead of the FOMC policy statement. “Market participants are cautious ahead of the Federal Reserve, Bank of England and Bank of Japan policy statements that will be released this week,” Somaiyaa said.

From the US, focus will be on retail sales and industrial production numbers. Better-than-expected economic data could extend gains for the greenback, he said, adding that “we expect the USDINR (Spot) to trade sideways and quote in the range of 72.20 and 72.80.”.

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Rupee inches 5 paise higher to 72.88 against U.S. dollar in early trade

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Forex traders said the local unit opened on a positive note led by a pullback in U.S. treasury yields.

The Indian rupee inched higher on Wednesday, adding to the 32 paise jump in the previous session, tracking a pullback in U.S. treasury yields and positive domestic equities.

At the interbank forex market, the local unit opened at 72.97 against the U.S. dollar, then inched higher to 72.88 against the greenback, registering a rise of 5 paise over its previous close.

On Tuesday, the rupee had settled 32 paise higher at 72.93 against the American currency.

Forex traders said the local unit opened on a positive note led by a pullback in U.S. treasury yields.

Bond yields fell on Tuesday after soothing remarks from U.S. Treasury Secretary Janet Yellen downplaying prospects of runaway inflation, Reliance Securities said in a research note.

Markets will look to the global cues amid lack of any data from the domestic markets, the note added.

However, most Asian currencies have started weaker against the U.S. dollar and could limit the appreciation bias in the local unit, traders said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.23% to 92.16 ahead of the inflation data this Wednesday.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 285.55 points higher at 51,311.03, and the broader NSE Nifty advanced 85.30 points to 15,183.70.

Brent crude futures, the global oil benchmark, fell 0.80% to $66.98 per barrel.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹2,801.87 crore on Tuesday, according to exchange data.

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