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Tuesday, February 28, 2017

Rupee weakens against US dollar in opening trade

The Indian rupee weakened marginally against the US dollar in opening trade, ahead of the key gross domestic product (GDP) and fiscal deficit data due later on Tuesday.

The local currency opened at 66.75 a dollar., the home currency was trading at 66.78, down 0.10% from its Monday’s close of 66.71.

Sensex index rose 0.17% or 48.46 points to 28,853.33. So far this year, it has risen 8.2%.

Most Asian currencies were trading lower. Thai baht was down 0.19%, Malaysian ringgit 0.15%, Taiwan dollar 0.06%. However, Japanese yen was up 0.12%, South Korean won 0.08%, China Offshore 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.17, up 0.04% from its previous close of 101.13.

Traders are cautious ahead of the US President Donald Trump’s first address to the US Congress on Tuesday.

Tuesday, August 2, 2016

Rupee steady at 66.74 vs USD in late Morning Deals

The Rupee pared its initial losses to rule stable at 66.74 against the American currency in late morning deals on bouts of dollar selling by banks and exporters amid bearish dollar overseas as well as higher domestic equities.

The rupee opened lower at 66.79 per dollar from last yesterday's closing level of 66.74 at the Inter-bank Foreign Exchange (Forex) market.

The domestic unit hovered in a range of 66.80 and 66.7350 in the morning deals before quoting stable at 66.74 at 1030 hrs. Meanwhile, the dollar index was trading down 0.08 percent at 95.70 against a basket of six currencies in early trade.

Overseas, the US dollar hovered near three-week lows against its major rivals in early Asian trade after soft US economic data undermined the case for an early Federal Reserve rate hike while the Australian dollar braced for the probability of a policy easing later in the day.

Meanwhile, the benchmark BSE Sensex was trading higher by 109.90 points or 0.39 percent to 28,113.02 at 1045 hrs.

Wednesday, May 18, 2016

Rupee at 2-month low; opens 8 paise down at 66.95 per dollar

Rupee, consequently, is likely to trade with a weakening bias, in a range of 66.40-67.10/dollar this week, says Bansi Madhavani of India Ratings.

The Indian rupee opened at 2 months low at 66.95 per dollar on Wednesday. It has opened lower by 8 paise against previous close of 66.87.

Bansi Madhavani of India Ratings said, "An uptick in US retail inflation along with firming up of oil prices have rekindled rate hike fears across markets." "The underlying data being more supportive for a Fed rate hike.

The near-term prospect of a hike is reflected in the rising dollar index and higher short-term US treasury yields."

"Rupee, consequently, is likely to trade with a weakening bias, in a range of 66.40-67.10/dollar this week," .

The US dollar dipped against a basket of major currencies after US Inflation data failed to convince currency traders that the Federal Reserve was moving closer to another interest rate hike.

Monday, May 16, 2016

Rupee Opens Lower At 66.90 per Dollar; Down 13 paise

We expect the rupee to face an immediate resistance of 67/dollar and the trading range for the day is seen between 66.50-66.70/dollar, says Pramit Brahmbhatt of Veracity.

The Indian rupee opened lower by 13 paise at 66.90 per dollar on Monday versus 66.77 Friday. Pramit Brahmbhatt of Veracity said, "The rupee is expected to depreciate for the day taking cues from flat to negative global equity markets."

We expect the rupee to face an immediate resistance of 67/dollar and the trading range for the day is seen between 66.50-66.70/dollar

There is "absolutely no reason" for the Indian government to borrow in dollars and the rest of the developing world must be careful not to become too reliant on foreign capital, Reserve Bank of India Governor Raghuram Rajan said on Friday.

Monday, May 9, 2016

Rupee Opens Marginally Higher At 66.52 per Dollar

The trading range for the day is seen between 66.40-66.80/dollar, says Pramit Brahmbhatt of Veracity.

The Indian rupee opened marginally higher at 66.52 per dollar on Monday versus 66.55 Friday. Pramit Brahmbhatt of Veracity said, "The rupee is expected to trade sideways with a positive bias. We see a narrow range without any strong cues from domestic or global markets."

"The trading range for the day is seen between 66.40-66.80/dollar," he added. The dollar index rose against a basket of currencies after the head of the New York Federal Reserve,

William Dudley, told the New York Times the US Central Bank may raise interest rates twice in 2016 following weaker-than-expected April data on hiring.

Thursday, May 5, 2016

Rupee opens marginally lower at 66.59 per dollar

We expect the USD-INR pair to trade in a range of 66.50-66.80/dollar today, says Mohan Shenoi of Kotak Mahindra Bank.

The Indian rupee opened marginally lower by 4 paise at 66.59 per dollar on Thursday versus 66.55 Wednesday. Mohan Shenoi of Kotak Mahindra Bank said,

"Mixed data from US and fall in crude oil prices has resulted in underperformance of commodity currencies and Asian risk assets. Non-farm payroll data tomorrow from US will determine further course for the currency markets."

"We expect the USD-INR pair to trade in a range of 66.50-66.80/dollar today," he added. The dollar gained, rebounding from recent lows against the yen and euro as data on US trade and factory orders eased some growth worries.

Thursday, April 21, 2016

Mitsubishi Motors Plunges 20% on fuel-cheating scandal

Mitsubishi Motor's shares plunged 20 percent Thursday in the wake of the Japanese automaker's shock admission it falsified tests that measure fuel efficiency in more than 600,000 vehicles.

The embattled stock, nosedived again to close at 583 yen ($5.31), losing about one-third of its value since the news broke Wednesday, when the shares tumbled 15 percent.

Rupee Opens lower at 66.32 per Dollar; Down 10 paise

USD-INR trading range for today 66.10-66.40/dollar, says Mohan Shenoi of Kotak Mahindra Bank.

The Indian rupee opened lower by 10 paise at 66.32 per dollar Thursday against previous close of 66.22. Mohan Shenoi of Kotak Mahindra Bank said, "Sharp rise in oil prices has failed to trigger significant currency movements. Ahead of next week's FOMC rate setting meeting, currency markets are expected to be subdued." "USD-INR trading range for today 66.10-66.40/dollar," he said. Dollar edged up against a basket of major currencies. Euro flat ahead of the ECB meet today. The central bank is not expected to make any policy change at its rate-setting meeting on Thursday.

Wednesday, April 20, 2016

Rupee Gains 28 paise; opens at 66.27 per dollar

The 66.30/dollar mark could be tested in today's session, says Bansi Madhavani of India Ratings.

The Indian rupee gained in the early trade on Wednesday. It has opened higher by 28 paise at 66.27 per dollar versus 66.55 Monday. Bansi Madhavani of India Ratings said, "Weaker dollar is likely to aid EM currencies." "The 66.30/dollar mark could be tested in today's session,The US dollar hit 10-month lows against some commodity currencies on a growing appetite for risky assets and lost further ground to the euro after weak US economic data reinforced views that Federal Reserve monetary policy would remain dovish.

Monday, April 18, 2016

TCS slips 3% after US court slaps $1 billion fine; to Declare Q4

Shares of Tata Consultancy ServicesBSE -0.58 %, the country's largest IT services firm, slipped about 3 per cent in Monday's trade after a US-based court slapped a $1 billion fine on the company in a trade secrets theft case.

Reacting to the development, the scrip slumped 2.93 per cent in trade to hit a low of Rs 2,449 on the BSE.

The IT services giant is also expected to announce its March quarter numbers later in the day after market hours.

The poll sees the company posting a sequential net profit growth of 2.67 per cent and revenue growth of 3.42 per cent.

Monday, April 11, 2016

RBI holds 8 trillion rupees of government bonds, says Raghuram Rajan

Reserve Bank of India (RBI) Governor Raghuram Rajan said on Monday the central bank holds government bonds worth 8 trillion rupees ($120.54 billion) alongside record-high foreign exchange reserves.

The number provides some clarity given the central bank does not disclose the amount of its debt holdings.

Rajan made the comment in a speech at an event featuring bankers and start-up executives, in which he discussed that the central bank had plenty of funds at its disposal.

India`s foreign exchange reserves surged to a record $360 billion in the week ended April 1.

Rupee Opens lower aAt 66.50 per Dollar

The trading range for the day is seen between 66.20-66.80/dollar, says Pramit Brahmbhatt of Veracity.

The Indian rupee opened lower by 3 paise at 66.50 per dollar on Monday against 66.47 Friday. Pramit Brahmbhatt of Veracity said, "Rupee is expected to trade sideways with negative bias and will continue to find support at 66.80/dollar." "The trading range for the day is seen between 66.20-66.80/dollar," he added.

Thursday, April 7, 2016

Rupee Declines further By 7 paise, Opens at 66.72 per Dollar

The Indian rupee has opened at 66.72 a dollar, down 7 paise compared to 66.65 a dollar in previous session.

The Indian rupee declined further, opening at 66.72 a dollar on Thursday, down 7 paise compared to 66.65 a dollar in previous session. Mohan Shenoi, Kotak Mahindra Bank said, "As expected, minutes of the Fed meeting in March were dovish.

Oil prices moved higher on fall in US inventory. However, impact of this on currency markets was muted and the Rupee appreciation was halted by weak stock market."

Shenoi expects the USD-INR pair to trade in a range of Rs 66.50-66.80/USD today. The US dollar hit a 17-month low against Yen while Euro inched lower against US dollar.

Wednesday, April 6, 2016

Bharti, Idea shrugs off Reliance Jio Threat, Gain up to 4%

Shares of telecom incumbents climbed up to 4 per cent in Wednesday's trade, shrugging off concerns that the Mukesh Ambani-led Reliance Jio Infocomm could jolt the data services market, when it commercially launched operations by the end of this year.

Bharti AirtelBSE 1.36 % climbed 2.73 per cent to hit a high of Rs 339.40. Idea CellularBSE 2.56 % advanced 3.65 per cent to Rs 113.35. Reliance CommunicationsBSE 0.30 % (Rcom) advanced 1.61 per cent to Rs 50.20 on the exchange.The above three stocks were down up to 5 per cent in the previous session.According to Digital Xpress sales executives at three locations in Delhi, Reliance Jio has plans to offer 4,500 minutes of voice calls, 3,000 text messages and 75GB data with a validity of three months at just Rs 200,

The report said Reliance Jio may offer 0.5 paisa per 10 kb of data usage, which is substantially lower than the 4 paise per 10 kb data being charged by top telcos such as Bharti Airtel, Vodafone India and Idea Cellular.

The report said the base tariff for SIM card kits available in Reliance Digital Xpress stores across Delhi includes tariffs at 5 paisa per second video call, 2 paisa per second local and STD call, Re 1 per SMS and Rs 5 for international SMS. The SIM card kit is not meant for commercial sale, but gives an idea of what the rates could be like.

Rupee Bounces Back, Opens Marginally Higher At 66.42/USD.

The Indian rupee has opened at 66.42 a dollar, up 4 paise compared to 66.46 a dollar on Tuesday.

The Indian rupee marginally bounced back in early trade Wednesday after a steep fall in previous session. The currency has opened at 66.42 a dollar, up 4 paise compared to 66.46 a dollar on Tuesday. US dollar touched 17-month low against the yen on back on growing concerns over the global growth.

Thursday, March 31, 2016

Rupee Opens Higher at 66.35 per Dollar

USD-INR trading range for today is 66.15-66.45/dollar, says Mohan Shenoi of Kotak Mahindra Bank.

The Indian rupee has opened marginally higher at 66.35 per dollar on Thursday against previous close of 66.37. Mohan Shenoi of Kotak Mahindra Bank said, "USD-INR is expected to gradually drift lower on year end remittances and custodial inflows. USD-INR trading range for today is 66.15-66.45/dollar."

The US dollar hit its lowest level against the euro in nearly seven weeks following dovish comments from Janet Yellen. The dollar index slipped below the 95 mark.

Tuesday, March 29, 2016

Adani Transmission climbs as S&P affirms BBB- rating, 'stable' outlook.

Adani - Shares of Adani Transmission gained after the global rating agency Standard & Poor's maintained a 'stable' outlook on the company and affirmed the BBB- credit rating for it.

Reacting to the development, the scrip climbed 2.7 per cent to hit a high of Rs 32.6 on the BSE. The stock has fallen 22 per cent in the year so far while providing positive returns of 14 per cent in the past 12 months.

Tuesday, March 22, 2016

Rupee Opens Marginally lower At 66.58 per Dollar

We expect the pair to appreciate gradually from this level and trade near 66-66.70/dollar level in near term with next big supports at 66.20/dollar and 65.80/dollar, says Ashutosh Raina of HDFC Bank.

The Indian rupee opened marginally lower at 66.58 per dollar on Tuesday against previous close of 66.53. Ashutosh Raina of HDFC Bank said, "The improved risk sentiment and pick up in portfolio flows has helped the USD-INR pair to settle near 66.50/dollar level, and lot of support has been seen around this level." "We expect the pair to appreciate gradually from this level and trade near 66-66.70/dollar level in near term with next big supports at 66.20/dollar and 65.80/dollar," he added.

The Dollar gained, as investors shook off dovish statements from the Federal Reserve.

Monday, March 21, 2016

Rupee Opens Marginally Higher at 66.45 per Dollar

We expect the rupee to trade in the 66.20-66.80/dollar range for the day, says Pramit Brahmbhatt of Veracity.

The Indian rupee opened marginally higher at 66.45 per dollar on Monday versus 66.50 Friday. Pramit Brahmbhatt of Veracity said, "The rupee will try to conquer the resistance of 66.20/dollar after touching 66.50/dollar. Global equity market and crude will decide further direction." "We expect the rupee to trade in the 66.20-66.80/dollar range for the day," he added.

The dollar stayed on the defensive, having extended its losses for a third week in the wake of dovish signals from the Federal

Friday, March 11, 2016

Rupee opens 9 paise lower at 67.16 per dollar

The Indian rupee has opened lower by 9 paise at 67.16 a dollar compared to 67.07 a dollar in previous session.

The Indian rupee has opened at 67.16 a dollar, lower by 9 paise compared to 67.07 a dollar in previous session. Pramit Brahmbhatt, Veracity says the rupee will be weak on safe haven buying due to the European Central Bank interest rate cut. He maintains his view that Rs 67.50/USD is a crucial level on the downside. According to him, trading range for the day will be between Rs 66.80-67.50/USD. The European Central Bank (ECB) on Thursday cut its main refinancing rate to zero from 0.05 percent and increased monthly asset buys to 80 billion euros from 60 billion euros.