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.

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By: Unknown On 11:36 AM

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Indian rupee trading little changed against the US dollar

The Indian rupee on Wednesday was trading little changed against the US dollar in the opening trade.

The local currency opened at 66.93 a dollar. At 9.15am, the home currency was trading at 66.93—down 0.01% from its previous close of 66.92.

India’s 10-year bond yield was at 6.873%—from its Tuesday’s close of 6.875%. Bond yields and prices move in opposite directions. India’s benchmark Sensex index fell 0.28% or 80.12 points to 28,259.19 on Wednesday. So far this year, Sensex has risen 6.4%.

Asian currencies were trading higher. Taiwan dollar was up 0.15%, China Offshore spot 0.11%, Singapore dollar 0.06%, China renminbi 0.05%. However, South Korean won was down 0.28%, the Philippines peso 0.14%, Japanese yen 0.07%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.26—up 0.01% from its previous close of 101.25.

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By: Unknown On 10:55 AM

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Today Rupee strengthens marginally against US dollar

 

The Indian rupee Tuesday strengthened marginally against the US dollar tracking the gains in the Asian currencies markets.The local currency opened at 66.97 a dollar.the home currency was trading at 66.96—up 0.07% from its previous close of 67.02.

India’s retail inflation decelerated in January to 3.17% from 3.41% a month ago as prices of vegetables and pulses fell further.

Since the beginning of this year, the rupee has gained 1.36%, while foreign institutional investors have bought $319.70 million and $252.60 million from local equity and debt markets respectively.

Asian currencies were trading higher. South Korean won was up 0.21%, Singapore dollar 0.14%, Taiwan dollar 0.1%, Thai baht 0.05%, China Offshore 0.05%. However, Indonesian rupiah was down 0.04%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.98—up 0.02% from its previous close of 100.96.
 

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By: Unknown On 11:40 AM

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Today Rupee holds the line against US dollar at 68.06

 

The Indian rupee on Tuesday was trading little changed against the US dollar in the opening trade.

The rupee opened at 68.06 a dollar. At 9.15am, the home currency was trading at 68.07 a dollar—up 0.03% from Monday’s close of 68.10. So far this year, it has fallen 0.22%.

Asian currencies were trading higher. Japanese yen was up 0.12%, Philippines peso 0.12%, Singapore dollar 0.11%, Indonesian rupiah 0.05%. However, South Korean won was down 0.07%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.46—up 0.27% from its previous close of 101.18.

 

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By: Unknown On 11:44 AM

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Rupee extends rally, rises 8 paise to 67.83 against dollar

The rupee extended Wednesday's gains and opened 8 paise higher at 67.83 against the dollar on Thursday after the American currency lost some of the steam against a basket of top global currencies as investors booked some profit before the release of US economic data due later in the day.

The domestic equity market opened on a cautious note following weak global cues. The BSE Sensex opened 18.31 points, or 0.07 per cent, down at 26,224, while NSE's Nifty50 index opened 17.45 points, or 0.22 per cent, down at 8,043. The rupee was trading 6 paise higher at 67.85 against the dollar in morning trade around 9.30 am.

The domestic currency closed 12 paise higher at 67.91 against the dollar on Wednesday. However, foreign institutional investors (FIIs) stood net sellers in the domestic market as they offloaded shares worth Rs 621.37 crore with gross purchases and gross sales of Rs 3,288.88 crore and Rs 3,910.25 crore

The US dollar fell against most currencies on Wednesday with the Dollar Index falling 0.26 per cent as sentiments over US interest rate hike subsided. Gains in the euro and the Japanese yen led to profit booking in the US currency.

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By: Unknown On 11:46 AM

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Today Rupee trades 6 paise higher at 67.81 against US dollar

 

The rupee was trading nearly 6 paise higher at 67.81 against the US dollar in early trade on Tuesday amid buying of the American currency by banks and exporters amid mixed global cues.

The domestic equity indices opened on a flat note. The 30-share Sensex opened 0.11 points down at 26,374, while the Nifty50 began the day 6.25 points higher at 8,110.

The rupee slipped around 11 paise against the dollar on Monday. Robust foreign money outflow coupled with near-term consequences of Fed rate hike largely kept sentiments cautious despite a dollar retreat.

The rupee is likely to stay under pressure due to evolving domestic uncertainties, weakening foreign trade and improving US monetary condition.

 

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By: Unknown On 11:33 AM

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Rupee opens nearly 2 paise up at 67.82 against dollar

The rupee opened nearly 2 paise higher at 67.82 against the dollar on Friday amid some selling of the American currency by banks and exporters. The US dollar continued to trade near to its 14-year high level against a basket of major currencies as markets repositioned for a faster pace of rate hikes by the US Federal Reserve over the next year.

The domestic equity market opened flat on Friday morning, following global cues. The BSE Sensex was trading 19.80 points higher at 26,538 in the first half-an-hour of trade, while NSE's Nifty50 was up 0.45 points at 8,154.

The local currency slipped 40 paise against the dollar on Thursday after the Fed rate hike the second time in a decade.

For Friday's session, Nirmal Bang Commodities said, "The rupee is likely to trade in the 67.70-68.00 range against the dollar on Friday."

Government bonds on Thursday slipped for the first time in three sessions, with the benchmark note falling to over one-month low. The benchmark 6.97% 2026 bond yield jumped to 6.52 per cent from 6.41 per cent on Thursday.

 

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By: Unknown On 11:38 AM

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Rupee opens nearly 5 paise down at 67.47 against dollar

 

The rupee opened nearly 5 paise down at 67.47 against the dollar on Tuesday on account of buying of the American currency by banks and importers as its Asian peers weakened.

According to market experts, traders are cautious ahead of macro-economic data due later in the day and the two-day rate-setting meeting of the Federal Open Market Committee that begins later on Tuesday.

The local currency remained highly volatile last week but managed to end with sharp gains and tested a three-week high on the back of sustained selling of the greenback amid a rally in domestic equity market and inflow of foreign funds.

Foreign institutional investors turned net buyers in December, having bought shares worth of Rs 139 crore. They had offloaded shares worth of Rs 18,244 crore and Rs 4,306 crore in November and October, respectively, according to the data available with NSDL. 

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By: Unknown On 11:41 AM

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Today Rupee opens nearly 16 paise down at 67.52 against dollar

 

The rupee opened nearly 16 paise down at 67.52 against the dollar on Friday on account of selling of the greenback by banks and importers.

The domestic currency was trading 22 paise down at 67.58 in early trade around 9.15 am.

Extending its gains for the third straight day, the rupee on Thursday closed at a near one- month high of 67.36, up 27 paise against the dollar.

The domestic equity market opened higher, following firm global cues. The BSE Sensex opened 94.25 points, or 0.35 per cent, higher at 26,788, while NSE's Nifty50 index rose 24.85 points, or 0.30 per cent, to 8,271.

Government bonds ended little changed on Thursday, as the RBI Monetary Policy Committee's surprise decision to keep rates steady dissuaded investors from adding fresh positions.

The benchmark 6.97 per cent bond maturing in 2026 ended at Rs 104.07 on Thursday against Rs 104.00 on Wednesday. As a result, bond yields fell to 6.40 per cent from 6.41 per cent on the previous day.

 

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By: Unknown On 11:37 AM

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Today Rupee advances 7 paise to 68.15 against dollar in early trade

The rupee started nearly 7 paise higher against the US dollar at 68.15 on Monday amid selling of the American currency by banks and exporters.

The domestic equity market opened on a flat note, following mixed global cues.

The local currency was trading 6 paise up at 68.15, while equity benchmark Sensex was down 22.44 points, or 0.09 per cent, at 26,208. The Nifty50 index was trading 5.95 points, or 0.07 per cent, down at 8,080.

On Friday, the rupee added to its gains against the dollar, gaining over 10 paise to end at 68.22 on rising expectations that the Reserve Bank of India (RBI) will lower policy rates at its policy review on Wednesday.

The Monetary Policy Committee headed by RBI Governor Urjit Patel had slashed repo rate by 25 basis points to 6.25 per cent in October.

The rupee has weakened more than 3 per cent in recent weeks to hit record lows, pressured by a rally in the US dollar, capital outflows from emerging markets and worries that Prime Minister Narendra Modi's demonetisation move would severely dent growth.

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By: Unknown On 10:55 AM

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Rupee slips after opening gains, down 3 paise at 68.38 against dollar

The rupee wiped off its opening gains and was trading nearly 3 paise down at 68.38 in early trade on Friday on account of sustained foreign fund outflows coupled with buying of American currency by banks and importers. Meanwhile, weak opening of domestic equity markets further affected market sentiments.

The local currency opened the day at 6 paise higher at 68.28 against dollar. Benchmark equity index NSE Nifty opened 39.35 points, or 0.48 per cent, down at 8,153.55, while BSE Sensex opened 161.45 points, or 0.61 per cent, down at 26,398.47.

Rupee ended at one-week high of 68.35 against dollar on Thursday following robust macro-economic data even as crude prices jumped after the historic Opec deal.

Government bonds advanced for a second day on Thursday, as expectations the central bank may lower interest rates next week spurred demand. The benchmark 6.97 per cent bond maturing in 2026 ended at Rs 105.47 against Rs 105.24 on Wednesday. The benchmark 6.97 per cent 2026 bond yield slipped to 6.22 per cent from 6.25 per cent the previous day.

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By: Unknown On 10:52 AM

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Rupee wipes off opening gains, down 12 paise against dollar in early trade

 

 

The Rupee wiped off its opening gains and was trading nearly 12 paise down at 68.54 against the dollar in early trade on Friday amid continued buying of the American currency by banks and importers.

The local currency opened 5 paise up at 68.42 against the greenback. Meanwhile, the domestic equity market opened flat with a negative bias following global cues.

The BSE Sensex was trading nearly 50 points, or 0.19 per cent, down at 26,267 around 9.30 am, while the NSE Nifty50 was down 22.25 points at 8,093.

The local currency closed higher by 27 paise at 68.47 against the US dollar on Friday compared with the previous close of 68.74. A rally in domestic equities supported market sentiments. RBI fixed the reference rate for the dollar at 68.46 and to the euro at 72.38 on Friday.

 

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By: Unknown On 10:52 AM

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Axis Bank cuts lending rate by 0.05% across tenors

Private sector Axis Bank has cut the marginal cost of fund based lending rate by 0.05 percent across all tenors, effective tomorrow (Tuesday).

"The bank has decided to reduce the MCLRs (marginal cost lending rate) of the bank by 5 basis points across all tenors. This will be effective from October 18, 2016," the bank said in a regulatory filing.

For six-month period, the new MCLR will be 9.15 percent, one year at 9.2 percent, for two years it will be 9.3 percent and that for a tenor of three years it is fixed at 9.35 percent.

The overnight MCLR will be 8.8 percent.The new loans will be priced at these internal benchmark MCLRs, it added.

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By: Unknown On 10:44 AM

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Today Rupee opens at 66.86 per dollar, gains 16 paise in market

 

The Indian rupee gained in early trade on Thursday. It has opened higher by 16 paise at 66.86 per dollar versus 67.02 Wednesday.

The US dollar extended losses against a basket of major currencies after the US Federal Reserve left monetary policy unchanged and projected a less aggressive rise of interest rates in coming years.

US DOLLAR INDEX (USD)

The FOMC meeting was very important for the US Dollar Index which ended lower by 0.3 percent in yesterday’s trading session. The US Federal Reserve kept the key policy rates unchanged and hinted at the possibility of a rate hike by the end of 2016. Markets believe that Dec’16 would be that month since Nov’16 is when the Presidential Elections will be conducted and the US Fed does not want any unusual volatility. The US Fed Chairwoman expressed confidence in economic growth, but not enough to make a move this month. The committee also reduced its expectations both for economic growth and inflation this year to 1.8 percent and 4.7 percent respectively from 2 percent and 4.7 percent. All the above factors dented the demand for US Dollar which made an intraday low of 95.32 and closed at 95.67 levels on Wednesday.

OUTLOOK

Rupee is likely to trade higher in today’s trading session as markets discount the FOMC and BoJ monetary policy review where the interest rates was left unchanged. Weakness in the DX will in turn boost the demand of the Indian Rupee. Moreover, higher trading in global market equities will govern the trend of the Indian markets and its currency.

 

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By: Unknown On 11:30 AM

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Today Rupee opens flat at 66.97 per dollar in the market

 

The Indian rupee opened flat at 66.97 per dollar on Tuesday versus previous close 66.96.

The US dollar fell from over two-week high against a basket of major currencies on expectations that any Bank of Japan action this week would not weaken the yen and the Federal Reserve would refrain from raising rates.

US DOLLAR INDEX (USD)

The US Dollar Index traded lower by 0.3 percent yesterday as investors plays safe prior to the FOMC monetary policy meeting that is scheduled to be held today and tomorrow. This cautious stance and the recent strength in the currency have prompted the traders to book profits. Markets are expecting no rate hike move in the upcoming policy meet; discounting the dovish comments by Boston Fed President Eric Rosengren and Fed Governor Lael Brainard. Moreover, recent disappointing release of economic datasets excluding the inflation rate which surprisingly came on a better note has dimmed the chances of Sep’16 rate hike. All the above factors kept the DX pressurized which made an intraday low of 95.79 and closed at 95.77 levels on Monday.

OUTLOOK

Rupee is likely to trade higher as investors are expecting no unexpected move in today’s FOMC monetary policy meeting that will end tomorrow. This will keep the DX pressurized in turn proving support to the Indian Rupee. Moreover, gain in Asian market equities will govern the trend of t he Indian markets and its currency.

 

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By: Unknown On 11:02 AM

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Today Rupee consolidates, opens flat at 66.88 per dollar

 

The Indian rupee has opened at 66.88 a dollar on Thursday compared with 66.89 a dollar in previous session. Mohan Shenoi of Kotak Mahindra Bank says global currency markets are rangebound ahead of the September FOMC rate setting decision. According to him, the rupee is likely to trade in a range of 66.70-67 per dollar today. The currency closed marginally higher at 66.89 a dollar yesterday compared with 66.92 a dollar on Monday.

US DOLLAR INDEX (USD)

US Dollar Index fell by 0.3 percent in yesterday’s trading session as latest comments by Fed Governor Lael Brainard on Monday that the Federal Reserve should avoid removing support for the U.S. economy too quickly, adding to bets the central bank would leave interest rates unchanged next week, has added to confusion regarding the timing of the rate hike. Earlier last week, Fed member Eric Rosengren on Friday warned that inaction on the part of rate hike could cost the US economy dearly. US Dollar Index made an intraday low of 95.2 and ended at 95.32 levels on Wednesday.

OUTLOOK

Rupee is likely to depreciate tracking losses in the Asian market equities ahead of crucial monetary policy decisions in the US and Japan. Also, a string of important data releases from the US in the evening session will restrict the risk appetite.

 

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By: Unknown On 12:07 PM

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Today Indian Rupee Appreciated further on Wednesday Against dollar

The Indian rupee appreciated further on Wednesday, hitting more than four-month high. The currency has opened at 66.36 a dollar, up 16 paise compared with previous day's closing value of 66.52 a dollar.The USD-INR pair is expected to trade within a narrow range of 66.43-66.60 a dollar,

US DOLLAR INDEX (USD)

US Dollar Index traded lower by more than 1 percent in yesterday’s trading session. Reason behind this weak ness could be attributed to the disappointing release of non - manufacturing data from the nation that grew lesser than the forecasted levels in Aug’16. The pace of growth was at its slowest in more than six years . Moreover, last week’s employment data from the nation also came on a weak note. NFP employment data plunged to 151K from previous month’s 275K in Aug’16. Even average earnings and unemployment data came on a bitter note which has fueled speculation in the economy with respect to the strength of th e labor market of the US. All the above factors have raised caution in the market with respect to delay in rate hike timing. The American currency made a n intraday low of 94.76 and closed at 94.82 on Tues day.

OUTLOOK  

Rupee is likely to appreciate in today ’s trading session as disappointing release of non - manufact ur ing data form A m erica will keep the DX pressurized in turn acting as a positive factor for the Indian currency. Moreover, heavy influx of capital into the domestic markets will further act as a positive factor.

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By: Unknown On 11:49 AM

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Todays currency market updates , Indian rupee opened marginally higher vs dollar

The Indian rupee opened marginally higher at 67.02 per dollar on Friday versus previous close of 67.05.

Dollar slipped marginally as some investors squared positions before the annual global central bankers' gathering in Jackson Hole, wyoming, where Federal Reserve Chair Janet Yellen may offer new guidance on US monetary policy.

US DOLLAR INDEX (USD)

In spite of the robust release of core durable goods and unemployment claims data from the nation, the American currency traded on a flat note yesterday. Reason for the same could be attributed to the investors focus on the Jackson Hole meeting which is scheduled to start today. Officials of other central banks and other senior financial officials will indulge into discussion about the world economy. Moreover, the m arkets will be looking for hints from Federal Reserve chair Janet Yellen regarding the Fed’s monetary plans, particularly the timing of a rate hike. FOMC members are expected to express their views in the days leading to the crucial meeting. The American currency made an intraday low of 94.56 and closed at 94.74 on Thursday.

OUTLOOK

Rupee is likely to trade higher as dollar movements in the overseas markets remain weak owing to the annual conference in Jackson Hole, Wyoming where the where the US Fed Chair Janet Yellen will speak today giving some light on interest rate hike timings.

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By: Unknown On 11:22 AM

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Today Rupee opens lower at 67.14 per dollar in domestic market

The Indian rupee opened lower by 8 paise at 67.14 per dollar on Wednesday versus 67.06 Tuesday.

The dollar index hold steady as investors reassess the outlook for US monetary tightening.

US DOLLAR INDEX (USD)

The American currency traded on a flat note percent yesterday as investors now shift their attention towards the Jackson Hole meeting where the US Fed chairwoman will give a statement. Markets await more clarity on wh en the policymakers might raise interest rates. Moreover, markets are discounting the FOMC meeting minutes where the members of the committee were divided over when the next rate rise should come. As per federal funds future rates, only 12 percent traders saw a chance of rate hike in Sep'16 from 24 percent. The American currency made an intraday low of 94.20 and closed at 94.49 on Tuesday.

OUTLOOK

Rupee is likely to trade negative as investors play safe ahead of the annual conference in Jackson Hole, Wyoming which is scheduled to be held tomorrow which has kept Asian markets pressurized. Moreover, markets believe t hat the newly elected RBI governor Urjit Patel being an inflation hawk will not rush in cutting interest rates soon unless and until he is fully satisfied with the inflation rate.

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By: Unknown On 12:54 PM

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Indian rupee opened lower by 13 paise at 67.19 per dollar on Monday versus 67.06 Friday.

The Indian rupee opened lower by 13 paise at 67.19 per dollar on Monday versus 67.06 Friday.

The dollar gained against major peers, as hawkish comments from a Federal Reserve official added to prospects that US interest rates will increase this year.
 

        DOLLAR INDEX (USD)

The American currency plunged by - 1.4 percent in the last week. Reason for the same could be attributed to the dovish stance in the FOMC meeti ng minutes which prompted the traders to book profits. Members of the FOMC committee were divided over when the next rate rise should come. As per federal funds future rates, only 12 percent traders saw a chance of rate hike in Sep'16 from 24 percent. On t he flip side the New York Fed President William Dudley spoke about the improving labour market thereby hinting that the US Federal Reserve might raise rates in its Sep’16 monetary policy review. Traders were so focused on this event that they even ignored the robust release of economic data sets from the nation like industrial production, unemployment claims, and housing starts data except for the inflation data which came below the forecasted levels.

OUTLOOK 

 

Rupee is likely to trade sideways as recent weakness seen in the DX will prompt the traders to place fresh bets which in turn will keep the rupee pressurized. However, markets are expected to cheer the appointment of Urjit Patel as the new RBI Governor as he bei ng the existing deputy governor is abreast of the economic matters in the country and will keep continuity in policy.

 

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By: Unknown On 10:56 AM

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