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 on Tuesday was trading little changed against the US dollar

 

The rupee was trading at 66.94, down 0.02% from its previous close of 66.93The Indian rupee on Tuesday was trading little changed against the US dollar in opening trade.

The local currency opened at 66.95 a dollar. At 9.15am, the home currency was trading at 66.94, down 0.02% from its previous close of 66.93.

On Tuesday, currency and bond markets were closed due to municipal corporation elections. The result will be announced on Thursday.

Most of the Asian currencies were trading higher. South Korean won was up 0.45%, Japanese yen 0.23%, Taiwan dollar 0.16%, Singapore dollar 0.15%, Indonesian rupiah 0.11%, Philippines peso 0.09%, China renminbi 0.05% and Thai baht 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.31, down 0.06% from its previous close of 101.37.

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By: Unknown On 11:49 AM

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Today Rupee weakens against US dollar on Asian cues

 

The Indian rupee on Tuesday weakened against the US dollar, snapping a nine-day rally, tracking losses in the Asian currencies markets.

Traders are cautious ahead of the Reserve Bank of India’s (RBI) bi-monthly monetary policy review meeting on Wednesday.

The rupee opened at 67.29 a dollar. 15At 9.am, the home currency was trading at 67.31—down 0.13% from its previous close of 67.22.

Asian currencies markets were trading lower. Taiwan dollar was down 0.39%, South Korean won 0.38%, Singapore dollar 0.36%, Malaysian ringgit 0.22%, China offshore spot 0.19%, Philippines peso 0.17%, Japanese yen 0.11%, China renminbi 0.1%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.05—up 0.14% from its previous close of 99.91.

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By: Unknown On 11:49 AM

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Rupee opens stronger 3-week high ahead of Economic Survey

The Indian rupee opened stronger for the fifth consecutive session against the US dollar tracking gains in its Asian peers, ahead of the key domestic as well as international events due later on Tuesday.

The rupee opened at 67.81 a dollar. At 9.15am, the home currency was trading at 67.84 a dollar— up 0.15% from Monday’s close of 67.95. So far this year, it has gained 0.1%.

On the domestic front, the government will present economic survey and gross domestic annual estimates after 12.30pm on Tuesday. The government will also issue fiscal deficit data for December after 4.30pm.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.36, down 0.07% from its previous close of 100.43.

Asian currencies were trading higher as dollar weaken reverting to a defensive tone amid concern about protectionism in the US after President Trump’s executive order Friday that clamped down on immigration and after earlier threats of border tariffs. 

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By: Unknown On 10:56 AM

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Rupee jumps 20 paise to 68.12 against dollar in early trade

 

The rupee was trading 20 paise higher at 68.12 against dollar in the early trade on Thursday on account of selling of Amercian currency by bank and exporters.
 

Rupee kicked off 17 paise up at 68.15 against dollar on Thursday against previous close of 68.32 per dollar.

Most of the Asian currencies were trading higher as dollar weakens after US president-elect Trump gave few details on his economic policy at the first press conference since his election victory.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.86—down 0.07% from its previous close of 101.93.

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By: Unknown On 10:48 AM

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Rupee trades marginally higher against US dollar in market

 

The Indian rupee on Wednesday was trading marginally higher against the US dollar in the opening trade.

The home currency opened at 68.28 against the dollar. At 9.15am, the rupee was trading at 68.24 per dollar—up 0.12% from its previous close of 68.33. Since 1 April 2016 till date, rupee has fallen 2.9%.

India’s benchmark Sensex index was trading at 26,658.73 points—up 0.06% or 15.49 points from its previous close. Since 1 April till date, Sensex has gained 5%.

The 10-year bond yield was trading at 6.412%, compared to Tuesday’s close of 6.445%. Bond yields and prices move in opposite directions.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 103.32, up 0.11% from its previous close of 103.21.

The Reserve Bank of India (RBI) on Tuesday fixed the reference rate for the dollar at 68.0864 and euro at 71.3818. In cross-currency trade, the rupee was flat against the pound sterling at 83.89 and against the euro at 71.466.

 

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By: Unknown On 11:56 AM

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Today Rupee opens 15 paise higher at 67.95 against dollar

 

Rupee opened nearly 15 paise higher at 67.95 against the US dollar on account of fresh selling of American currency by banks and exporters in view of weakness in greenback overseas amid mixed global cues.

The dollar index, which tracks the greenback against a basket of major currencies, declined 0.5 per cent to 102.17, following a 0.6 per cent slide in the previous trading session. The local currency on Thursday closed 14 paise higher at 68.10 against dollar.

The Indian rupee on Friday strengthened for the second consecutive session against the US dollar tracking the gains in the local equity and Asian currencies markets.

The home currency opened at 67.96 against the US dollar. At 9.15am, the rupee was trading at 67.95 per US dollar, up 0.22% from its previous close of 68.10. So far this year, it has fallen 2.66%.

India’s benchmark Sensex index was trading at 26,440.90 points, up 0.28% or 74.75 points from its previous close. So far this year, it has risen 0.95%.

Asian currencies were trading higher as dollar index continues to weaken against its major peers amid lower treasury bond yields.

 

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By: Unknown On 11:38 AM

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At Todays Market Rupee opens higher at 66.44 per dollar

 

The Indian rupee opened higher by 4 paise at 66.44 per dollar on Wednesday versus previous close of 66.48.

The 10-year US Treasury note yield hovered near a three-week low of 1.546 percent touched overnight amid speculation that Europe's banking woes could delay the Fed's next interest rate hike.
 

US DOLLAR INDEX (USD)
US Dollar Index traded higher by 0.1 percent yesterday as recent weakness in the DX prompted the traders to place fresh bets. Moreover, robust release of CB Consumer Confidence data from the nation added to the strength. It increased to 104.1 in Sep’1 6 from previous month’s 101.8 thereby boosting optimism over the strength of the economy. Moreover, in yesterday’s US Presidential debate , markets considered that Hillary Clinton did better than her rival Donald Trump which added to the strength of the greenback. The Presidential debates are very important as half of America's likely voters rely on them to make their likely Presidential choice in the November 8 election. All the above factors boosted the demand for US Dollar which made an intraday high of 9 5. 58 and closed at 95.3 1 levels on Tuesday.

OUTLOOK
Rupee is likely to sideways to positive as sustained selling of the US Dollar by exporters and banks will keep the INR positive. However, weakness in t h e Asian market equities as markets remain cautious ahead of the Yellen speech will likely keep the Indian markets and its currency a bit pressurized.

 

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By: Unknown On 11:07 AM

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September 26 - 30 - Forex - Weekly outlook:

 

Investing.com - The U.S. dollar recovered slightly against a basket of major currencies on Friday, but remained near a two-week low as traders continued to digest policy announcements from the Federal Reserve and the Bank of Japan.

The Fed left interest rates unchanged at the conclusion of its policy meeting on Wednesday, but hinted that a hike could come in December if the job market continued to improve.

Monday, September 26 New Zealand is to release data on the trade balance. In the euro zone, the Ifo Institute is to report on German business climate. European Central Bank President Mario Draghi is to testify before the Committee on Economic and Monetary Affairs of European Parliament, in Brussels. Swiss National Bank Chairman Thomas Jordan is to speak at an event in Geneva. Bank of Canada Governor Stephen Poloz is to speak in Washington. The U.S. is to release data on new home sales. Later in the day, the market will turn its attention to the first televised U.S. presidential debate between Democratic nominee Hillary Clinton and Republican hopeful Donald Trump.

Tuesday, September 27 The U.S. is to release private sector data on consumer confidence. Federal Reserve Vice Chair Stanley Fischer is due to speak at an event in Washington, DC.

Wednesday, September 28 ECB President Draghi is to speak about current developments in the euro area at the German Bundestag, in Berlin. The U.S. is to publish data on durable goods orders. Fed Chair Janet Yellen is scheduled to testify before the House Financial Services Committee on regulation and supervision, while St. Louis Fed chief James Bullard is to speak in St. Louis.

Thursday, September 29 BoJ Governor Haruhiko Kuroda is to speak in Tokyo. Germany is to publish preliminary inflation data and a report on unemployment change. The U.K. is report on net lending. The U.S. is to publish final figures on second quarter growth, the weekly report on initial jobless claims and data on pending home sales. Fed Chair Janet Yellen is to speak, via satellite, at an event in Kansas.

Friday, September 30 Japan is to release data on inflation and household spending. China is to publish its Caixin manufacturing index. The U.K. is to report on the current account and publish revised data on second quarter growth. The euro zone is to release preliminary data on consumer inflation, while Germany is to release data on retail sales. Canada is to publish data on economic growth. The U.S. is to round up the week with data on personal income and spending, a report on business activity in the Chicago region and revised data on consumer sentiment.

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By: Unknown On 10:32 AM

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Today Rupee gains 18 paise, opens at 67.77 per dollar At currency Market

The Indian rupee gained in the early trade on Tuesday. It has opened higher by 18 paise at 67.77 per dollar against 67.95 Monday.

The pound arrested its drop versus the dollar amid signs the market may be taking a breather following the UK's shock vote to leave the european union. All eyes on the two-day EU leaders summit commencing later today. The US dollar index above 96 levels.

US DOLLAR INDEX (USD) 

The American currency saw a rise of 1.2 percent in yesterday’s trading session as Investors parked their funds in safe - haven DX after Britain voted to leave the European Union in the recent EU Referendum. Markets in the last week traded in a volatile manner as investors kept speculating whether or not Britain will leave EU. All the polls and initial vote count showed a major lead in ‘remain’ camp. Howeve r, the tables turned on Friday when the ‘Leave’ camp won by 51.9 percent. Since then the demand for US Dollar Index rose. However, investors believe that given the latest event that has caused jitters and uncertainty in the markets, the US Feds ambitions for two rate rises this year may be placed on hold. 

OUTLOOK

 From the intra - day perspective, Rupee is likely to trade lower owing to strength seen in the American currency as markets are playing safe after the shocking vote out of Britain from the European Union which has created uncertainty in the markets.

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By: Unknown On 11:12 AM

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Rupee Opens Marginally lower at 67.43 per Dollar

The USD-INR pair has finally broken the 67/dollar and is expected to trade in 67-67.50 per dollar range in near term, tracking the global dollar strength, says Ashutosh Raina of HDFC Bank. 

 

The Indian rupee opened marginally lower by 7 paise at 67.43 per dollar against previous close of 67.36. Ashutosh Raina of HDFC Bank said,

"The market continues to digest hawkish Fed Minutes with dollar gaining against all major and EM currencies and dollar Index touching 95.50."

He further added, "The USD-INR pair has finally broken the 67/dollar and is expected to trade in 67-67.50 per dollar range in near term, tracking the global dollar strength."

The US dollar rose slightly against the euro and swiss franc as the hawkish tilt from the minutes from the Federal Reserve's latest meeting forced investors to re-examine their expectations for the timing of the next rate hike, but the greenback slipped against the safe-haven yen on risk aversion. 

 

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By: Unknown On 10:51 AM

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Rupee Opens Flat at 66.63 per Dollar.

Expect the USD-INR currency pair will continue trading in 66-67/dollar range on the back of strong portfolio flows, says Ashutosh Raina of HDFC.

The Indian rupee opened flat at 66.63 per dollar on Monday against Wednesday's closing of 66.64. Ashutosh Raina of HDFC said, "The failure of talks between the oil exporting countries in Doha can result in return of some risk off sentiment, in turn impacting currencies." "However, expect the USD-INR currency pair will continue trading in 66-67/dollar range on the back of strong portfolio flows," he added. Commodity currencies slumped while the safe-haven yen soared after global oil producers fail to agree on an output freeze, sending oil prices tumbling anew. 

 

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By: Unknown On 10:36 AM

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Rupee Opens Marginal Higher At 66.40 per Dollar

We expect the pair to continue trading this range with appreciating bias in near term, says Ashutosh Raina of HDFC Bank.

The Indian rupee has opened with marginal gain of 3 paise at 66.40 per dollar on Tuesday versus 66.43 in previous session. Ashutosh Raina of HDFC Bank said the US dollar continues to lose as markets remain sceptical on improvement in the global economy, adding USD-INR pair continues to trade in the 66-67/dollar range with intervention at lower levels capping the gains.
 

He expects the pair to continue trading this range with appreciating bias in near term. The dollar was steady against the yen but not too far from a 17-month low. The dollar index is hovering near an eight-month trough. 

 

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By: Unknown On 10:35 AM

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Tata Steel Drops as UK initiates criminal investigations .

Shares of Tata Steel fell over 1 per cent in trade on Friday amid reports that the UK's Serious Fraud Office has initiated a criminal investigation into Tata Steel's UK operations.

 

Police officers are investigating charges that Tata Steel's staff, in and around its Yorkshire's site, may have faked certificates on the composition of the products before its sale, a media report said.

The news has come at a time when Tata Steel was looking to exit UK operations.Following the report, the stock declined 1.25 per cent to hit a low of Rs 319.90 on BSE. The scrip was trading almost flat as the session progressed.

Examined documents have affected 500 customers, including BAE and Rolls-Royce, Telegraph said, citing a source. On Thursday, there were reports that the company was on the verge of announcing the sale of its Scunthorpe unit to Greybull Capital and was also in advanced talks with Germany's ThyssenKrupp for a joint venture with its Netherland unit.

Tata Steel Limited is a large Indian multi-national steel manufacturing company having operations in 26 countries and commercial presence in over 50 countries. The Tata group firm is the world's second most geographically diversified steel producer. 

 

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By: Unknown On 2:30 PM

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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. 

 

 

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By: Unknown On 10:47 AM

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Steel stocks soar up to 14% as Government extends safeguard duty till March 2018

Steel stocks surged up to 14 per cent in Wednesday's trade after the government announced an extension of safeguard duty of up to 20 per cent on certain steel products till March 2018, a move seen as a bid by the policymakers to guard the domestic industry against cheaper imports from China.SAL Steel, a penny stock, surged 14.07 per cent to Rs 3. Kalyani Steels, Monnet Industries, Nova Iron & Steel and RMG Alloy Steel jumped 5.71 per cent, 4.93 per cent, 4.35 per cent and and 3.95 per cent, respectively.
 

The board of safeguards (BoS) at its meeting last week had recommended the restrictive duty to the finance ministry.Bhushan Steel rose 3 per cent to Rs 36. Jai Corp gained 2.74 per cent to Rs 69.40. Jindal Saw rose 3.48 per cent to Rs 38.70. Welspun Corp added 2.17 per cent to Rs 96.70.                        Read More - Steel Tips
 

The government, meanwhile, said there would be no safeguard duty on steel imported at or above the minimum import price ( MIP) as stipulated by the government.Large steelmakers Jindal Steel, Tata SteelBSE 6.75 % and JSW SteelBSE 3.47 % added 1.88 per cent, 1.79 per cent, 1.68 per cent, 1.11 per cent, respectively.

By: Unknown On 3:49 PM

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Rupee down 10 paise; opens at 67.45 per dollar

The Indian rupee opened lower by 10 paise at 67.45 per dollar on Wednesday versus 67.35 Tuesday.

The Indian rupee opened lower by 10 paise at 67.45 per dollar on Wednesday versus 67.35 Tuesday. Pramit Brahmbhatt of Veracity said, "Weak global cues will trigger weakness in domestic equity market as well. After a stunning gain, the rupee finds resistance." "We expect the USD-INR to trade in a range of 67.20-67.50 for the day," he added. The yen held firm as demand for the safe-haven currency picked up after disappointing Chinese trade data took the wind out of a global risk rally. Read More - "Mcx Tips"

The yen held firm as demand for the safe-haven currency picked up after disappointing Chinese trade data took the wind out of a global risk rally.

By: Unknown On 11:03 AM

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IDBI Bank shares gain over 3% on fund raising plans

IDBI Bank - Shares of IDBI BankBSE 1.44 % rose by over three per cent today as the company received markets regulator Sebi's approval to raise Rs 3,771 crore through issuance of shares to qualified institutional players (QIPs). The stock climbed 2.96 per cent to Rs 57.35 on BSE.
 

At NSE, shares of the company went up 3.14 per cent to Rs 57.45.

 

State-owned IDBI Bank has received Sebi's approval to raise Rs 3,771 crore through issuance of shares to QIPs, a move that would dilute the government's holding significantly in the lender. IDBI Bank in a statement yesterday said that Sebi has acceded to the bank's request to permit it for raising capital by issuing equity shares aggregating up to Rs 3,771 crore by way of a QIP subject to provisions.
 

"The bank is exempted from the applicability of Regulation 82(c) of Sebi (ICDR) Regulation, 2009 as per Regulation 113 of Sebi (ICDR) Regulation, 2009," it said. The government holding in the bank stands at 80.16 per cent.

By: Unknown On 2:56 PM

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Free Nifty Tips - Sensex rangebound; Nifty50 tests 7,150; BHEL slumps 4%

Free Nifty Tips - The S&P BSE Sensex pared most of its losses to trade in a range after slipping over 100 points in morning trade on Friday, led by losses in HDFC, L&T, Axis Bank, HDFC Bank, and Maruti Suzuki India Ltd.

The Nifty50 was trading around its crucial level of 7150, weighed down by losses in metals, realty, power, capital goods, and banking stocks. Shares of SpiceJet and Jet Airways climbed over 4 and 3 per cent , respectively. Meanwhile, BHEL slumped over 4 per cent in early morning trade.
 

The broader market traded in line with the benchmark indices with the BSE midcap and smallcap indices losing 0.56 and 0.24 per cent, respectively.
 

Most other Asian markets traded weak tracking weak cues from Wall Street overnight. Japan's Nikkei slipped 2.2 per cent while the South Korean Kospi was down 0.10 per cent. Hong Kong's Hang Seng index was down 0.41 per cent. China's CSI300 index traded lower by 0.62 per cent.

Sensex: 23604.25, down 44 points; Nifty50: 7174.45, down 17 points

Top Gainers: SBI (2.4%), HERO MOTOCORP (2.2%), M&M (1.9%), ICICI BANK (1.8%), BAJAJ AUTO (1.4%)
 

Top Losers: MARUTI SUZUKI (2.2%), BHEL (1.9%), COAL INDIA (1.7%), AXIS BANK (1.6%), HDFC (1.4%)

By: Unknown On 2:37 PM

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Sensex trading more than 300 points down below 24,000; Nifty weak by around 100 points​

Bogged down by weak global cues, Indian equity indices are trading weak on Tuesday. The Sensex is down 326.87 points at 23,960.55 and the Nifty trading 99.90 points down at 7,287.35 points

In the opening trade, the 30-share index plunged by 373.95 points or 1.53 per cent to 23,919.47. The gauge had lost 329.55 points in the previous session.
 

In a similar fashion, the NSE Nifty fell below 7,300-mark by losing 106.55 points or 1.44 per cent to 7,280.55.
 

All sectoral indices led by IT, teck, bank and metal trading in negative zone with fall up to 3.02 per cent.
 

Brokers said sentiment remained weak in the absence of any positive trigger amid sustained capital outflows by foreign funds.
 

Besides, there was a weak trend in other Asian markets following overnight losses in the US following as oil prices tanked again on fears of a deepening economic slowdown.Infosys, TCS, ICICI
 

Bank, Maruti and SBI were major losers while M&M, Bajaj Auto, HUL, Sun Pharma and GAIL were gainers in the Sensex.  In the Asian region, Japan's Nikkei plunged 5.40 per cent in early trade, while China's Shanghai Composite index and Hong Kong's Hang Seng remained closed for a public holiday. 

 

The Dow Jones Industrial Average ended 1.10 per cent lower in yesterday's trade.

By: Unknown On 2:06 PM

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