On October 11, worries over the recent spike in oil prices and the withdrawal of foreign capital from the country’s equities markets caused the Indian rupee to fall to a record low vs the US dollar. At the latest quote, the rupee was trading at 84.05. It had fallen as low as 84.0525 against the…
After ending at 83.91 on August 26 instead of 83.95 roughly a week earlier, the Indian rupee has somewhat appreciated over the previous trading days. Though importers’ dollar demand and foreign portfolio withdrawals from Indian equities (totaling USD 1.5 billion as of August 26) have restricted the rupee’s gains, the currency is seeing some support…
During the week ending August 16, the Indian rupee saw little change, finishing at 83.95 with little variation. There was modest support for the rupee due to the US recession fears abating, carry trade unwinding slowing down, and oil prices easing. Pressure was applied, though, in part because of a larger trade imbalance in July…
August saw a minor decline in the value of the Indian rupee of 0.3% versus the US dollar, with August 12 marking a new record low of 83.98. In comparison, during the same period, the majority of other Asian currencies have appreciated in value relative to the US dollar. Notably, thus far this month, the…
The Reserve Bank of India (RBI) reported that for the week ending May 17, forex reserves increased by $4.5 billion to an all-time high of $648.7 billion. The week ending May 17 saw an increase in the rupee of 17 paise, or 0.20%. The entire Forex kitty has increased for the past three weeks running….
Following continuous inflows of foreign funds and a record-breaking run in domestic stocks, the rupee gained 29 paise to settle at 83.01 (provisional) against the US dollar on Friday. With the benchmark BSE Sensex surpassing the new milestone of 71,000, the stock markets maintained their historic run. Forex dealers reported that strong purchases by overseas…
Wednesday’s 5 paise increase in the rupee against the US dollar to close at 83.32 (provisional) was aided by a bullish trend in local equities and steady intake of foreign funds. Forex dealers claimed that strong gains for the local currency were limited by the Reserve Bank of India (RBI) purchasing dollars and the increase…
For the third day in a row, the rupee continued to gain strength and in early trade on Thursday it gained 2 paise to 83.30 against the US dollar, following encouraging signals from the equity markets and the continued inflow of foreign funds. Crude oil prices, according to forex dealers, were restrained by the significant…
Following a downward trend in domestic equities, the rupee lost 2 paise and hit an all-time low of 83.36 against the US dollar in the morning session on Friday. The opening rate of the rupee versus the dollar at the interbank foreign exchange was 83.33. In the first trades, it fell 2 paise from its…
In early trading on Wednesday, the rupee was moving in a limited range vs the US dollar, with local equities showing little movement. Because of the ongoing withdrawals of foreign funds, forex traders reported that investor mood was negatively impacted by the rupee’s narrow trading range. The local currency’s value versus the dollar at the…
