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Category: Forex

  • In early trade, the rupee rises 2 paise to 78.02 versus the US dollar

    In early trade, the rupee rises 2 paise to 78.02 versus the US dollar

    In early trade on Tuesday, the rupee bounced back from an all-time low against the US dollar, rising 2 paise to 78.02. The rupee began at 78.02 versus the dollar on the interbank foreign exchange, up 2 paise from its previous close In early trade, the native currency soared to 77.90 versus the US dollar, but it couldn’t hold on to its gains and fell to 78.06 The rupee fell 11 paise versus the US dollar on Monday, closing at a new career low of 78.04.


    According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the Indian rupee began flat versus the dollar on Tuesday, as gains from easing domestic inflation concerns offset the greenback’s overnight surge.

    Retail inflation fell to 7.04 percent in May, owing to lower food and gasoline costs, as the government and the RBI intervened with duty reductions and repo rate hikes to rein in spiralling prices.

    However, for the sixth month in a row, inflation remained over the Reserve Bank’s upper tolerance range of 6%. This might lead the central bank to raise the repo rate again at its August policy meeting. Meanwhile, remained high on Tuesday morning, limiting the upward potentia Although Asian and developing market peers have opened mixed, rising inflation estimates might keep the currencies’ tendency down, according to Iyer Fears of a global economic downturn and expectations of an aggressive rate rise path from the US Fed boosted the dollar index, which measures the greenback’s strength against a basket of six currencies, by 0.01 percent to 105.08.




    Brent crude futures dipped 0.02 percent to USD 122.25 a barrel, the global benchmark. On the domestic front, the BSE Sensex was down 145.13 points, or 0.27 percent, at 52,701.57, while the wider NSE Nifty was down 85.30 points, or 0.54 percent, at 15,689.10 According to exchange statistics, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs 4,164.01 crore.

  • In Early Trade He Rupee Fell To An All-Time Low 78.29 Versus The US Dollar

    In Early Trade He Rupee Fell To An All-Time Low 78.29 Versus The US Dollar

    In early trade on Monday, the rupee fell 36 paise to an all-time low of 78.29 versus the US dollar, reflecting the strength of the US currency outside as investors rushed to the safe-haven currency amid an overall risk-averse mood Investor morale was pulled down by weak Asian currencies, a trend in local stocks, and continued foreign capital outflows, according to forex dealers The rupee began at 78.20 versus the US dollar on before losing momentum to quote at 78.29, a new low, down 36 paise from the previous closing The rupee fell 19 paise to a new lifetime low of 77.93 versus the US dollar on Friday.






    Weak global sentiments, as well as weak Asian and European currencies, have caused the rupee to start below 78, despite the RBI’s efforts to keep it below 77.70.

    We’ll have to keep an eye on the RBI in the coming days to see how it acts Head of Treasury, Anil Kumar Bhansali, stated Brent crude futures declined 1.46 percent to USD 120.23 a barrel, the global benchmark In the meantime, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.30 percent at 104.45.

  • Rupee falls 8 paise versus the dollar, reaching a new low of 77.82.

    Rupee falls 8 paise versus the dollar, reaching a new low of 77.82.

    In early trading on Friday, the rupee fell 8 paise to a new low of 77.82 versus the US dollar, reflecting the greenback’s rise in the international market.

    At the interbank foreign exchange, the rupee began weakly versus the dollar at 77.81, before losing momentum to quote at 77.82, an all-time low, a drop of 8 paise from the previous close The rupee lost 6 paise versus the US dollar on Thursday, closing at 77.74 According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee began lower versus the dollar on Friday, mirroring the greenback’s overnight surge.

    Asian and developing market counterparts have had a mixed start, with Asian stock continuing to be under pressure, which might impact on sentiments, according to Iyer.

    Brent crude futures slid 0.66 percent to USD 122.26 a barrel, the global benchmark In the meantime, the dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.04 percent at 103.17 On the domestic stock market, the 30-share Sensex was down 620.68 points, or 1.12%, at 54,699.60, while the wider NSE Nifty was down 165.30 points, or 1%, at 16,312.80 According to stock exchange statistics, foreign institutional investors were net sellers in the capital market on Thursday, offloading shares worth Rs 1,512.64 crore.

  • The rupee falls to an all-time low of 77.74 per dollar

    The rupee falls to an all-time low of 77.74 per dollar

    The rupee fell to a new all-time low against the US dollar on Wednesday, ending at 77.74, slightly lower than its previous close of Despite continued foreign capital outflows and higher global crude oil prices, the local currency traded in a limited range The previous low was set on May 19, when it closed at 77.73 against the dollar, but it had hit 77.80 levels during intraday trade on May 17 USD-INR volatility may continue to be minimal. Anindya Banerjee, the vice-president, of currency options & interest rate derivatives, Kotak Securities, stated, “A range of 77.40 to 78.00 remains in play in the short term.





    Bond prices climbed following the Reserve Bank of India’s monetary policy committraiseding the policy repo rate by 50 basis points bps in line with market expectations.

    and keeping the status quo on banks cash reserve requirements. The three-year government bond rate fell 9 basis points, while the five-year bond yield fell 7 basis points. The four-year paper’s yield fell 8 basis points According to statistics from the the yield on 10-year government bonds (6.54 percent 2032) was 7.51 percent at the start and 7.49 percent at the close Given the high level of inflation, the market has priced in the magnitude of the repo rate rise. Bond rates are projected to fluctuate in a range for the time being, according to dealers and experts The RBI governor has previously stated that a rate hike was a ‘no brainer,’ according to Madan Sabnavis, chief economist of Bank of Baroda. “As a result, the 10-year yield was largely constant between 7.47 and 7.5 percent under the present regime.” In the short run, the yield on 10-year paper is projected to remain range-bound,” he added. As the RBI works toward a more controlled drawdown of liquidity, the yield might rise to 7.75-8%, he noted.

  • On Tuesday, the dollar struggled to find buyers as the market mood improved

    On Tuesday, the dollar struggled to find buyers as the market mood improved

    allowing the currency to remain reasonably resilient against its peers. Eurostat will publish the euro area’s first-quarter Gross Domestic Product (GDP) numbers. Later in the day, a 10-year US Treasury note auction will take place, and the US Census Bureau will release statistics on Wholesale Inventories. The trade action might continue muted ahead of the European Central Bank’s (ECB) policy announcements on Thursday and the US inflation data on Friday Despite the lack of high-impact data announcements, Wall Street’s major indexes rose sharply on Tuesday. US stock index futures, on the other hand, are down between 0.3 and 0.4 percent so far on Wednesday, indicating a cautious market sentiment. The US Dollar Index, which measures the value of the dollar against a basket of six major currencies, is up slightly at 102.50.






    The raised its key repo rate by 50 basis points to 4.9 percent on Wednesday, while keeping the reserve repo rate at 3.35 percent constant.

    After initially soaring to 77.95, the USD/INR has recovered to 77.70 China’s Vice Commerce Minister stated in a statement a day before the release of the country’s trade balance figures that importers and exporters are still under pressure owing to logistical issues and rising material prices. On Tuesday, the EUR/USD fell to a five-day low of 1.0652 before recovering its losses. In the European session, the pair is trading just below 1.0700.





    After dipping to a multi-week low below 1.2500 on Tuesday, the GBP/USD closed the day in positive territory, aided by risk flows. The pair has been maintaining its gains below 1.2600 at the time of writing.

    Above 133.00, the USD/JPY is at its highest level in 20 years. Japan’s GDP dropped by 0.5 percent on an annualised basis in the first quarter, according to official figures. On Wednesday, Bank of Japan Governor Haruhiko Kuroda stated that his comment on families’ acceptance of price rises had been withdrawn. “Rapid currency weakness in a short period of time, as observed recently, is undesirable,” Kuroda continued, although his words did not help the yen find buyers On Tuesday, gold took advantage of falling US T-bond rates to end a two-day losing skid. In the European session, XAU/USD appears to have stabilised at Bitcoin is continuing to fall after suffering minor daily losses on Tuesday, and was last noted around $30,500, down 2% on the day. Ethereum remains on the back foot, trading within a hair’s breadth of $1,800.

  • Dollar continues 20-year high vs yen amid inflation fears; Aussie falls

    Dollar continues 20-year high vs yen amid inflation fears; Aussie falls

    The dollar extended its overnight run into Asian trading hours on Tuesday, reaching new two-decade highs against the yen as concerns over continuing inflation drove up US bond rates The dollar gained ground against the euro, pound, and Swiss franc. It also rose against the Australian dollar, with the market divided on whether the country’s central bank will raise Australia’s key interest rate by a quarter-point later in the day or opt for something bigger The Australian dollar fell 0.15 percent to $0.7183, continuing its decline from a six-week high of $0.72825 reached last Frida.





    The dollar rose to 132.305 yen on Tuesday, a level not seen since April 2002, boosted by a surge in the 10-year Treasury yield above 3.05 percent for the first time in almost four weeks. The currency pair was last trading at 132.12, up 0.17 percent.

    In contrast, the curve management strategy has kept corresponding Japanese rates close to zero, with central bank governor Haruhiko Kuroda maintaining an unflinching commitment to “strong” monetary stimulus on Monday The Commonwealth Bank of Australia attributes the yen’s weakness to not just yield differentials but also Japan’s reliance on energy imports, though it does not predict much further weakening Strong US job statistics at the end of last week fueled speculations that price pressures will persist for a longer period, perhaps prompting the Federal Reserve to take more aggressive action Consumer pricing data on Friday will give more insight into the Fed’s rate-hiking strategy ahead of next week’s policy meeting when a half-point hike is generally predicted. The dollar index, which compares the currency to six major peers, rose 0.04 percent to 102.51, extending Monday’s 0.26 percent raise The euro fell 0.9% to $1.0686 ahead of the European Central Bank‘s rate-setting meeting on Thursday, with traders demanding more clarity on what comes next, having already priced in many rises and the end of bond-buying stimulus Sterling fell 0.04 percent to $1.2523. It gained 0.29 percent in the previous session as Prime Minister Boris Johnson survived a no-confidence vote but was left vulnerable. The US dollar increased by 0.11 percent to 0.97125 Swiss francs

  • The rupee begins the day with a gain against the US Dollar

    The rupee begins the day with a gain against the US Dollar

    In early trade on Thursday, the rupee was trading higher versus the US dollar. However, due to a stronger dollar in outside markets, the immediate gain was limited On the interbank forex market on Thursday, the rupee rose 3 paise to 77.52 against thedollar Meanwhile, in early morning activity on Thursday, stock markets opened in the green. The Sensex rose 0.35 percent, or 190.36 points, to 53,939.62 points, while up 0.21 percent, or 33.90 points, to 16,059.70 points.





    In limited activity on Wednesday, the rupee rebounded 2 paise to close at 77.55 against the US dollar The US dollar recovered from two days of losses ahead of the release of the US Federal Reserve’s meeting minutes later this month. Against a basket of six major currencies, the US dollar index rose 0.4 percent to 102.25 The rupee opened higher versus the dollar in the interbank forex market, at 77.54, and traded in a range of 77.44 to 77.57 in the day session. The rupee finally closed at 77.55 against the dollar, up 2 paise from its previous finish of 77.57.

  • The Rupee Rose 5 Paise To 77.52 Against The Dollar, As Local Equities Continued To Rise

    The Rupee Rose 5 Paise To 77.52 Against The Dollar, As Local Equities Continued To Rise

    In early trade on Wednesday, the rupee rose 5 paise to 77.52 against the US dollar, as a robust trend in local equities improved investor spirits However, forex traders claimed that rising and continuing foreign capital outflows restricted the local currency’s appreciation bias The rupee opened at 77.54 against the dollar on the interbank foreign exchange, then climbed to 77.52, up 5 paise from the previous close. Early on, it was trading in a tight range of 77.54 to 77.51 The rupee had previously finished at 77.57 per dollar in the previous session. The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.06 percent at 101.92.




    On the domestic equities market, the 30-share Sensex was up 242.62 points, or 0.45%, at 54,295.23, while the broader NSE Nifty was up 68.85 points, or 0.43 percent, at 16,194 points. Brent crude futures rose 1.20 percent to USD 114.92 a barrel, a new high According to stock exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs 2,393.45 crore.

  • The Sensex Drops 236 Points In Turbulent Trade, Reversing Early Gains

    The Sensex Drops 236 Points In Turbulent Trade, Reversing Early Gains

    On Tuesday, equity indices failed to hold onto their morning gains, with the Sensex dropping 236 points due to a sell-off in information technology firms and negative global market trends The opened higher but was unable to maintain its gains, falling 236 points, or 0.43 percent, to 54,052.61. It traded between 53,886.28 and 54,524.37 during the day. The broader NSE Nifty ended at 16,125.15, down 89.55 points, or 0.55 percent Among the Sensex pack’s biggest laggards were Tech Mahindra, Hindustan Unilever, HCL Technologies, Asian Paints, NTPC, Tata Steel, Infosys, Axis Bank.




    and Bajaj Finserv. Dr Reddy’s Laboratories, HDFC, Power Grid Corporation of India, Kotak Mahindra Bank, HDFC Bank, and Nestlé, on the other hand, were among the biggest gainers Hong Kong, Shanghai, Seoul, and Tokyo all finished lower in Asia. In the afternoon, European exchanges were also trading down. On Monday, US stock markets finished higher Brent crude, the international oil standard, fell 0.46 percent to $112.9 per barrel According to stock market data, foreign institutional investors continued their selling binge on Monday, offloading shares worth a net Rs 1,951.17 crore.

  • In Early Trade, The Rupee Is Trading Flat Against The US Dollar

    In Early Trade, The Rupee Is Trading Flat Against The US Dollar

    On Tuesday, the rupee opened flat versus the US dollar, owing to a lackluster trend in domestic equity markets and continued foreign capital outflows The rupee opened sluggish versus the dollar at 77.56 on the interbank foreign exchange, before becoming volatile and trading in a narrow range of 77.56 to 77.51. The native currency was trading at 77.56 against the US dollar, down barely 1 paisa from the previous close The rupee had finished at 77.55 versus the dollar in the previous session. The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.19 percent at 102.27.






    The was down 59.07 points, or 0.11 percent, at 54,229.54 points, while the broader NSE Nifty was down 28.15 points, or 0.17 percent, at 16,186.55 points in the domestic equity market. Brent crude futures fell 0.61 percent to USD 112.73 a barrel, the global benchmark According to stock exchange data, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs 1,951.17 crore RBI Governor Shaktikanta Das intimated on Monday that another interest rate hike in early June would be necessary to bring the stubbornly high inflation rate down. The next meeting of the Monetary Policy Committee (MPC) is scheduled for June 6-8.