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Recovering from its record low, the <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated 13 paise to 78.90 against the <keyword id="6368584" type="General" weightage="20" keywordseo="us-dollar" source="Orion">US dollar</keyword> on Thursday. At the interbank foreign exchange, the rupee opened at 78.92 against the American dollar. In initial trade, the local currency witnessed a high of 78.90 and a low of 78.94 against the US dollar. In the previous session, the rupee had closed at its all-time low of 79.03 against the US dollar. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the range for the rupee today is 78.65-79.05. "Asian currencies have started mixed, but currencies could remain under pressure after Fed Chair Jerome Powell said there is a risk the US central bank's interest rate hikes will slow the economy considerably," Iyer said. On the domestic equity market front, the 30-share Sensex was trading 337.14 points or 0.64 per cent higher at 53,364.11, while the broader NSE Nifty advanced 84.00 points or 0.53 per cent to 15,883.10. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.07 per cent to 105.03. Global oil benchmark Brent crude futures rose 0.07 per cent to USD 116.34 per barrel. Foreign institutional investors remained net sellers in the capital market on Wednesday as they offloaded shares worth Rs 851.06 crore, as per exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/startups-like-unacademy-vedantu-blue-stone-caratlane-go-physical-from-digital-as-pandemic-boom-ends/articleshow/92564319.cms">Startups go physical from digital as pandemic boom ends</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-credit-card-users-spend-40x-more-than-debit-card-users-online/articleshow/92543305.cms">Indian credit card users spend 40x more than debit card users online</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/india/news/uddhav-thackeray-the-accidental-chief-minister/articleshow/92559485.cms">Uddhav Thackeray: The accidental chief minister</a>

Rupee recovers from its record low, gains 13 paise to 78.90

Mumbai, The rupee settled on a flat note with a loss of just 1 paisa at 83.04 (provisional) against the dollar on Thursday on the back of strengthening American currency and sharp rise in crude oil prices. The domestic currency broke its six-day gaining streak despite positive equity market sentiment, as foreign funds outflow dented sentiments. At the interbank foreign exchange market, the local unit opened at 83.05 and traded between the peak of 82.93 and the lowest level of 83.08 against the greenback during the intra-day deals. It finally settled at 83.04 (provisional) against the dollar, down by just 1 paisa over its previous closing level. "The Indian rupee is trading flat. It opened on a positive note on weak Dollar and positive domestic markets. However, it lost its initial gains on some FII outflows and a slight recovery in crude oil prices. The <keyword id="19949640" type="General" weightage="20" keywordseo="us-dollar" source="keywords">US dollar</keyword> declined on Wednesday as traders trimmed their positions ahead of inflation data," Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas. Investors are awaiting US inflation data to be released later in the day for further cues, forex analysts said, adding that traders will also closely monitor the domestic inflation numbers to be released on Friday. "We expect the rupee to trade with a slight positive bias on the soft US Dollar and positive Asian currencies. However, recent FII outflows and recovery in crude oil prices may cap sharp gains. "Concerns over global economic slowdown and the ongoing geopolitical tensions in the Red Sea and Middle East may also weigh on Rupee. Investors may remain cautious ahead of inflation data US and CPI and IIP data from and India on Friday. USDINR spot price is expected to trade in a range of Rs 82.70 to Rs 83.30," Choudhary said. The domestic currency had gained 10 paise on Wednesday. The rupee has witnessed a cumulative gain of 29 paise in the previous six sessions since the level of 83.32 versus dollar recorded on January 2. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.06 per cent higher at 102.14 on Thursday. Brent crude futures, the global oil benchmark, surged 1.67 per cent to USD 78.08 per barrel. On the domestic equity market front, Sensex rose 63.47 points, or 0.09 per cent, to settle at 71,721.18 points. The Nifty advanced 28.50 points, or 0.13 per cent, to 21,647.20 points. Foreign institutional investors (FIIs) sold shares worth Rs 1,721.35 crore on Wednesday, according to exchange data.

Crude shock: Rupee falls 1 paisa to close at 83.04 against dollar

The rupee gained 13 paise to 81.82 against the <keyword id="6368584" type="General" weightage="20" keywordseo="US-dollar" source="Orion">US dollar</keyword> in early trade on Thursday, boosted by foreign fund inflows. At the interbank foreign exchange, the domestic unit opened at 81.93 against the dollar, then climbed to 81.82, registering a rise of 13 paise over its previous close. On Wednesday, the rupee closed at 81.95 against the US currency. Meanwhile, the <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 105.63. Overall, higher US bond yields and risk-off-tilted equity sentiment are making a base case for the stronger USD, CR Forex Advisors MD Amit Pabari said, adding that FDI and FPIs have acted as life support for the rupee. "In March, they (FPIs) are net investors with more than Rs 10,000 crore in equities... we could see rupee trading in the range of 81.50 to 82.50 over the short-term," Pabari said. <keyword id="6438315" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) were net buyers in the capital market on Wednesday as they purchased shares worth Rs 3,671.56 crore, according to exchange data. Brent crude futures, the global oil benchmark, advanced 0.02 per cent to USD 82.66 per barrel on Thursday. In the domestic equity market on Thursday, the 30-share BSE Sensex fell 131.61 points or 0.22 per cent to 60,216.48 points. The broader NSE Nifty declined 33.30 points or 0.19 per cent to 17,721.10 points. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/ranbir-kapoor-continues-to-chase-romance-on-screen/articleshow/98475504.cms">In an industry where action sells, Ranbir Kapoor continues to chase romance on-screen</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/longer-trading-hours-better-norms-for-ipos-among-assochams-recommendations-for-equity-markets/articleshow/98477860.cms">Longer trading hours, better norms for IPOs among Assocham’s recommendations for equity markets</a>

Rupee rises 13 paise to 81.82 against US dollar in early trade

The rupee depreciated 12 paise to 82.91 against the <keyword id="6368584" type="General" weightage="20" keywordseo="us-dollar" source="Orion">US dollar</keyword> in morning trade on Friday tracking a firm American currency in the overseas market. At the interbank foreign exchange, the domestic unit opened at 82.89 against the dollar, then lost further ground to 82.91, registering a loss of 12 paise over its previous close. The local unit also touched 82.75 against the American currency in initial deals. On Thursday, the rupee rebounded from its lifetime low to close 21 paise higher at 82.79 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.11 per cent to 113. The rupee which closed at 82.79 against the dollar opened slightly weaker. On Thursday, the RBI intervened by selling more than a billion dollars and the rupee gained from a low of 83.23 to 82.70, said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors. The dollar index and oil were flat at 113 and USD 92.30 per barrel, respectively, Bhansali said adding that the <keyword id="95133" type="General" weightage="20" keywordseo="Asian-currencies" source="Orion">Asian currencies</keyword> were generally weaker against the dollar. Brent crude futures, the global oil benchmark, advanced 0.37 per cent to USD 92.72 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 316.26 points or 0.53 per cent up at 59,519.16, and the broader NSE Nifty rose 83.50 points or 0.48 per cent to 17,647.45. Foreign Institutional Investors (FIIs) were net buyers in the capital markets as they purchased shares worth Rs 1,864.79 crore on Thursday, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/should-you-buy-gold-this-dhanteras/articleshow/94997439.cms">Should you buy gold this Dhanteras?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/zerodhas-co-founders-nithin-and-nikhil-kamath-donate-100-crore-in-fy22/slidelist/94991823.cms">Zerodha’s co-founders Nithin and Nikhil Kamath donate ₹100 crore in FY22</a>

Rupee falls 12 paise to 82.91 against US dollar

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> gained 10 paise to 81.72 against the <keyword id="6368584" type="General" weightage="20" keywordseo="us-dollar" source="Orion">US dollar</keyword> in early trade on Tuesday tracking a weak American currency and a firm trend in domestic equities. Forex traders said significant foreign fund inflows and crude oil prices below USD 80 a barrel also supported the local unit. At the interbank foreign exchange, the domestic unit opened at 81.75 against the dollar and then climbed to 81.72, registering a rise of 10 paise over its previous close. On Friday, the rupee closed at 81.82 against the US currency. Forex and equity markets were closed on Monday on account of 'Maharashtra Day'. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 102.03. Brent crude futures, the global oil benchmark, advanced 0.15 per cent to USD 79.43 per barrel. Forex traders said investors are waiting for cues from the paramount US FOMC meeting beginning later in the day. Market now awaits the Federal Open Market Committee (FOMC) outcome on May 3. Markets are wondering if it will be the last hike for the season or if a surprise still awaits. "A 25bps hike with a cautiously hawkish tone amid resilient economic data shall again pump the dollar above 103 levels," CR Forex Advisors MD Amit Pabari said. In the domestic equity market, the 30-share BSE Sensex advanced 336.5 points or 0.55 per cent to 61,448.94. The broader NSE Nifty rose 96.50 points or 0.53 per cent to 18,161.50. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday as they purchased shares worth Rs 3,304.32 crore, according to exchange data. On the domestic macroeconomic front, record GST collections and a four-month high manufacturing PMI are aiding bullish sentiments. The GST collection in April rose by 12 per cent annually to over Rs 1.87 lakh crore, touching an all-time monthly high, the finance ministry data released on Monday said. Manufacturing activities in India accelerated further and touched a four-month high in April. The seasonally adjusted S&amp;P Global India Manufacturing Purchasing Managers' Index (PMI) increased from 56.4 in March to 57.2 in April. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/godrej-consumer-has-to-double-raymonds-consumer-business-for-it-to-be-earnings-accretive-say-analysts/articleshow/99906464.cms">Godrej Consumer has to double Raymond’s consumer business for it to be earnings accretive, say analysts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/hit-jobs-heres-what-techies-make-in-consumer-goods-travel-and-e-commerce-sectors/articleshow/99904726.cms">Hit Jobs: Here’s what techies make in consumer goods, travel and e-commerce sectors</a>

Rupee rises 10 paise to 81.72 against US dollar

The rupee gained 16 paise to 82.66 against the <keyword id="6368584" type="General" weightage="20" keywordseo="us-dollar" source="Orion">US dollar</keyword> in early trade on Monday as the American currency retreated from its elevated levels. Forex traders said weak <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">crude oil prices</keyword> also lent some support to the local unit. At the interbank foreign exchange, the domestic unit opened at 82.69 against the dollar, then gained ground and touched 82.66, registering a rise of 16 paise over its previous close. In initial trade, the rupee also touched a low of 82.71 against the American currency. On Friday, the rupee closed at 82.82 against the US currency. Meanwhile, the <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 103.99. <keyword id="614105" type="General" weightage="20" keywordseo="Brent-crude-futures" source="Orion">Brent crude futures</keyword>, the global oil benchmark, advanced 0.61 per cent to USD 83.51 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 23.44 points or 0.04 per cent lower at 60,979.13. The broader NSE Nifty declined 33.95 points or 0.19 per cent to 17,910.25. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 624.61 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/business-of-nostalgia-reruns-aim-to-bring-india-back-to-the-silver-screens/articleshow/98060436.cms">Business of nostalgia: Reruns aim to bring India back to the silver screens</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/india-a-long-term-investment-destination-even-among-g-20-countries/articleshow/97875443.cms">India a long-term investment destination even among G-20 countries</a>

Rupee gains 16 paise to 82.66/USD as dollar retreats from highs

The <keyword id="19949639" type="General" weightage="20" keywordseo="Rupee" source="keywords">rupee</keyword> rises by 7 paise to close at 83.37 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Monday on positive domestic markets and a soft American currency. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said a decline in <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> also supported the local unit. At the interbank foreign exchange market, the local unit opened at 83.40 against the greenback. The unit hit an intra-day high of 83.32 and a low of 83.45 against the greenback. The domestic unit finally settled at 83.37 (provisional) against the dollar, 7 paise higher from its previous close. On Friday, the rupee appreciated by 8 paise to close at 83.44 against the US dollar. "We expect the rupee to trade with a slight positive bias amid easing of geopolitical tensions in the Middle East which improved global risk sentiments. Retreating US Dollar and crude oil prices may also support the rupee. "However, any fresh aggressions in the Middle East may cap sharp upside. Investors may remain cautious ahead of PMI and inflation data from the US this week. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.60," said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent higher at 106.17. US Dollar eased as the tensions between Israel and Iran seem contained over the weekend. The Dollar still managed to stay above the 106 mark on a hawkish US Federal Reserve, Choudhary added. Brent crude futures, the global oil benchmark, fell 0.69 per cent to USD 86.69 per barrel. On the domestic equity market front, Sensex advanced 560.29 points, or 0.77 per cent, to settle at 73,648.62 points. The Nifty rose 189.40 points, or 0.86 per cent, to close at 22,336.40 points. Foreign institutional investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 129.39 crore, according to exchange data. Meanwhile, India's forex reserves dropped by USD 5.401 billion to USD 643.162 billion for the week ended April 12, the Reserve Bank said on Friday. The overall reserves increased USD 2.88 billion to a new high of USD 648.562 billion in the previous reporting week. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a><a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a>

Rupee rises 7 paise to close at 83.37 against US dollar

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated by 3 paise to close at 83.33 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Tuesday on positive domestic markets and a soft American currency. At the interbank foreign exchange market, the local unit opened at 83.37 against the greenback. The unit hit an intra-day high of 83.28 and a low of 83.39 against the greenback. The domestic unit finally settled at 83.33 (provisional) against the dollar, 3 paise higher from its previous close. On Monday, the rupee appreciated by 8 paise to close at 83.36 against the US dollar. "Indian rupee appreciated on Tuesday on weak US dollar and positive domestic markets. However, a recovery in <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> and FII outflows capped sharp gains," said Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent lower at 106.06, on easing tensions between Israel and Iran. Brent crude futures, the global oil benchmark, advanced 0.29 per cent to USD 87.25 per barrel. "We expect the rupee to trade with a slight positive bias on improved global risk sentiments and easing of geopolitical tensions in the Middle East," Choudhary said. Easing dollar on strong euro and pound amid mixed to positive PMI data from Europe also supported the rupee. "However, any fresh aggressions in the Middle East may cap sharp upside. Traders may take cues from PMI data from US. Investors may remain cautious ahead of inflation data from US later this week. USD-INR spot price is expected to trade in a range of Rs 83.10 to Rs 83.50," Choudhary added. On the domestic equity market front, Sensex advanced 89.83 points, or 0.12 per cent, to settle at 73,738.45 points. The Nifty rose 31.60 points, or 0.14 per cent, to close at 22,368.00 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 2,915.23 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank">Best smartphones under ₹25,000 in India</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

Rupee rises 3 paise to close at 83.33 against US dollar

The rupee depreciated 51 paise to an all-time low of 80.47 against the US dollar in early trade on Thursday after the <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword>'s interest rate hike and its hawkish stance weighed on investor sentiments. At the interbank foreign exchange, the local currency was trading at 80.47 against the dollar, down 51 paise from its previous close. The rupee opened at 80.27 and touched a record low of 80.47 a dollar in initial deals. Forex traders said the strength of the American currency in the overseas market, a muted trend in domestic equities, risk-off moods and firm crude oil prices weighed on the local unit. On Wednesday, the rupee declined 22 paise to close at 79.96 against the dollar. The <keyword id="117388" type="General" weightage="50" keywordseo="us-fed" source="Orion">US Fed</keyword> hiked interest rates by 75 basis points to 3-3.25 per cent. It was the third straight 75 basis points hike. <keyword id="45672" type="General" weightage="80" keywordseo="fed" source="Orion">Fed</keyword> Chair <keyword id="1727754" type="General" weightage="80" keywordseo="jerome-powell" source="Orion">Jerome Powell</keyword> in his press conference reiterated the Fed's commitment to taming inflation. "Given the broad dollar strength, the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> too may look to revise its intervention function. We are likely to see a 80.10-80.50 range on Thursday," IFA Global Research Academy said. Focus will be on Bank of Japan (BoJ) and Bank of England (BoE) monetary policies, it said, adding that BoE is expected to hike rates by 50 basis points. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.88 per cent to 111.61. Global oil benchmark Brent crude futures rose 0.49 per cent to USD 90.27 per barrel. On the domestic equity market front, the 30-share BSE Sensex was trading 166.77 points or 0.28 per cent down at 59,290.01, while the broader NSE Nifty fell 41.15 points or 0.23 per cent to 17,677.20. Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 461.04 crore, as per exchange data. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/dot-proposes-fee-penalty-waiver-under-new-telecom-rules/articleshow/94367368.cms">DoT proposes fee, penalty waiver under new telecom rules</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/gauri-khan-on-aryans-arrest-nothing-can-be-worse-than-what-weve-been-through/articleshow/94367284.cms">Gauri Khan on Aryan's arrest: Nothing can be worse than what we've been through</a>

Rupee slumps 51 paise to all-time low of 80.47 against US dollar

New Delhi, The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated 3 paise to 83.37 against the US dollar in early trade on Monday, amid sustained inflow of foreign funds and bullish sentiment in the domestic equity market. An upward movement in crude oil prices, however, weighed on the Indian currency, according to forex traders. At the interbank foreign exchange market, the local unit opened at 83.39 against the dollar and rose to 83.37, up 3 paise from its previous close. On Friday, the rupee depreciated 4 paise to close at 83.40 against the US dollar. Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services, said that investors will keep a close eye on monetary policy decisions from <keyword id="6356435" type="General" weightage="80" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> and other central banks to be announced this week. "... the commentary from the (US Fed) Governor will be important to watch and gauge a view for the major crosses. Today, volatility could remain low as no major economic data is expected to be released from the US. We expect the USD-INR (spot) to trade sideways and quote in range of 83.20 and 83.50," Somaiya added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent higher at 103.66. Brent crude futures, the global oil benchmark, advanced 0.59 per cent to USD 76.29 per barrel. In the domestic equity market, the 30-share BSE Sensex breached the 70,000-level for the first time on Monday and was trading 198.72 points or 0.28 per cent higher at 70,024.32 points. The broader NSE Nifty also jumped 39.70 points or 0.19 per cent at 21,009.10 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they bought shares worth Rs 3,632.30 crore, according to exchange data. On Friday, the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) kept the benchmark repurchase rate unchanged at 6.5 per cent and retained the retail inflation projection for the current fiscal at 5.4 per cent. As per the latest RBI data, India's foreign exchange reserves increased to USD 604 billion as on December 1, surpassing the USD 600 billion-mark after a gap of about four months.

Bullish domestic markets push up Rupee to 83.37/USD

<ul><li>The US dollar is expected to get stronger as fears of inflation increase.</li><li>This has led to nervousness in the Indian market but Indian IT stocks are resilient in the face of uncertainty.</li><li>Indian IT behemoths like <keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> and HCL Technologies are among the best performing stocks today.</li></ul>Indian markets are nervous as the dollar looks ready to gain back its strength, but IT services stocks, which export software services — like <keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword> (TCS), HCL Technologies, Wipro, Infosys and Tech Mahindra — are holding strong. Change in the share price of the top 5 Indian IT services companies: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change in share price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.37% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.39% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.13% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.19% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.21% </td></tr></tbody></table>Source: NSE, Nifty50 — at closing prices on March 15 Tech Mahindra is the best performing stock among its IT peers. One of the reasons is its <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-continues-momentum-on-healthcare-and-life-science-with-70-acquisition-of-perigord/articleshow/81505794.cms">latest acquisition</a> — Hyderabad-based Perigord. Tech Mahindra has bought up 70% stake to acquire the leading supplier of consultancy and labelling artwork solutions to the global pharmaceutical industry. But the cumulatively strength of the industry to stay in the green has more to do with the hopes of a stronger dollar. Like India, the US is currently caught in the conundrum of chasing growth and rising prices. Investors in the US and Europe are on an earning streak, parking their funds in government securities at near-zero interest rates and making even more in emerging markets like India. But these low interest rates are not likely to last forever. The <keyword id="84979" type="ORGANIZATION" weightage="20" keywordseo="European-Central-Bank">European Central Bank</keyword> (ECB) already announced last week that it would start purchasing bonds at a ‘significantly higher pace’ over the next three months in an attempt to get ahead of any potential inflation pressures in the coming months. The flip side of getting a big stimulus US President Joe Biden just signed the country’s $1.9 trillion stimulus package into law and is hoping that will help drive growth. But, where there is growth, there is also inflation. In order to counter the inflation, the central bank needs to step in and increase the interest rates. <div type="image" title="Copy of india&amp;#39;s economic growth" msid="81511559" hostid="261" caption="&amp;lt;p&amp;gt;US Consumer Price Index&amp;lt;/p&amp;gt;"></div> If the Federal Reserve increases interest rates, a stronger dollar would be to the benefit of IT services companies that earn mostly in foreign currency. Tata Consultancy Services (TCS), for instance, earns more than half of its revenue in dollars as an exporter of software services. The odds of an interest rate hike in the US are rising The US Federal Reserve’s Chair <a href="https://www.hindustantimes.com/world-news/despite-us-economic-recovery-federal-reserve-firm-on-keeping-interest-rates-low-101615696984892-amp.html">Jerome Powell</a> has been clear that if it comes to choosing between growth and inflation, the goal is to see more people back at work. “Today, we’re still a long way from our goals of maximum employment and inflation averaging 2% over time,” he said during the Wall Street Journal Jobs Summit on March 4. While the Fed is positive that it won’t need to step in and adjust interest rates before 2023, some feel that may be too optimistic a point of view. “Very low interest rates, which have held down debt service costs, will eventually rise despite the Federal Reserve’s commitment to an extended period of extremely accommodative monetary policy,” said global agency <a href="https://www.fitchratings.com/research/sovereigns/us-stimulus-will-boost-growth-at-cost-of-higher-deficits-debt-09-03-2021">Fitch Ratings. </a> This is supported by the fact that Fed Funds Futures — where investors can purchase funds in advance at prices they expect to see in the future — are beginning to signal that the US’ central bank could begin increasing rates in 2022. According to DataTrek co-founder <a href="https://www.businessinsider.in/stock-market/news/us-stocks-are-on-the-verge-of-a-correction-as-interest-rates-begin-to-rise-datatrek-says/articleshow/81094483.cms">Nicholas Colas</a>, the odds of the Federal Reserve shifting its policy stance next year has gone from 2% to anywhere between 5% to 10%. That doesn’t necessarily mean that inflation is on the move, but the trend is “clearly not our friend.” “This means inflation is likely to be a risk well into 2022. I suspect it might even be high enough that the Fed will be seriously considering rate hikes by early 2022,” said <a href="https://www.marketwatch.com/story/bond-investors-will-have-a-stormy-2021-and-the-fed-might-consider-hiking-rates-by-early-2022-but-hyperinflation-nope-11614610084">Cullen Roche</a>, founder of the Orcam Financial Group. Good news of Indian IT services’ companies The rate hike in the US may lead to outflow of dollars from India, and make the rupee weaker, which will, in turn make imported commodities like crude oil more expensive and thereby, hurt a whole lot of businesses. Only for select companies like the software exporters, a stronger dollar will lead to better earnings in rupee terms. And hence, the odds of a rate hike in the US rise, so will the prospects for companies like TCS, HCL Tech, Infosys, Wipro and Tech Mahindra. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Operating profit margin sensitivity to 1% change in USD/INR </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25-30 bps </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25-30 bps </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25-30 bps </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20 bps </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15-20 bps </td></tr></tbody></table>Source: Goldman Sachs SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/bank-employees-in-india-on-strike-today-and-tomorrow-but-mobile-and-net-banking-services-are-working/articleshow/81505273.cms">Bank employees on strike today and tomorrow — ATMs, net and mobile banking likely to be the only relief</a> <a href="https://www.businessinsider.in/tech/news/indias-personal-data-protection-law-versus-europes-gdpr/articleshow/81504058.cms">Being GDPR compliant doesn't necessarily make companies ready for India's upcoming data protection laws</a> <a href="https://www.businessinsider.in/business/startups/news/stripe-the-most-valued-startup-in-the-us-to-offer-payment-services-to-indias-merchants-after-its-latest-fundraise/articleshow/81504106.cms">Stripe, the most valued startup in the US, to offer payment services to India’s merchants after its latest fundraise</a>

The US dollar is expected to get stronger⁠ — that's good news for Indian IT services but not for many others

The <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">rupee</keyword> recovered from its <keyword id="22025417" type="General" weightage="20" keywordseo="all-time-low" source="keywords">all-time low</keyword> level and opened 25 paise higher at 83.84 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords" meta.keywordsubtype="org" meta.entityname="US dollar" meta.hostid="261" meta.entityid="US dollar">US dollar</keyword> in morning trade on Tuesday, mirroring the rebound in the domestic equity market, even as aggressive dollar bids from foreign banks exerted pressure on the local unit. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said risk aversion in the <keyword id="19908188" type="General" weightage="20" keywordseo="global-markets" source="keywords">global markets</keyword>, escalation of geopolitical tensions in the Middle East and outflows by foreign investors further dented investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.92 and then touched an early high of 83.84, registering a 25 paise gain from its all-time closing low of 84.09 against the American currency. On Monday, the rupee slumped 37 paise to settle at an all-time low of 84.09 against the US dollar. "The rupee is being sold off in good times and bad times indicating the demand for US dollar as foreign portfolio investors exit the Indian equity market on high valuation concerns," said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.16 per cent to 102.85 points. Brent crude, the global oil benchmark, was trading at USD 77.15 per barrel in futures trade, on fears of spreading Middle East conflict that could hit supplies outweighing fears of a possible US recession that could hurt demand in the world's biggest oil consumer. Moreover, Israel and US are bracing for a significant escalation after Iran and Hamas pledged to retaliate against Israel for killings last week of a Hamas Leader, traders said. In the domestic equity market, the 30-share BSE Sensex rebounded 903.63 points, or 1.15 per cent, to 79,663.03 points, while the Nifty increased by 270.50 points, or 1.12 per cent, to 24,326.10 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 10,073.75 crore, according to exchange data.

Rupee recovers from all-time low level, opens 25 paise higher at 83.84 against US dollar

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Chris Wattie/Reuters</div></div></div><ul><li>Canada announced tariffs on US goods in response to President Donald Trump's steel and aluminum tariffs.</li><li>The Canadian government said they were targeting 16.6 billion Canadian dollars, or roughly $12.8 billion US dollars.</li><li>Business Insider found in an analysis that the total value of the goods Canada listed as subject to tariffs is more than that stated goal.</li></ul>The Canadian government <a href="http://www.businessinsider.com/donald-trump-steel-aluminum-tariffs-europe-mexico-canada-list-2018-5">announced retaliatory tariffs on US goods</a> that look to go beyond the value of US tariffs on imports of Canadian steel and aluminum.Canadian Prime Minister Justin Trudeau and Foreign Affairs Minister Chrystia Freeland announced the responsive measures to President Donald Trump's tariffs on steel and aluminum from the US's northern neighbor.Freeland and the Canadian government pegged the total value of the goods subject to the Canadian tariffs at 16.6 billion Canadian dollars, or <a href="https://www.wsj.com/articles/u-s-tariff-moves-jolt-nafta-talks-1527809622">roughly $12.8 billion US dollars.</a> Those values are roughly equal to that of the Canadian steel and aluminum exports to the US."In response to these measures, Canada intends to impose surtaxes or similar trade-restrictive countermeasures against up to C$16.6 billion in imports of steel, aluminum, and other products from the US, representing the value of 2017 Canadian exports affected by the US measures," Canada's government wrote on its official website.A spokesperson for the Canada's Global Affairs office also confirmed to Business Insider that the target was to place tariffs on 16.6 billion Canadian dollars.But after totaling the value of <a href="https://www.fin.gc.ca/activty/consult/cacsap-cmpcaa-eng.asp">Canada's list of US goods subject to tariffs</a> using import data, Business Insider found that the value of these exports is equal to roughly just over $15 billion US dollars, or 19 billion Canadian dollars.The spokesperson said the government stands by its analysis that the total value of the goods subject to tariffs is 16.6 billion Canadian dollars.Business Insider used 2017 import data from Canadian statistics agency StatsCan and the Harmonized System code for each product on <a href="https://www.fin.gc.ca/activty/consult/cacsap-cmpcaa-eng.asp">the tariff list</a>. The Harmonized System contains a unique code for a product to distinguish it from other materials and is used to standardize the identification of goods moving through the international trade system.Another analysis, using the US Census Bureau, would paint the retaliatory measures as even more severe. Based on an analysis of US export data, the value of the goods subject to tariffs was $15.72 billion, well above the target level.While the tariffs being higher than expected could certainly have ramifications for US businesses, experts say they would be permitted under international law.Canada argued that the retaliatory tariffs on US goods were legal under World Trade Organization rules since they were equivalent to what they viewed as an improper US action. Debbie Shon, a partner at the law firm Quinn Emanuel and a former official in the US Trade Representative's office under President Bill Clinton, told Business Insider that the exact value of the tariffs doesn't have to be exactly the same."It doesn't have to be exactly the same, dollar for dollar," Shon said. "The other country just has to show that the response was commensurate to the original action." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/economist-weighted-voting-could-help-save-us-democracy-2018-5">This top economist has a radical plan to change the way Americans vote</a></h3> <div> </div> </div>

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