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The rupee extended its losses and touched an all-time low of 77.42 against the <keyword id="6368584" type="General" weightage="20" keywordseo="US-Dollar" source="Orion">US dollar</keyword> in early trade on Monday. The <keyword id="50739" type="General" weightage="20" keywordseo="Indian-currency" source="Orion">Indian currency</keyword> is weighed by the strength of the <keyword id="579267" type="General" weightage="20" keywordseo="American-currency" source="Orion">American currency</keyword> in the <keyword id="62671" type="General" weightage="20" keywordseo="overseas-market" source="Orion">overseas market</keyword> and continued foreign fund outflows. Foreign institutional investors were net sellers in the capital market on Friday, as they offloaded shares worth Rs 5,517.08 crore, as per stock exchange data. On Friday, the rupee had slumped 55 paise to close at 76.90 against the US dollar. Further, the rupee slipped on a surge in crude oil prices. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/axis-mutual-fund-suspends-two-equity-fund-managers-due-to-alleged-wrongdoing/articleshow/91439012.cms">Axis Mutual Fund suspends two equity fund managers due to alleged wrongdoing – here's how it impacts existing Axis MF investors</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-acquires-franchise-in-uae-t20-league/articleshow/91435626.cms">Adani Group acquires franchise in UAE T20 League</a>

Rupee hits all-time low of 77.42 against US dollar

Two separate gangs, including three juveniles, were arrested on Tuesday for allegedly printing and circulating <keyword id="66352" type="PERSON" weightage="20" keywordseo="fake-Indian-currency">fake Indian currency</keyword> notes, police said. The counterfeit notes with a face value of Rs 17.77 lakh were seized from them, the police said. On information that some people were printing and circulating the fake currency, police teams laid traps and caught the gang members from different places, city police commissioner Anjani Kumar said. In one case, nine members of the gang, including three juveniles in conflict with law, were caught and the fake currency with a face value of Rs 9.27 lakh was seized from them. The gang was believed to have printed and circulated the notes of Rs 200 and Rs 100 denomination from Sangareddy town, the police said adding the accused watched videos online about printing of fake notes, purchased scanner-cum-colour printing machines and indulged in the racket. In the other case, four members of a gang were held and fake notes with a face value of Rs 8.5 lakh (in denomination of Rs 2,000 and Rs 500) and printing materials were seized from them, the police said.

Fake currency racket printing ₹100 and ₹200 notes busted in Hyderabad

The <keyword id="50739" type="General" weightage="20" keywordseo="indian-currency" source="Orion">Indian currency</keyword> <keyword id="6355302" type="General" weightage="100" keywordseo="rupee" source="Orion">rupee</keyword> touched yet another all-time low against the US dollar earlier this morning. The rupee fell 14 <keyword id="56242" type="General" weightage="20" keywordseo="paise" source="Orion">paise</keyword> to 77.69 per US dollar. Money market participants are currently closely watching the domestic share market for clues to fund flows. An expectation of tightening monetary policy rates in the US also weighed on the rupee as any rate hike in the advanced markets typically follows with fund outflows from the emerging markets in order to accumulate higher returns. Rupee has been under-pressure after the global central banks started the normalising policy and last week <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> too started raising key interest rates. Besides, the rupee weakened on account of a surge in the global crude oil prices. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/india/news/rising-dengue-cases-in-uttar-pradesh-put-health-officials-on-high-alert/articleshow/91611067.cms">Rising dengue cases in Uttar Pradesh put health officials on high alert</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/four-in-ten-american-users-thought-that-facebook-should-have-blocked-trump-sooner-reveal-leaked-internal-documents/articleshow/91610652.cms">Four in ten American users thought that Facebook should have blocked Trump sooner, reveal leaked internal documents</a>

Rupee touches yet another all-time low of 77.69 per USD as it falls 14 paise

<ul><li>Today, the rupee appreciated by 23 paise to close at 79.02</li><li>The rupee touched a high of 79.00 and a low of 79.22 before ending at 79.02.</li><li>This is leading to the short-term relief in the major and emerging market currencies to recover their previous losses against the USD, said <keyword id="14610883" type="General" weightage="80" keywordseo="amit-pabari" source="Orion">Amit Pabari</keyword>, Managing Director, CR Forex.</li></ul> The rupee appreciated by 23 paise to close at 79.02 (provisional) against US dollars on firm domestic equities, amid foreign investors' inflows. At the interbank foreign exchange market, the Indian currency ended at 79.02, as against 79.25 closed on the previous trading session. The rupee has touched a high of 79.00 and low of 79.22 before ending at 79.02. "USDINR spot closed 23 paise lower at 79.02, thanks to FPI flows turning positive and some carry trade interest. Improvement in forward premium has brought exporters into the market. At the same time, softness in USD overseas, improved growth outlook in India, and uptick in forward premium has attracted carry traders into the market, who go long rupee and short USD," said Anindya Banerjee, VP, Currency Derivatives &amp; Interest Rate Derivatives at Kotak Securities Ltd. The dollar index, which measures the dollar's strength against the basket of 6 currencies, was down 0.52 per cent at 105.34. Inflows of foreign investors in domestic equities also remained major factor in the rise local currency. Foreign investors turned buyers in July nearly after 10 months, with an investment of around Rs 4,980 crore in the Indian equity markets. This comes heavy sell-off by these entities of around Rs 50,203 crore. According to the NSDL data, investment of foreign investors in July month stood at Rs 4,989 crore, as compared to over Rs 50,000 crore outflows in June, Rs 39,993 crore in May, and Rs 17,144 crore in April. "Despite of the no major change in fundamental factors for rupee, there is change in the global sentiments for the demand of US dollar. Post the Federal Reserve policy meeting, we have seen dollar bulls cooled down after the Fed highlighted that it could move a bit slow in hiking interest rates going forward. This is leading to the short term relief in to the major and emerging market currencies to recover their previous losses against USD," said Amit Pabari, Managing Director, CR Forex. Although, the trend in the USD is yet to be determined with the data releases and the risk sentiments improving and the outlook for other currencies such as euro and pound, markets needs a lot more convincing statement to keep demand for US dollar compressed for a longer period of time, he added. "Over the near term, bias remains downward. We expect a broad range of 78.70 and 79.40 on spot," Banerjee said. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/amazon-great-freedom-festival-date-announced-sale-starts-august-6-onwards/articleshow/93268050.cms">Amazon Great Freedom Festival date announced - sale starts August 6 onwards</a> <a href="https://www.businessinsider.in/sports/news/commonwealth-games-medals-tally-at-2022-birmingham-games/slidelist/93274345.cms">Commonwealth Games 2022: India has won 3 gold medals so far, check out all the details here.</a>

Indian currency gains 23 paise to end at 79.02 against US dollar

<ul><li><keyword id="10387" type="COMPANY" weightage="20" keywordseo="Microsoft">Microsoft</keyword>’s <keyword id="4759833" type="PERSON" weightage="20" keywordseo="Seeing-AI">Seeing AI</keyword> app can now recognise Indian currency and narrate the denomination back to the users. </li><li>The <keyword id="91748" type="ORGANIZATION" weightage="20" keywordseo="Indian-rupee">Indian rupee</keyword> is the fifth currency to be integrated with the app.</li><li>But, it should be noted, that though the app can be accessed in 56 countries, it’s only available on the <keyword id="75489" type="ORGANIZATION" weightage="20" keywordseo="IOS">iOS</keyword> App Store. </li></ul> Microsoft’s <a href="https://news.microsoft.com/en-in/features/seeing-ai-indian-currency-recognition/">latest</a> innovation adds an image recognition and narration feature to the Seeing <keyword id="6355999" type="UNKNOWN" weightage="20" keywordseo="ai">AI</keyword> app to help visually impaired users in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. The app already had support for Euros, British pounds, US dollars and Canadian dollars, but now the Indian rupee has been added to the list. And yes, that includes the newer denominations issued after demonetisation took place. The only catch is that it’s only available on the App Store for iOS users. Considering that <a href="https://www.statista.com/statistics/262157/market-share-held-by-mobile-operating-systems-in-india/">most</a> of the people in India are on Android, absence from the Play Store poses an accessibility issue. But, isn’t there already an app for that? <a href="https://itunes.apple.com/in/app/nantmobile-money-reader/id417476558?mt=8">NantMobile</a> Money Reader, another app exclusive to the iOS platform, also has the skills to recognise currency and narrate the denomination back to the user. It has a more expansive scope supporting 21 different currencies, including the Indian rupee, as well as voice over support in 17 languages. Formerly known as LookTel, NantMobile Money Reader may give users the ability to recognise multiple currencies but Seeing AI can do more than just currencies, and that’s where Microsoft’s <a href="http://blindnotalone.com/reviewing-eyenote-vs-money-reader-vs-seeingai-to-recognize-us-notes/">advantage</a> lies. It can be said that its multifunctional aspects provide an impetus to daily life integration. User preference, at the end of the day, will depend on user requirements. According to the company, currency notes pose are especially difficult to recognise because they come in varied sizes. Generally, people who are visually impaired fold the notes in different shapes in order to recognise them. But, they still need help determining the denomination of the note in order to know which shape to fold it in. (Image source: <a href="https://news.microsoft.com/en-in/features/seeing-ai-indian-currency-recognition/" data-type="tilCustomLink">Microsoft News Center India</a>)

Microsoft’s Seeing AI app adds Indian currency note recognition to its trove

Earlier this week, the Indian <keyword id="6355302" type="General" weightage="100" keywordseo="rupee" source="Orion">rupee</keyword> nosedived 51 paise, <a href="https://www.businessinsider.in/finance/news/rupee-hits-all-time-low-of-77-42-against-us-dollar/articleshow/91439581.cms">hitting an all-time low</a> of ₹77.41 against the US dollar. <div type="image" title="Rupee hit a lifetime low of 77.41 earlier this week" msid="91525914" hostid="261" caption="&amp;lt;p&amp;gt;Rupee hit a lifetime low of 77.41 earlier this week&amp;lt;/p&amp;gt;"></div> Earlier last week, the Indian rupee had appreciated eight paise after India’s central bank, the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>, <a href="https://www.businessinsider.in/finance/banks/news/rbi-hikes-repo-rate-by-40-basis-points-to-4-4-as-it-seeks-to-reign-in-inflation/articleshow/91311941.cms">increased interest rates</a> by 40 basis points on May 04, only to tumble further below this week. 100 basis points make one percent. The rupee has been staggering since the beginning of the year. <div type="image" title="Rupee depreciation in last one month" msid="91525962" hostid="261" caption="&amp;lt;p&amp;gt;Rupee depreciation in last one month&amp;lt;/p&amp;gt;"></div> This depreciating rupee, which is a fall in the value of a currency in terms of its exchange rate versus other currencies, is likely to have a direct impact on your daily expenditure. Imports now more expensive, while exports are cheaper With a small dip in the <keyword id="50739" type="General" weightage="20" keywordseo="indian-currency" source="Orion">Indian currency</keyword>, the Indian government has to pay a little extra for the same goods it was importing earlier. So, importing items get more expensive. Oil imports will get costlier, which has a direct impact on prices of many other things – anything that needs to be transported will (if it hasn’t, already) now see an increase in its prices. India currently imports <a href="https://www.businessinsider.in/finance/news/crude-oil-surges-significantly-to-109-per-barrel-as-countries-look-for-options-other-than-russia/articleshow/89936843.cms">85% of its oil demand </a>and the rise in crude oil prices directly increases import bill and expenses. Your investment portfolio is likely to be affected If foreign investors pull out of Indian equities, Indian currency depreciates, leading to a sharp decline in equity markets. Foreign investors have already <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-1-5-lakh-crore-from-the-indian-markets-in-2022-so-far-heres-why/articleshow/91485411.cms">pulled out over ₹6,400 crore</a> from the Indian equity markets in the first four trading sessions of May when the Reserve Bank of India (RBI) and <a href="https://www.theguardian.com/business/federal-reserve">US Federal Reserve</a> raised interest rates. Given the headwinds in terms of elevated crude oil prices, inflation, and monetary tightening (also known as Quantitative Tightening), market volatility is expected to remain high as foreign investors could continue to withdraw funds. Foreign education could get more expensive If you are planning to study abroad, you might have to restructure your budget. You will have to shell out more rupees for every dollar you spend. Simply put, you will have to spend over 21% more in terms of rupee to buy the same number of dollars. If you budgeted ₹20 lakh for your education abroad, you will now have to increase it to ₹24.2 lakh. <div type="image" title="Foreign education will get more expensive" msid="91525979" hostid="261" caption="&amp;lt;p&amp;gt;Foreign education will get more expensive&amp;lt;/p&amp;gt;"></div> International travel now more expensive During summer, the travel sentiment is high among consumers. As the rupee loses value against the US dollar, your plans to travel abroad will burn a deeper hole in your pocket – like everything, paying for your purchases in foreign currency, moreso the US dollar, is now more expensive than ever before. A weaker rupee results in expensive imports, and contributes to inflation <a href="https://www.livemint.com/economy/indias-inflation-likely-accelerated-to-18-month-high-in-april-poll-11652181052993.html">India's retail inflation</a> surged to an 18-month high in April, largely driven by rising fuel and food prices and staying well above the RBI's upper tolerance limit for a fourth consecutive month, a Reuters poll found. As the rupee weakens against the dollar and import prices hike, companies may not be able to absorb this increase in cost and may pass it on to consumers. Increase in your home loan EMIs and more To keep inflation in check, RBI resorts to increasing its interest rates. If the RBI expects that inflation will rise beyond its tolerance limit, it hikes the rate at which banks borrow money from the RBI, which is also known as the repo rate. When repo rate increases, the cost of borrowing for banks also increases, which is passed to their account holders by increasing the interest rate on loans and deposit rates. Some banks have already announced an increase in interest rates on home loans – HDFC has <a href="https://economictimes.indiatimes.com/wealth/borrow/hdfc-hikes-home-loan-interest-rates-this-is-how-much-your-emi-will-go-up-by/articleshow/91434723.cms">increased</a> its interest rates for retail home loans by 30 basis points, with the new rates now in the range of 7-7.45%. But what has caused the decline of the Indian rupee? The value of any currency depends on its demand in the market. If the demand increases, its value goes up, which is known as appreciation. And if the demand for a currency declines, its value depreciates. If more foreign investors invest in Indian businesses and projects, the demand for Indian currency goes up. To be able to invest in India, foreign companies have to first convert their currency into Indian rupees. This increase in demand for the rupee strengthens its value against the US dollar. Recently, more and more overseas investors have pulled out a big chunk of their money from the Indian market, consequently <a href="https://www.businessinsider.in/stock-market/news/the-stock-markets-are-going-through-a-short-term-correction-and-now-might-be-a-good-time-to-invest-in-valued-stocks-say-analysts/articleshow/91369077.cms">affecting market sentiment</a> and currency’s decline. <div type="image" title="Foreign investors have pulled out `1.5 lk cr in 2022 so far" msid="91526033" hostid="261" caption="&amp;lt;p&amp;gt;Foreign investors have pulled out `1.5 lk cr in 2022 so far&amp;lt;/p&amp;gt;"></div> The <a href="https://www.theguardian.com/business/federal-reserve">Federal Reserve</a> has raised interest rates for the first time since 2018, as the US central bank struggles with soaring inflation, the impact of the war in Ukraine and the COVID crisis. As interest rates soar, investors start pulling money out of riskier investments like equities, commodities and foreign markets. The annual <a href="https://www.businessinsider.in/policy/economy/news/inflation-slowed-in-april-for-the-first-time-in-8-months/articleshow/91496347.cms">inflation rate in the US</a> is now at 8.3%, which also affects market sentiment. Here’s an <a href="https://youtu.be/eADkfR1PUeU">explainer by Stocktwits India </a>on how the global inflation rate affects India and what the government is doing to combat it. Therefore, foreign investors are exiting their investments in India, and shoring up their investments in the relatively safer markets in the US. On the other hand, when Indian businesses and companies import foreign goods and products, such as crude oil, gold, consumer electronics, among other things, they convert their rupees into dollars, which is the global currency for international trades. If imports exceed exports, demand for the dollar goes up and the rupee weakens against it. Since India has been a <a href="https://www.indiatoday.in/news-analysis/story/current-account-surplus-india-net-exporter-explainer-1705281-2020-07-28">net importer</a>, we import more than we export, the rupee has gradually depreciated over time. <div type="image" title="Rupee vs Dollar in the last five years" msid="91526067" hostid="261" caption="&amp;lt;p&amp;gt;Rupee vs Dollar in the last five years&amp;lt;/p&amp;gt;"></div> As the upward trend of the graph shows, you had to shell out ₹64 in May 2017 for 1 US dollar. Today, you have to pay ₹77.26 in exchange for a dollar. To deal with this <keyword id="688216" type="General" weightage="20" keywordseo="Rupee-depreciation" source="Orion">rupee depreciation</keyword>, you can reevaluate your investment portfolio and consider companies that have a substantial amount of foreign exchange earnings such as in sectors like pharma, FMCG, and IT. Here's a short video <div type="image" title="Here&amp;#39;s what happens when the Rupee depreciates" msid="91526220" hostid="261" caption="&amp;lt;p&amp;gt;Here&amp;#39;s what happens when the Rupee depreciates&amp;lt;/p&amp;gt;"></div> Disclaimer: This is not investment advice, it is for informational purposes only.

SIMPLY PUT: Why is the rupee falling and how it affects your food, education, healthcare and other expenses

The <keyword id="14184962" type="General" weightage="20" keywordseo="Indian-currency-rupee" source="Orion">Indian currency rupee</keyword> breached the Rs 78 mark against the dollar for the first time ever on Monday, hitting a new lifetime low against the US dollar. The rupee closed Monday's trade at Rs 78.04 per US dollar, after depreciation as low as Rs 78.29 in intra-day deal. "There is no fresh trigger to predict if the rupee will be 79 or 80 unless and until there is a conflict between US and China with regards to Taiwan, other than that there shouldn't be any correction towards 77 or 77.50 in the spot," said <keyword id="105309" type="General" weightage="20" keywordseo="Emkay-Global-Financial-Services" source="Orion">Emkay Global Financial Services</keyword> in a note. The rupee might see more weakness ahead of the US monetary policy review meeting starting later this week, where the <keyword id="117388" type="General" weightage="80" keywordseo="us-fed" source="Orion">US Fed</keyword> is expected to hike rates and showcase a more aggressive action, said <keyword id="14184963" type="General" weightage="80" keywordseo="jigar-trivedi" source="Orion">Jigar Trivedi</keyword>, <keyword id="162421" type="General" weightage="80" keywordseo="research-analyst" source="Orion">Research Analyst</keyword>, Commodities &amp; Currencies Fundamental, Anand Rathi Shares &amp; Stock Brokers. However, runaway depreciation might not happen amid the central bank's intervention, Trivedi said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/stock-market/news/indian-equity-markets-wiped-out-127-billion-investor-wealth-in-just-two-days/articleshow/92181381.cms">Indian equity markets wiped out $127 billion investor wealth in just two days</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/tech/enterprise/news/simplilearn-is-looking-to-hire-800-people-including-160-freshers-this-year/articleshow/92181229.cms">Edtech startup Simplilearn bucks the trend — to hire 800 people this year</a>

Rupee breaches the ₹78 mark against the dollar for the first time ever

Indian <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> on Friday closed at 82.63 after touching a high of 82.72 against the US <keyword id="35208" type="General" weightage="20" keywordseo="dollar" source="Orion">dollar</keyword>. The <keyword id="50739" type="General" weightage="20" keywordseo="indian-currency" source="Orion">Indian currency</keyword> gave up its early gains due to higher dollar demand. Earlier this month, rupee had touched a record high of 83.18 against the dollar. The investors' dim outlook on China and also on the overall global economy has impacted the rupee. Rupee's fate will also depend on the crucial Federal Reserve meeting on November 2, market watchers said. In addition to this, the ECB's soft comments drove market views that central banks will likely moderate the pace of monetary tightening. This was more so, after the Bank of Canada surprisingly announced a smaller-than-expected rate hike. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/maruti-suzukis-stock-rises-6-after-it-reports-4x-growth-in-q2-net-profit/articleshow/95145533.cms">Maruti Suzuki’s stock rises 6% after it reports 4x growth in Q2 net profit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/global-health-that-operates-medanta-hospitals-to-open-its-2205-cr-on-november-3/articleshow/95142371.cms">Global Health that operates Medanta Hospitals to open its ₹2,205 cr on November 3</a>

Rupee touches 82.72 against dollar before closing at 82.63

<keyword id="204019" type="ORGANIZATION" weightage="100" keywordseo="Nepal-Rastra-Bank">Nepal Rastra Bank</keyword> on Thursday banned the use of India’s new currency notes of Rs 500 and Rs 2,000 denomination, terming them “unauthorised and illegal”. These two currency notes were issued by the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> recently after old Rs 500 and Rs 1,000 denomination notes were withdrawn. <keyword id="12266" type="COUNTRY" weightage="100" keywordseo="Nepal">Nepal</keyword> Rastra Bank (NRB) has called the new currency notes “unauthorised and illegal”. 
 NRB spokesperson Narayan Poudel said these new currency notes are not yet legal in Nepal, according to Onlinekhabar.com. Poudel said these notes will be legal in Nepal only when India issues a FEMA notification as per the <keyword id="6368276" type="COMPANY" weightage="100" keywordseo="Foreign-exchange">Foreign Exchange</keyword> Management Act. India is likely to issue a FEMA notification, allowing people in Nepal and India to possess certain amount of Indian currency. Earlier, a ban was in effect in Nepal till last year against the use of Rs 500 and Rs 1,000 denominations notes. Authorities had lifted this ban after the visit of Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> to Nepal. Nepal last year allowed people to carry Indian Rupees of higher denominations upto Indian Rs 25,000. 
The Reserve Bank of India had formed a task force to ease currency exchange facility in Nepal for non-Indians who possess the now-defunct notes of 500 and 1,000 denominations.

Nepal bans use of new Indian Rs 500 and Rs 2000 notes, calls them illegal

<ul><li>The rupee depreciated 16 paise to an all-time low of 82.33 against the US dollar in early trade on Friday as a firm American currency and risk-averse sentiment among investors weighed on the local unit. </li><li>On Thursday, the Indian currency for the first time closed below the 82 level against the greenback. </li><li>The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.14 per cent down at 112.10.</li></ul>The rupee depreciated 16 paise to an all-time low of 82.33 against the US dollar in early trade on Friday as a firm American currency and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and elevated crude oil prices sapped investor appetite, forex traders said.At the interbank foreign exchange, the rupee opened at 82.19 against the greenback, then fell to 82.33, registering a fall of 16 paise over its previous close. On Thursday, the Indian currency for the first time closed below the 82 level against the greenback. It plunged 55 paise to close at a record low of 82.17 against the US currency."An uptick in crude prices has caused concerns around the trade deficit to resurface. US rates staying higher for longer is not helping the capital account," <keyword id="14979511" type="General" weightage="80" keywordseo="ifa-global-research-academy" source="Orion">IFA Global Research Academy</keyword> said in a note. Moreover, the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>) seems to have become conservative in spending reserves, it said, adding that these factors are causing the rupee to adjust. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.14 per cent down at 112.10. Global oil benchmark Brent crude futures fell 0.10 per cent to USD 94.33 per barrel.On the domestic equity market front, the 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 111.83 points or 0.19 per cent lower at 58,110.27, while the broader NSE Nifty fell 38.00 points or 0.22 per cent to 17,293.80. Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth Rs 279.01 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/rupee-falls-16-paise-to-all-time-low-of-82-33-against-us-dollar-in-early-trade/articleshow/94695452.cms">Rupee falls 16 paise to all-time low of 82.33 against US dollar in early trade</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/covid-19-and-flu-coinfection-rising-in-india-who-warns-it-may-escalate-in-the-winters/articleshow/94682987.cms">Covid-19 and flu coinfection rising in India, WHO warns it may escalate in the winters</a>

Rupee slips past 82 per dollar to hit a new all-time low

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> declined 7 paise to close at 83.35 (provisional) against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Friday as a strengthening American <keyword id="20256153" type="General" weightage="20" keywordseo="currency" source="keywords">currency</keyword> overseas and a selloff in domestic equities weighed on the local unit. Besides, rising crude prices in the international <keyword id="19913381" type="General" weightage="20" keywordseo="market" source="keywords">market</keyword> and risk-averse sentiment dragged the local unit down, forex traders said. At the interbank foreign exchange market, the local unit opened strong at 83.30 and moved in the range of 83.30-83.36 during the session. The local currency finally settled at 83.35 (provisional) against the dollar, registering a fall of 7 paise from its previous close. In the previous session, the rupee closed at 83.28 against the US dollar. "<keyword id="20045514" type="General" weightage="20" keywordseo="indian-rupee" source="keywords">Indian Rupee</keyword> declined slightly on weak domestic markets and a surge in crude oil prices. We expect the rupee to trade slightly weak on renewed geopolitical tensions in the Middle East and weakness in domestic equities. "Rising crude oil prices and FII outflows may further put pressure on the rupee. However, any intervention by the RBI may support the rupee at lower levels. We expect USDINR to trade in the range of 83.10-83.60," Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, said. Brent crude futures, the global oil benchmark, rose 0.38 per cent to USD 89.35 per barrel. The dollar index, which gauges the greenback's strength against a basket of six currencies, increased 0.05 per cent to 105.49. On the domestic equity market front, Sensex slumped 609.28 points, or 0.82 per cent, to settle at 73,730.16, and Nifty declined 150.40 points, or 0.67 per cent, to close at 22,419.95. Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 2,823.33 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank">Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499</a><a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a>

Rupee falls 7 paise to settle at 83.35 against US dollar

<keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and <keyword id="6358356" type="General" weightage="100" keywordseo="uae" source="Orion">UAE</keyword> are in talks for a Rupee-Dirham-denominated bilateral trade, said <keyword id="3786584" type="General" weightage="50" keywordseo="sunjay-sudhir" source="Orion">Sunjay Sudhir</keyword>, Indian Ambassador to UAE, adding that both the countries will find it beneficial. The Ambassador said the talks started on September 1, 2022. "Both countries find this beneficial. India has shared a concept paper with UAE. Central Banks of both countries are discussing. The objective is to reduce the transaction cost," the Indian Ambassador to UAE said. This development followed the Reserve Bank of India's (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>) announcement -- a mechanism to settle payments for international trade in rupees, especially for India's exports. It is widely believed if the mechanism fructifies then it may go a long way in internationalizing the Indian currency rupee in the long run. A currency can be termed "international" if it is widely accepted worldwide as a medium of exchange. <keyword id="2017241" type="General" weightage="50" keywordseo="sbi-research" source="Orion">SBI Research</keyword>, in a report in early July, said, an interesting development is taking place in the global currency market as there has been a significant jump in trade in oil and other commodities in currencies such as the Renminbi, Hong Kong Dollar, and Arab Emirates Dirham. In the report, SBI Research said the Reserve Bank of India (RBI) should make a conscious effort to internationalise the Indian currency rupee amid disruptions in payments caused by the ongoing Russia-Ukraine war. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/retail-inflationary-pressures-expected-to-ease-with-fresh-kharif-arrivals-finance-ministry/articleshow/95760372.cms">Retail inflationary pressures expected to ease with fresh Kharif arrivals: Finance Ministry</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-8-paise-higher-to-close-at-81-62-against-us-dollar/articleshow/95765322.cms">Rupee 8 paise higher to close at 81.62 against US dollar</a>

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