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Mumbai, The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> recovered from all-time lows to close at 83.30 against the US dollar on Thursday, gaining 10 paise as the greenback weakened in the overseas markets following signals that rate hikes by the US Federal Reserve were over. A stellar rally in domestic equities fuelled by foreign fund inflows also boosted the rupee sentiment. However, dollar buying by state-run banks and a rise in oil prices capped the rupee gains, forex traders said. At the interbank foreign exchange market, the rupee opened strong at 83.30 against the last close of 83.40, the lowest closing level against the US dollar. The rupee moved in a tight range of 83.35 and 83.27 in the day trade. It finally closed at 83.30, up by 10 paise over the previous close. The US dollar index, which measures the greenback's strength against a basket of six currencies, eased by 0.32 per cent to 102.54. The US Federal Reserve kept its key interest rate unchanged on Wednesday for a third time in a row. The officials also signalled that they expect to make three quarter-point cuts to their benchmark rate next year. "The crash in the US 10-year yield to 4 per cent will trigger large capital flows to India. The main beneficiaries will be the large caps, particularly the fairly valued large caps in banking. IT too is likely to attract buying," VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said. Brent crude futures, the global oil benchmark, rose 2.11 per cent to USD 75.83 per barrel. In the domestic equity market, the 30-share BSE Sensex jumped 929.60 points to settle at an all-time high of 70,514.20. The 50-issue Nifty climbed 256.35 points to settle at a record of 21,182.70. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Thursday as they bought shares worth Rs 3,570.07 crore, according to exchange data.

Rupee recovers sharply by 10 paise as rate hike fears ease

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> rebounded from its lifetime lows to close 25 paise higher at 82.75 (provisional) against the US dollar on Thursday amid weakness in the greenback overseas. Fag-end buying in domestic equities also bolstered sentiment, forex traders said. However, rising crude oil prices in the international market capped the rupee's gain, they added. The local currency recovered on suspected RBI intervention after hitting a record low of 83.29 during the session. At the interbank forex market, the local unit opened weak at 83.05 against the greenback but later lost ground to quote at 83.29. It also touched an intra-day high of 82.72. The rupee pared all its losses to end at 82.75 (provisional), registering a gain of 25 paise over its previous close. In the previous session, the rupee had settled at an all-time low of 83 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.17 per cent to 112.79. Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 453.91 crore on Wednesday, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/vc-investments-in-india-soften-across-all-verticals-except-fintech-kpmg/articleshow/94988138.cms">VC investments in India soften across all verticals, except fintech: KPMG</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/construction-materials-startup-globalfair-raises-20-million-from-lightspeed-others/articleshow/94988399.cms">Construction materials startup GlobalFair raises $20 million from Lightspeed, others</a>

Rupee bounces back by 25 paise to close at 82.75 against US dollar

The <keyword id="6355302" type="ORGANIZATION" weightage="100" keywordseo="Rupee">rupee</keyword> has hit record hit at 68.855 against dollar. The <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) is intervening in the foreign exchange market. 
 
In the morning, rupee neared record low and was trading at 68.8350 per dollar, and now has surpassed its previous record low of 68.85 in August 2013. 
 The rupee has fallen this month by a rally in the dollar and outflows from emerging markets, as well as worries about the country's <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> drive. 
 
(Image: Reuters)

Rupee hits record low against US dollar

<keyword id="6355302" type="General" weightage="100" keywordseo="rupee" source="Orion">Rupee</keyword> opened on a muted note and fell to an all-time low of 83.72 against the US dollar on Thursday, dragged down by the strength of the American currency in the overseas market and significant foreign fund outflows. Forex traders said the fall in the domestic unit came on the heels of a significant downturn in the Indian equity markets, sparked by the government's decision to hike the <keyword id="22422932" type="General" weightage="20" keywordseo="tax-rate" source="keywords">tax rate</keyword> on <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">capital gains</keyword>. At the interbank foreign exchange market, the local unit was trading in a narrow range. It opened at an all-time low of 83.72 against the American currency, registering a fall of 1 paisa from its previous close. On Wednesday, the rupee depreciated 2 paise to hit its all-time closing low of 83.71 against the US dollar. The government's decision to hike the tax rate on capital gains dampened market sentiment, exerting immense pressure on the rupee and the equity market. "Post-budget day, the benchmark Indian equity indices, BSE Sensex and Nifty 50, dipped by approximately 0.3 per cent and 0.2 per cent, respectively, as foreign institutional investors withdrew a staggering USD 350 million from Indian stocks. "Adding to the turmoil, persistent high demand for dollars, driven by defence and oil payments, compounded the currency's woes," CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.21, lower by 0.17 per cent. Brent crude futures, the global oil benchmark, fell 0.75 per cent to USD 81.10 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 425.14 points, or 0.53 per cent lower at 79,723.74 points. The broader NSE Nifty was down 120.65 points, or 0.49 per cent, to 24,292.85 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 5,130.90 crore, according to exchange data.

Rupee slips to all-time low of 83.72 against US dollar; Fall sparked by tax rate hike on capital gains, per traders

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

The Indian <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> plunged to a 12-month low of 83.28 against the US dollar on Monday amid rising oil prices and uncertainty in global markets due to the ongoing Israel-Hamas war. The <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> has been intervening periodically to sell dollars in the market to prevent the rupee from going into a free fall, according to traders. The benchmark Brent crude was hovering at close to $91 a barrel after having jumped nearly 6 per cent on Friday. While Israel is poised to carry out its ground attack in Gaza, there are fears that the tensions may escalate into a wider geopolitical crisis with the US and Iran getting involved. This could lead to a disruption in the flow of oil from the Middle East region. The US has already moved two aircraft carriers into the Mediterranean Sea, while Iran has issued statements in support of Hamas while criticising Israel. Oil prices soared nearly 30 per cent in the three months to September, the biggest third-quarter gain in almost two decades. With rising crude oil prices in the international market pushing up the demand for dollars, the Indian rupee has slumped to record lows below 83 against the US greenback. India's current account deficit (CAD) jumped seven-fold to $9.2 billion in the April-June quarter compared to the corresponding figure of $1.3 billion in the preceding quarter, according to the latest RBI data released last week. The continuing surge in oil prices and slowing exports due to a decline in demand in global markets, which is expected to widen further, will bring the rupee under further pressure. CAD for April-June quarter of 2023-24 was 1.1 per cent of the GDP. According to Emkay Global Financial Services lead economist Madhavi Arora, the July-September quarter will see a "substantial widening of CAD" to 2.4 per cent of the GDP on account of higher oil prices, higher core imports and further slowing of services exports.

Rupee plunges to 12-month low against dollar

<ul><li>The rupee plummeted to the 72.65 mark today morning as banks and importers continue to buy dollars.</li><li>Continuing to fall against the dollar, the rupee is still appreciating most other currencies around the world. </li><li>The cause of concern lies in the fact that most of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s trade is conducted against the dollar and thus this is having an impact on its current account deficit.</li></ul>The rupee has been breaking records for a month now by <a href="https://in.investing.com/currencies/usd-inr">hitting new lows</a> against the dollar each week. Monday morning saw the rupee breach a new threshold hitting the 72.50 mark after opening at 72.10. That being said, in comparison to other <keyword id="116702" type="PERSON" weightage="20" keywordseo="emerging-economies">emerging economies</keyword>, the rupee’s fall hasn’t been all that sharp. It’s only in the comparisons against the Asian nations that the rupee has shown the most weakness, but that’s only because other countries like the Philippines or Indonesia don't even come close to having current account deficits similar to what India has. Will the rupee continue to fall? The <keyword id="6795323" type="UNKNOWN" weightage="20" keywordseo="turkish-lira-crisis">Turkish lira crisis</keyword> may be have been where the rupee hit its stride but it had already begun to fall when President <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword> initiated his <keyword id="182860" type="PERSON" weightage="20" keywordseo="trade-war">trade war</keyword> against China. In the latest developments, the United States has plans on engaging Japan as well while its ties with Canada are already volatile back home. All in all, trade tensions aren’t going to subside anytime soon putting the rupee under continuous pressure that will strain the economy. Even the United States sanctions on Iran will have a long bearing effect. The move has already led to an increase in the prices of crude oil that is being pushed even further by an increase in current demand for fear of future supply shortages. India has one of the largest demands for energy in the world. Crude oil is one of its largest imports. Put two and two together and it spells ominous things for the country’s current account deficit. Should you worry? Here’s the thing. All the factors that are causing the rupee to depreciate and be under pressure are global, not domestic. That means two things. One, India isn’t the only country that’s going through this. Every country around the world is facing depreciation against the dollar and policymakers need to strategise on how to intervene. Two, while imports maybe getting more expensive, the rupee’s depreciation is a boon of India’s high-elastic export sector which accounts for 20% of India’s GDP. Sure, there’s still some room for the rupee to depreciate further and it doesn’t look like the global trade climate is going to cool off any time, but India doesn’t have to start panicking quite yet.

Rupee hits another all-time low, but India need not worry yet

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> stepped into avert a sharp fall in the <keyword id="6355302" type="UNKNOWN" weightage="20" keywordseo="Rupee">rupee</keyword> on Thursday when the rupee hit ₹72 mark.</li><li>It’s being speculated that the apex institution sold off dollars in the forex market to stablise the situation. </li><li>The past one month has seen the rupee depreciate by 2%.</li></ul>The rupee breached an all-time low on Thursday, hitting the Rs72 mark but managed to revert after <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s <keyword id="6358156" type="ORGANIZATION" weightage="20" keywordseo="central-bank">central bank</keyword>, the Reserve Bank of India (RBI), intervened. It’s speculated that the RBI sold off dollars in the forex market to hedge against, what would likely have been, a sharp fall in the rupee. The rupee has been slipping since the initiation of the US-China trade war, the Turkish Lira crisis and the imposition of sanctions on Iran by the United States. Following suite, the market has been reacting ever since. Oil prices have surged, gold is probably the biggest gainer since its been seen as a safe haven commodity, essential commodities are becoming more expensive and Indian companies are starting to worry about their loans. Many leading economists have <a href="https://www.business-standard.com/article/economy-policy/experts-divided-on-reserve-bank-of-india-s-intervention-strategy-118090100866_1.html">criticised</a> the lack of intervention by the RBI as the rupee hit new lows, week-on-week. During this month alone, the rupee has exhibited a fall of 2% coupling to over 12% for this year so far. <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, the Finance Minister of India, <a href="https://economictimes.indiatimes.com/markets/forex/devaluation-of-rupee-not-attributable-to-domestic-factors-arun-jaitley/articleshow/65691762.cms">stated</a> that an intervention was not required since the movement of the rupee was predominantly due to global forces and it was only weakening against the dollar, while strengthening against others. While the government may seem okay with gradual <keyword id="6365592" type="DEFINITION" weightage="20" keywordseo="Depreciation">depreciation</keyword>, the uncertainty of investors is growing. One of the primary is reasons of concern that while the rupee hit an all-time low on Thursday, oil prices were actually falling instead of increasing. The falling rupee creates challenges for importers and sectors of the economy that rely heavily on imports like mobile manufacturing and other consumer goods. That being said, the rupee isn’t the only currency showing losses.

India’s central bank finally intervenes as the rupee reaches a new all-time low

As rupee lost nearly 10 paise and closed at 68.47 at over two-year low, there are chances that rupee may hit a record low at 70 to the dollar. 
Global investors are worried over market uncertainty and are pulling out funds. As per a poll by ET, the slump will further to a new low by the end of the year. 
 
The poll revealed that rupee would slip to 72 against the dollar by December. 
 The depreciation of rupee does not reflect the <keyword id="6356076" type="UNKNOWN" weightage="20" keywordseo="indian-economy">Indian economy</keyword> but paints a reality picture of global economy. 
 
The sliding rupee, as per experts, could also help exports that have fallen for 14 months in a row. 
 
Hitting to a new record low, rupee has been one of the worst-performing currencies in 2016. 
 
“Risk aversion has taken centre stage with lower oil and commodity prices since the beginning of this year. There have been outflows from emerging market equity and debt funds, mainly on the back of withdrawals from institutional investors. Personally, I expect the rupee to weaken to 69.25 by March," MS Gopikrishnan, head of FX, rates and credit trading at Standard Chartered Bank told ET. 
 
Where investors pulling out are concerned, the fear is over US going back into recession. 
 
India is still preferred among emerging markets by brokerages such as CLSA and Morgan Stanley. 
 "Rising bond yields are a concern for overseas investors, who now may be looking to exit domestic debt securities amid increased <keyword id="170327" type="UNKNOWN" weightage="20" keywordseo="Currency-market">currency market</keyword> volatility," Anindya Banerjee, associate vice-president for currency and interest rate derivatives at Kotak Securities told ET, adding "Some option trades are already signalling future fund outflows."

Rupee may depreciate to hit a record low at 70 to the dollar by the end of this year

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersA man displays the new 2000 Indian rupee banknotes after withdrawing them from State Bank of India in Agartala</div></div></div><ul class="summary-list"><li>India's central bank unexpectedly left rates unchanged Friday.</li><li>The <a href="https://markets.businessinsider.com/currencies/usd-inr">Indian rupee</a> fell to a record low following the announcement. </li><li>Watch the <a href="https://markets.businessinsider.com/currencies/usd-inr">Indian rupee</a> trade in real time here.</li></ul>India's central bank unexpectedly held rates steady at 6.5% on Friday sending the rupee to a record low. More than half of analysts surveyed by <a href="https://www.reuters.com/article/us-india-economy-rates/india-keeps-policy-rate-unchanged-rupee-tumbles-on-surprise-inaction-idUSKCN1MF1AA">Reuters</a> had forecast the Reserve Bank of India would raise its key interest rate. The <a href="https://markets.businessinsider.com/currencies/usd-inr">rupee</a> sank to an all time low of 74.1250 against the dollar following the policy announcement. The central bank revised language from "neutral" to "calibrated tightening" and lowered its inflation projection, having increased rates at two meetings since June. It kept its inflation target at 4% percent in the medium term and slightly lowered its forecast for next year.Kunal Kundu, an economist at Societe Generale, said a lower-than-expected print of headline inflation seemed to sway the decision. Consumer prices fell below 4% for the first time this year in August, the national statistics office said last month. "Nevertheless, lowering the official inflation projection while changing the policy stance to a tightening bias does not tie up," Kundu said. Analysts expect the central bank to raise rates one more time this year. Both the central bank have kept a close eye on the rupee, which is the worst-performing Asian currency of 2018.Last month, Finance Minister Arun Jaitley said the falling rupee must be dealt with "immediately" and announced a plan to <a href="https://markets.businessinsider.com/news/stocks/indian-rupee-nears-all-time-lows-even-as-government-scrambles-to-prop-it-up-2018-9-1027539984">lower the current account deficit</a>. The new measures include reducing imports, as well as relaxing rules for overseas borrowing and for banks to raise rupee-denominated overseas bonds.Also weighed down by a broader <a href="https://www.businessinsider.com/emerging-market-sell-off-could-spread-to-us-stocks-credit-morgan-stanley-2018-8?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">emerging-market sell-off,</a> the rupee has shed more than 15% in value this year. <div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://markets.businessinsider.com/currencies/usd-inr">Markets Insider</a></div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-caffeine-does-body-brain-2017-3">Here's what caffeine does to your body and brain</a></h3> <div> </div> </div>

Indian rupee sinks to record low after central bank unexpectedly holds rates

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> depreciated 6 paise to a record low of 83.06 against the US dollar in opening trade on Thursday due to a stronger greenback overseas and unrelenting foreign fund outflows. Besides, a sell-off in domestic equities and risk-averse sentiments weighed on the local unit, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at 83.05 against the dollar, then slipped further to quote 83.06, a fall of 6 paise over its previous close. The local currency also hit a high of 83.07 in early deals. In the previous session on Wednesday, the rupee plunged 60 paise to end at 83 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.07 per cent to 113.06. Brent crude futures, the global oil benchmark, slipped 0.17 per cent to USD 92.25 per barrel. In the domestic equity market, the 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 140.09 points or 0.24 per cent lower at 58,967.10. Similarly, the broader <keyword id="372424" type="General" weightage="80" keywordseo="nse-nifty" source="Orion">NSE Nifty</keyword> fell 43.95 points or 0.25 per cent to 17,468.30. Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 453.91 crore on Wednesday, according to exchange data. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/indian-students-going-abroad-to-face-a-triple-whammy-of-inflation-forex-and-interest-rates/articleshow/94974003.cms">Indian students going abroad to face a triple whammy of inflation, forex and interest rates</a> <a href="https://www.businessinsider.in/finance/news/moderating-fpi-outflows-suggest-qt-cycle-could-be-peaking-says-report/articleshow/94977381.cms">Moderating FPI outflows suggest QT cycle could be peaking says report</a> <a href="https://www.businessinsider.in/business/news/india-ranks-third-in-rise-of-centi-millionaires-those-with-830-cr-report/articleshow/94977816.cms">India ranks third in rise of centi-millionaires – those with ₹830 cr: Report</a>

You Searched For "rupee lows" and got 11 results

Rupee recovers sharply by 10 paise as rate hike fears ease

PTI

Rupee bounces back by 25 paise to close at 82.75 against US dollar

PTI

Rupee hits record low against US dollar

BI India Bureau

Rupee slips to all-time low of 83.72 against US dollar; Fall sparked by tax rate hike on capital gains, per traders

PTI

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

PTI

Rupee plunges to 12-month low against dollar

IANS

Rupee hits another all-time low, but India need not worry yet

Prabhjote Gill

India’s central bank finally intervenes as the rupee reaches a new all-time low

Prabhjote Gill

Rupee may depreciate to hit a record low at 70 to the dollar by the end of this year

BI India Bureau

Indian rupee sinks to record low after central bank unexpectedly holds rates

Gina Heeb

Rupee hits record low of 83.06 against US dollar

PTI

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