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(Eds: Updates with expert comments) Mumbai, May 4 () The rupee depreciated by 64 paise to settle at 75.73 against the US dollar on Monday due to fears of a renewed trade war between the US and China, snapping its four-day winning run. Heavy sell-off in domestic equities and a strengthening greenback overseas also weighed on the rupee. "The greenback surged following safe-haven buying as uncertainty increased after President Trump threatened to impose new tariffs on China," Sugandha Sachdeva, VP-Metals, Energy &amp; Currency Research, Religare Broking, said. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.27 per cent to 99.35 The selloff in domestic and global equities has led to selling pressure in the domestic currency at the beginning of the week, Sachdeva added. The rupee opened weak at 75.70 at the interbank forex market and dropped to a day's low of 75.80. The rupee finally ended at 75.73, down 64 paise over its last close of 75.09 on Thursday. Forex market was closed on Friday on account of Maharashtra Day. Sachdeva further said that "going ahead, the sentiments remain weak and fresh concerns that trade tensions could delay an economic recovery are likely to weigh on the local unit. The Indian rupee is likely to gyrate in the range of 75.20 and 76.60 in near term." "The US-China tension resurfaced with Trump's threat to retaliate and impose tariffs on China. Sentiments across the globe is weak after the US accused China over concealing severity of coronavirus outbreak to hoard medical supplies. This tension along with lockdown in India sent the rupee weakening further beyond 75.70," Jateen Trivedi, Senior Research Analyst (Commodity &amp; Currency) at LKP Securities, said. In India, the death toll due to COVID-19 rose to over 1,370 and the number of cases climbed to 42,530 as on Monday, according to the health ministry. In India, the coronavirus-induced lockdown has been extended beyond May 4, for another two weeks. Meanwhile, the number of cases around the world linked to the disease has crossed over 35.23 lakh and the death toll has topped 2.47 lakh. On the domestic front, market participants will be keeping an eye on inflation and industrial production number which will be released next week. Gaurang Somaiyaa, Forex &amp; Bullion Analyst, Motilal Oswal Financial Services, observed that the rupee (Spot) is expected to quote in the range of 75.20 and 76.05 due to safe-haven buying of the dollar after the US President threatened to impose new tariffs on China. Benchmark Sensex on Monday crashed nearly 6 per cent or over 2,000 points in line with massive selloffs on global bourses. The broader NSE Nifty suffered a heavy loss of 566.40 points, or 5.74 per cent, to settle at 9,293.50. Foreign institutional investors remained net buyers in the capital market, as they purchased equity shares worth Rs 1,968.80 crore on Thursday, according to provisional exchange data. Brent crude futures, the global oil benchmark, fell 2.42 per cent to USD 25.80 per barrel. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.1150 and for rupee/euro at 81.6170. The reference rate for rupee/British pound was fixed at 93.5923 and for rupee/100 Japanese yen at 70.48. DRR MRMR

Rupee plunges by 64 paise to 75.73 against dollar on trade concerns

Mumbai, May 8 () The rupee appreciated by 18 paise to settle at 75.54 against the US dollar on Friday, tracking higher domestic equities and weakness in the American currency.Forex traders said positive cues from domestic equities and significant foreign fund inflows supported the local unit.At the interbank foreign exchange, the rupee opened higher at 75.36 but pared some initial gains to close at 75.54 against the US dollar, registering a rise of 18 paise over its previous close.Forex market was closed on Thursday on account of Buddha Purnima.Foreign institutional investors were net buyers in the capital market, as they bought equity shares worth Rs 19,056.49 crore on Thursday, according to provisional exchange data.Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent down at 99.84. "Indian rupee opened on a strong note tracking overnight losses in the dollar index and gains in Asian currencies, buoyed by the positive trade dialogue between the US and China. However, the rupee retreated due to shaky sentiments in the market ahead of key jobs report from the US," said Sugandha Sachdeva, VP-Metals, Energy &amp; Currency Research, Religare Broking.Going ahead, the domestic currency will take further cues from the developments about the COVID-19 crisis, as well the key US data where expectations point towards staggering job losses of around 22 million, Sachdeva said. According to Gaurang Somaiyaa, Forex &amp; Bullion Analyst, Motilal Oswal Financial Services, "on the domestic front, the focus will be inflation and industrial production number that is expected to disappoint and thereby keep the currency under pressure. For the next couple of sessions, we expect the rupee (Spot) to quote in the range of 75.20 and 76.20." Traders said market participants are also awaiting the next round of stimulus from the government to cushion the economic damage inflicted by the COVID-19 crisis.Meanwhile, Brent crude futures rose 0.68 per cent to USD 29.66 per barrel. Traders further said investor sentiment remains fragile amid concerns over the impact of COVID-19 pandemic on the domestic as well as the global economy.In India, the death toll due to COVID-19 rose to 1,886 and the number of cases climbed to 56,342 on Friday, according to the health ministry.The number of cases around the world linked to the disease has crossed over 38.62 lakh and the death toll has topped 2.69 lakh.The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.6911 and for rupee/euro at 81.9765. The reference rate for rupee/British pound was fixed at 94.0967 and for rupee/100 Japanese yen at 71.16. DRR MR

Rupee rises by 18 paise to end at 75.54 against US dollar

(Eds: Updates with expert comment) Mumbai, May 12 () The rupee on Tuesday rebounded by 22 paise to close at 75.51 against the US currency on hopes of stimulus measures by the government and a weak dollar in the global markets as countries started to open up their economies. Foreign fund inflows and a spirited recovery in domestic stocks also supported the rupee, forex dealers said. The rupee opened lower at 75.89 at the interbank foreign exchange market and moved between 75.49 and 75.95 in the day trade. The currency finally settled at 75.51 against the US dollar, registering a rise of 22 paise over its previous close of 75.73. "Rupee traded strong as expectation of an announcement of stimulus package after news of Prime Minister Narendra Modi to address the nation later at 8 pm supported sentiments," Jateen Trivedi, Senior Research Analyst (Commodity &amp; Currency) at LKP Securities commented. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent lower at 100.11. Spain, Italy and France -- which are among the worst-hit countries by coronavirus -- are gradually reopening their businesses encouraged by slowing COVID-19 death and infection rates. However, the Chinese city of Wuhan reported six new infections in two days and South Korea announced its biggest spike in new cases for more than a month, raising fears of the second wave of infection. "There was some pressure building up on the rupee in early morning trades, as concerns about the second wave of virus infections deterred risk appetite and the dollar index firmed. "However, once the dollar index gave up gains and Asian currencies came off lows, the rupee was also off its opening lows of 75.95," said Sugandha Sachdeva, VP-Metals, Energy &amp; Currency Research, Religare Broking. Sachdeva further said that the rupee further stood its ground on exporters' dollar sales, as well as likely RBI intervention. "Going forward, an effective fiscal stimulus package will help the rupee appreciate towards 74.80 levels in the near-term. Even though risks of the virus persist and losses in equities continue to weigh, the rupee looks to remain supported by the level of 76.60 mark at this stage," Sachdeva said. In India, the death toll due to COVID-19 rose to 2,293 and the number of cases climbed to 70,756 in the country on Tuesday, according to the Health Ministry. Meanwhile, the number of cases around the world linked to the disease has crossed over 41.94 lakh and the death toll has topped 2.86 lakh. Traders said forex markets eye inflation, industrial production data and Prime Minister Narendra Modi's announcement about reopening of the economy. Prime Minister Narendra Modi was scheduled to address the nation at 2000hrs on Tuesday, a day after he interacted with chief ministers on ways to deal with the spread of coronavirus and also boost economic activity. "The tug of war between weaker economic data and foreign fund inflows continues in the market. Liquidity is winning the battle for now," said Devarsh Vakil, Head Advisory, HDFC Securities. According to Gaurang Somaiyaa, Forex &amp; Bullion Analyst, Motilal Oswal Financial Services weaker-than-expected IIP data could keep the rupee gains in check. "For the next couple of sessions we expect the rupee (Spot) to quote in the range of 75.20 and 76.20," he said. After plunging over 716 points during the day, the 30-share BSE Sensex staged a late recovery to pare losses but still settled 190.10 points or 0.60 per cent lower at 31,371.12. Similarly, the NSE Nifty declined 42.65 points, or 0.46 per cent, to 9,196.55. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.6838 and for rupee/euro at 82.0549. The reference rate for rupee/British pound was fixed at 93.9867 and for rupee/100 Japanese yen at 70.78. DRR MRMR

Rupee rebounds 22p to 75.51 against dollar on stimulus hopes

(Eds: Adds comments) Mumbai, Apr 7 () The rupee on Tuesday surged by 49 paise to close at 75.64 against the US dollar, following a rally in stock markets. At the interbank foreign exchange, the rupee opened at 75.92 and gained further ground to touch the day's high of 75.60. The Indian unit finally settled at 75.64, registering a rise of 49 paise over its previous close. The Reserve Bank of India (RBI) has reduced the timing of market hours for call money market, government securities market, currency market from April 7 to April 17 (from 10 am to 2 pm) following the unprecedented situation that has emerged due to the spread of coronavirus. The forex market was closed on Monday on account of Mahavir Jayanti. Traders said investor sentiments remain fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy. The number of deaths around the world linked to the new coronavirus has crossed over 74,000. In India, over 4,400 coronavirus cases have been reported so far. Meanwhile, domestic stocks rallied on Tuesday with benchmark index Sensex going past the key 30,000-level. The 30-share index surged over 2,476 points, the biggest single-day gains in absolute terms, amid a broad-based rally in global equities. Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth Rs 1,960.97 crore on Friday, according to provisional exchange data. Brent crude futures, the global oil benchmark, rose 1.54 per cent to USD 33.56 per barrel. Meanwhile, the dollar index, which gauges the greenback's strength against the basket of six currencies was trading 0.56 per cent down at 100.12. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.8276 and for rupee/euro at 82.2168. The reference rate for rupee/British pound was fixed at 93.8816 and for rupee/100 Japanese yen at 70.27. "Recent appreciation seems like a short-term breather for the rupee, considering a rebound in global and local equities has calmed investors' nerves a bit. However, the bias still remains downwards, considering weak sentiments and that the impact of the virus will be felt in the coming quarters," said Sugandha Sachdeva, VP-Metals, Energy &amp; Currency Research, Religare Broking. Sachdeva further said "for now, the rupee bulls can contend with the fact that the unit hasn't breached the crucial level of 76.25. Broadly, the rupee is likely to trade in the 75.40-76.25 band in the near term. If 76.25 mark is breached, rupee looks poised to depreciate towards 77.50 eventually." "For time being we can see time and price correction looking at the risk-on mood back after the number of cases is lowering and medical treatment successful. Many equity indices have jumped 5-10 per cent in just a couple of days," said Devarsh Vakil, Head - Advisory (PCG), HDFC Securities said. Vakil further said, "At domestic front, we may see MSCI rebalancing related flow in coming days which could support the rupee". DRR MRMRMR

Rupee surges 49 paise to end at 75.64 against dollar amid stocks rally

Mumbai, May 19 () The rupee appreciated by 25 paise to settle at 75.66 against the US dollar on Tuesday as reports of initial success in COVID-19 vaccine trials boosted investor sentiment world over. Forex traders said besides the encouraging results in a COVID-19 vaccine trial, gains in domestic equities and a weak greenback in the overseas market supported the local unit. At the interbank foreign exchange, the rupee opened higher at 75.71 against the previous close of 75.91. The unit gained further ground to settle at 75.66 against the American currency, registering a rise of 25 paise. During the trading session, the domestic unit saw an intra-day high of 75.63 and a low of 75.79 against the greenback. In a significant development towards developing a vaccine for the coronavirus, an American biotechnology company on Monday said its initial vaccine tests in people have shown promising results and can stimulate an immune response against the virus. Globally, over 48.05 lakh people have been infected by the virus and over 3.18 lakh have died. In India, the death toll due to COVID-19 rose to 3,163 and the number of cases climbed to over 1.01 lakh, according to the health ministry. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.16 per cent down at 99.50. Forex traders further noted that the appreciation in the rupee might be a temporary phenomenon as domestic concerns surrounding the coronavirus can weigh on the local unit going forward. "Today's rise could be a temporary phenomenon for the rupee, especially since global and domestic equities have reacted positively to the potential virus vaccine. However, the rupee's risk of depreciation still remains, as domestic concerns surrounding the virus will take the forefront," said Sugandha Sachdeva, VP-Metals, Energy &amp; Currency Research, Religare Broking. Sachdeva further said that "COVID-19 cases in India have risen exponentially, and fiscal deficit concerns surrounding the stimulus package will weigh on the appetite going forward". According to Gaurang Somaiyaa, Forex &amp; Bullion Analyst, Motilal Oswal Financial Services, market participants will be keeping an eye on housing numbers and Fed Chairman testimony to gauge a view for the dollar. "For the next couple of sessions we expect the rupee (Spot) to quote in the range of 75.20 and 76.20," he suggested. Meanwhile, foreign institutional investors were net sellers in the capital market, as they offloaded equity shares worth Rs 2,512.82 crore on Monday, according to provisional exchange data. Brent crude futures, the global oil benchmark, fell 0.37 per cent to USD 34.68 per barrel. Benchmark equity indices broke the three-session losing streak on Tuesday, tracking enthusiasm in global markets over a potential COVID-19 vaccine. After rallying over 700 points in a volatile session, the 30-share BSE Sensex finished 167.19 points or 0.56 per cent higher at 30,196.17. The NSE Nifty advanced 55.85 points or 0.63 per cent to end at 8,879.10. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.9345 and for rupee/euro at 82.1910. The reference rate for rupee/British pound was fixed at 91.9542 and for rupee/100 Japanese yen at 70.84. DRR MR MR

Rupee gains 25 paise to 75.66 against dollar on optimism over COVID-19 vaccine

Mumbai, Mar 19 () The Indian rupee plunged 70 paise to 74.96 against US dollar in early trade on Thursday as investors fretted over the sharp rise in coronavirus cases in the country and its impact on the economy. According to Health Ministry, coronavirus cases in India has touched 169. Traders said there is a sense of anxiety among investors as they see the global as well as domestic economy plunging into a deep crisis due to coronavirus (Covid-19) pandemic that has killed nearly 9,000 and sickened lakhs of people around the globe. The steep decline in domestic equities and sustained foreign fund outflows further dampened the sentiment, they said. The rupee opened on a weak note at 74.96 at the interbank forex market, down 70 paise over its last close. The local unit had settled at 74.26 against the US dollar on Wednesday. "The local unit has a crucial support around 74.50 levels and any break past that will further weaken the rupee. The larger trend continues to be weak for the domestic currency, given the economic blow from the coronavirus outbreak," said Sugandha Sachdeva VP-Metals, Energy &amp; Currency Research, Religare Broking. Foreign investors remained net sellers in Indian capital markets as they pulled out more than Rs 5,085.35 crore on Wednesday, market data showed. Domestic bourses opened on a negative note on Thursday with benchmark indices Sensex trading 1,944.02 points down at 26,925.49 and Nifty fell 498.25 points to 8,468.80. Brent crude futures, the global oil benchmark, rose 1.73 per cent to USD 25.31 per barrel. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.22 per cent to 101.37. The 10-year government bond yield was at 6.37 per cent in morning trade. DRRDRR

Rupee plunges 70 paise to 74.96 against US dollar in early trade

Mumbai, Apr 22 () The rupee on Wednesday recovered from record low levels to settle higher by 15 paise at 76.68 (provisional) against the US dollar following gains in domestic stocks and some weakness in the greenback against global currencies.The rupee opened weak at 76.86 at the interbank forex market and then fell further to an all-time low of 76.88 during the day.Later, the domestic unit recovered the lost ground in line with surging stock markets and finally settled at 76.68, higher by 15 paise over its last close of 76.83 against the US dollar.Indian stocks were trading higher while the US dollar losing some ground against the euro and the pound in European trade strengthened the rupee.Brent crude dropped 8 per cent to USD 17.78 per barrel while oil for Indian basket also eased by 0.68 per cent to USD 20.42 per barrel in early trade which supported the local currency."USD/INR spot breached fresh record high of 76.90, however, it didn't sustain and fell on dollar selling ahead of the Facebook and Reliance deal. Facebook plans to invest nearly USD 5.7 billion, the money will hit forex market in tranches either end of this month or sometime next month," Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services said.Gupta, however, noted that global market is still risk averse amid the coronavirus pandemic. "This gloominess regarding the deep economic downturn may weigh on Indian rupee, thus, unless 76.50 and 76 doesn't break on immediate basis we expect USD/INR spot to trade towards 77 and beyond levels." The number of cases around the world linked to the new coronavirus has crossed over 25.51 lakh. In India, nearly 20,000 coronavirus cases have been reported so far."If coronavirus cases continue to increase on the global and local front then we can expect spot to breach 77.50 and then 78 level," Gupta said.On the domestic equity market front, the 30-share index ended 742.84 points or 2.42 per cent higher at 31,379.55. The wider NSE Nifty surged 205.85 points, or 2.29 per cent, to finish at 9,187.30."The rebound in domestic equities and dollar selling by banks on behalf of the central bank supported the rupee to erase opening losses. Facebook's USD 5.7 billion investment into Reliance Jio also enthused rupee bulls," said Devarsh Vakil, Head Advisory, HDFC Securities.Vakil added that "sharp fall in crude oil supported local currency. Near term focus will be on government announcements to bolster the economy and COVID-19 related developments"."Indian Rupee looks to remain under pressure amid the economic distress caused by the coronavirus outbreak and significant outflows from the domestic equities. As of now renewed strength in dollar index is further weighing on the local unit," said Sugandha Sachdeva, VP-Metals, Energy &amp; Currency Research, Religare Broking."In spite of the historical collapse in crude oil prices, rupee could not benefit and has still continued on the downwards trajectory. In the current landscape, once we see a break past 77 mark, the level of 77.50 looks quite likely on the cards," Sachdeva added.Foreign institutional investors (FIIs) were net sellers in the capital markets, as they sold shares worth Rs 2,095.23 crore on Tuesday, as per provisional data.The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 76.6516 and for rupee/euro at 83.0878. The reference rate for rupee/British pound was fixed at 95.1354 and for rupee/100 Japanese yen at 71.31.The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.19 per cent to 100.06. DRR MR

Rupee recovers from record low to end at 76.68 against US dollar

(Eds: Adds expert comments) Mumbai, May 6 () The rupee depreciated 9 paise to close at 75.72 against the US dollar on Wednesday due to growth concerns as a survey showed that the services sector contracted in April. Weakness in Asian currencies following Chinese yuan dropping by 0.6 per cent against the US dollar and sustained foreign fund outflows also weighed on the rupee. Inflation concerns following the Centre and some states increased taxes on petroleum products also hit investor sentiment. The IHS Markit India Services Business Activity Index stood at 5.4 in April, a steep decline from 49.3 in March, and indicative of the most severe contraction in services output since records began in December 2005. The Composite PMI Output Index, which measures combined services and manufacturing output, sank to 7.2 in April from 50.6 in March. "The rupee came under pressure as sentiments took a beating post government's move of increasing a special tax on petrol and diesel to fill the fiscal gap," said Devarsh Vakil, Head Advisory, HDFC Securities. "India's composite and services PMI nosedived in April. This confirms that the GDP is set to contract significantly in the current quarter and could be the deepest plunge in output in decades," Vakil said. The rupee opened weak at 75.77 at the interbank forex market but pared some losses to settle at 75.72, down 9 paise over its last close. It had settled at 75.63 against the US dollar on Tuesday. "The risk tone has been tepid and will remain like that on renewed US-China spat. The trade war can reignite going ahead and prop up the safe-haven dollar demand. "Also, coronavirus cases are increasing, stoking fears of the second wave of infection. Locally, there are concerns over macros, due to the extension in lockdown, India's GDP is expected to fall near 1 per cent. While the market is eagerly waiting for more stimulus measures from the government," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services. The death toll due to COVID-19 rose to 1,694 and the number of cases climbed to 49,391 in India on Wednesday, according to the health ministry. Foreign institutional investors remained net sellers in the capital market, as they sold equity shares worth Rs 1,059.39 crore on Tuesday, according to provisional exchange data. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.40 per cent to 100.10. Forex traders said the depreciation in the rupee was owing to weak Asian currencies which fell amid weaker Chinese yuan. The Chinese yuan fell by 0.6 per cent after the currency resume trade after a long holiday. The US threats to impose tariffs in retaliation over the coronavirus outbreak weighed on the sentiment. "Sentiments have also taken a beating amid weak PMI manufacturing numbers, underscoring the impact of coronavirus on the economy, where the overall trend in rupee looks skewed on the downside. The IIP numbers ahead are expected to be weak and are going to further worsen the rupee dollar equation," said Sugandha Sachdeva, VP-Metals, Energy &amp; Currency Research, Religare Broking. Sachdeva further said that "reopening of various economies in a phased manner has boosted risk appetite to some extent and is underpinning the rupee, where 77 mark is guarding it against further depreciation". On the domestic equity market front, the 30-share index closed 232.24 points or 0.74 per cent higher at 31,685.75, while the NSE Nifty rose 65.30 points, or 0.71 per cent, to finish at 9,270.90. International oil benchmark Brent crude futures were trading 1.61 per cent higher at USD 31.47 per barrel. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.5715 and for rupee/euro at 82.4626. The reference rate for rupee/British pound was fixed at 94.2170 and for rupee/100 Japanese yen at 70.84. DRR MRMR

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