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Mumbai: The <keyword id="20045514" type="General" weightage="20" keywordseo="Indian-rupee" source="keywords">Indian rupee</keyword> pared its initial gains and turned flat at 83.87 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Tuesday, as positive domestic equity markets and a weak American currency was negated by the outflow of foreign capital. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> said softening <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> supported the local unit and prevented its fall. At the interbank foreign exchange, the <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">rupee</keyword> opened at 83.86 against the greenback, inched up to 83.84 before trading again at its previous session's closing level of 83.87 against the dollar. On Monday, the rupee settled 8 paise higher at 83.87 against the American currency. Over the past holiday-shortened week, the rupee showed minimal fluctuation and narrowly steered clear of the critical of 84-mark. Investors are expected to remain cautious ahead of PMI data from the US and Federal Reserve Chair Jerome Powell's speech at Jackson Hole Symposium for any cues on rate cuts by the central bank. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.10 per cent to 101.82. Brent crude, the global oil benchmark, declined 0.68 per cent to USD 77.13 per barrel. On the domestic equity market front, <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords" meta.keywordsubtype="org" meta.entityname="Sensex" meta.hostid="261" meta.entityid="Sensex">Sensex</keyword> advanced 188.93 points, or 0.23 per cent, to 80,613.61 points. The <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords" meta.keywordsubtype="org" meta.entityname="Nifty" meta.hostid="261" meta.entityid="Nifty">Nifty</keyword> rose 60.15 points, or 0.24 per cent, to 24,632.80 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Monday, offloading shares worth Rs 2,667.46 crore, according to exchange data.

Rupee turns flat at 83.87 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">rupee</keyword> inched up 1 paisa to 83.43 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Thursday on the back of a weak American currency and positive domestic equity markets. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> said an upward movement in the crude oil prices resisted a sharp rise in the Indian currency even as investors moved cautiously ahead of the RBI's monetary policy decision to be announced on Friday. At the interbank foreign exchange market, the local unit opened at 83.40 and slipped to 83.43 against the greenback, trading 1 paisa higher from its previous close. On Wednesday, the domestic currency settled 7 paise higher at 83.44 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent lower at 104.06. Analysts attributed the weakness in the dollar index to a sharp fall in US Treasury yields after the latest data showed private sector job growth in May was slower than estimated, raising expectations of an <keyword id="20071379" type="General" weightage="20" keywordseo="interest-rate-cut" source="keywords">interest rate cut</keyword> by the US Federal Reserve. They said that market participants are expected to take further cues from the weekly US jobs data to be released later in the day. Also, they said the decision of RBI's rate-setting panel to impact investors' sentiment. The Monetary Policy Committee (MPC) of RBI on Wednesday started its three-day deliberations to decide the next monetary policy. Reserve Bank Governor Shaktikanta Das will announce the decisions on Friday. "The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> is set to keep its repo rate at 6.5 per cent at its June 7 review. Policy is turning more restrictive as cooling inflation pushes up real rates, hurting growth," said Amit Goel, Co-Founder &amp; Chief Global Strategist, Pace 360. He further said the RBI's record dividend payment of Rs 2.1 lakh crore to the government for FY24 may alleviate concerns about the growth outlook. Brent crude futures, the global oil benchmark, advanced 0.38 per cent to <keyword id="54123" type="General" weightage="20" keywordseo="USD" source="Orion">USD</keyword> 78.71 per barrel. On the domestic equity market, the 30-share BSE Sensex climbed 303.91 points or 0.41 per cent to 74,686.15 in early trade. The NSE Nifty went up 70.25 points or 0.31 per cent to 22,690.60. Foreign investors were net sellers of Indian equities on Wednesday as they offloaded shares worth Rs 5,656.26 crore on a net basis. FIIs bought shares worth Rs 21,012.72 crore and sold equities worth Rs 26,668.98 crore in the cash segment. India's service sector growth eased to a five-month low in May amid fierce competition, price pressures and a severe heatwave, even as new orders from international markets expanded at the steepest pace in a decade, according to a monthly survey released on Wednesday. The seasonally adjusted HSBC India Services Business Activity Index fell to 60.2 in May from 60.8 a month earlier, its lowest mark since last December.

Rupee rises 1 paisa to 83.43 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> pared its initial gains and settled for the day lower by 4 paise at 83.14 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Monday, mirroring the benchmark indices that erased their gains and ended the day off their record-high levels. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders said the rupee settled in a narrow range as the weakness of the American currency in the overseas market supported the rupee, while elevated <keyword id="19942492" type="General" weightage="20" keywordseo="crude-oil" source="keywords">crude oil</keyword> prices in the international market restricted the upmove. At the interbank foreign exchange, the local unit opened at 83.08, then touched an intra-day high of 83.05 but soon pared the gains and settled for the day lower by 4 paise at 83.14 (provisional) against the American currency. On Friday, the rupee rallied for the fourth consecutive trading session and settled with a sharp gain of 19 paise at 83.10 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.67, lower by 0.05 per cent. Brent crude futures, the global oil benchmark, advanced 0.47 per cent to USD 82.51 per barrel. "We expect the rupee to trade with a positive bias on positive domestic equities and expectations of fresh foreign inflows. However, a strong US dollar and a recovery in crude oil prices may cap sharp upside," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas said. US markets will remain closed on Monday on Memorial Day holiday. Investors may remain cautious ahead of core PCE price index data later this week. USD-INR spot price is expected to trade in a range of Rs 82.80 to Rs 83.30, Choudhary added. On the domestic macroeconomic front, India's forex reserves jumped USD 4.549 billion to a new all-time high of USD 648.7 billion for the week ended May 17, the Reserve Bank said on Friday. This is the third consecutive week of increase in the overall kitty, which had increased by USD 2.561 billion to USD 644.151 billion in the previous reporting week ended May 17. On the domestic equity market, the 30-share BSE Sensex declined 19.89 points, or 0.03 per cent, to close at 75,390.50 points. The broader NSE Nifty settled 24.65 points or 0.11 per cent lower at 22,932.45 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 944.83 crore, according to exchange data.

Rupee falls 4 paise to close at 83.14 against US dollar

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> appreciated 6 paise to close at 83.31 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Tuesday following a weak greenback against major currencies overseas and softening <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> in international markets. However, a sluggish trend in the domestic equity markets restricted the sharp upside in the local currency, forex traders said. At the interbank <keyword id="136565" type="General" weightage="20" keywordseo="foreign-exchange-market" source="Orion">foreign exchange market</keyword>, the local unit opened strong at 83.32 and touched an intraday high of 83.26 and a low of 83.36. The domestic unit finally settled at 83.31 (provisional), a gain of 6 paise from its previous close. On Friday, the rupee had settled at 83.37 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword>. The <keyword id="21021209" type="General" weightage="20" keywordseo="forex-market" source="keywords">forex market</keyword> was closed on Monday on account of general elections. "A decline in <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> prices and fresh foreign inflows also supported the rupee. US Dollar softened on rate cut expectations by Fed but hawkish comments by Fed officials supported the US dollar at lower levels," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said. On the domestic equity market front, the 30-share BSE Sensex fell 52.63 points or 0.07 per cent to settle at 73,953.31, while the broader NSE Nifty rose 27.05 points or 0.12 per cent to 22,529.05. "The rupee traded positively. This strength is attributed to predictions of the current government winning the general election, leading to increased stability. "Additionally, Domestic Institutional Investors (DIIs) have been actively buying into capital markets. Soft crude prices and a stable dollar index also supported the rupee. The expected range for the rupee in the upcoming sessions is between 83.00 and 83.50," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Saturday, as they sold shares worth Rs 92.95 crore, according to exchange data. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 104.38. Brent crude futures, the global oil benchmark, declined 0.97 per cent to USD 82.90 per barrel.

Rupee rises 6 paise against US dollar as crude oil prices ease

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> rallied for the fourth consecutive trading session on Friday and appreciated by 18 paise to settle at 83.11 (provisional) against the <keyword id="6368584" type="General" weightage="20" keywordseo="US-dollar" source="Orion">US dollar</keyword> on fresh foreign fund inflows and suspected intervention by the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders attributed the rally to Rs 2.11 lakh crore record dividend by the RBI to the government for the fiscal ended March 31. It was more than double the budgeted expectation, helping shore up revenue ahead of a new government taking office. At the interbank <keyword id="6368276" type="General" weightage="20" keywordseo="foreign-exchange" source="Orion">foreign exchange</keyword>, the domestic unit opened at 83.26 and moved in the range of 83.03 and 83.26 against the greenback during the session. The local unit finally settled at 83.11 (provisional) against the <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword>, registering a rise of 18 paise from its previous close. In the last four trading sessions the local unit has added 39 paise against the American currency. The forex market was closed on Thursday on account of 'Buddha Purnima'. On Wednesday, the rupee appreciated by 2 paise to settle at 83.29 against the US dollar. "The <keyword id="91748" type="General" weightage="20" keywordseo="indian-rupee" source="Orion">Indian rupee</keyword> gained on suspected intervention by the Reserve Bank of India (RBI). The RBI's Rs 2.11 lakh crore dividend to the government also boosted market sentiments. "Fresh FII inflows and a decline in crude oil prices also supported the rupee. The US dollar strengthened as markets trimmed rate cut bets amid hawkish US data and hawkish Federal Open Market Committee (FOMC) meeting minutes," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.22 per cent to 104.88. Brent crude futures, the global oil benchmark, slipped 0.70 per cent to USD 80.79 per barrel. "We expect the rupee to trade with a positive bias on positive domestic equities and overall weakness in crude oil prices. However, weak global markets and strong dollar on hawkish US data may cap sharp gains," Choudhary said. Traders may take cues from durable goods orders and revised consumer sentiment data from the US. USD-INR spot price is expected to trade in a range of Rs 82.80 to Rs 83.30, Choudhary added. On the domestic equity market front, benchmark equity indices scaled new peaks in intra-day trade before ending flat. The 30-share Sensex declined 7.65 points, or 0.01 per cent, to settle at 75,410.39 points, and Nifty fell 10.55 points, or 0.05 per cent, to close at 22,957.10 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 4,670.95 crore, according to exchange data.

Rupee jumps 18 paise to close at 83.11 against US dollar

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> stayed range-bound and settled 4 paise lower at 83.50 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Thursday, weighed down by unabated foreign fund outflows amid investors' weak appetite for riskier assets. However, a firm trend in domestic equities supported the local unit and restricted its losses, <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">forex traders</keyword> said. The rupee remains under pressure due to ongoing elections and foreign fund outflows, and the same shall subside once the results are out, they added. At the interbank foreign exchange market, the local unit traded in a narrow range. It opened at 83.45 and touched an intraday high of 83.44 and a low of 83.50. The domestic unit finally settled for the day at 83.50 (provisional), down 4 paise from its previous close. On Wednesday, the rupee had settled at 83.46 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.40, higher by 0.06 per cent. Brent crude futures, the global oil benchmark, fell 0.33 per cent to USD 82.48 per barrel. Oil price has corrected substantially following a surge to USD 93 per barrel and is currently hovering around USD 82 per barrel. This decline in oil prices is set to have a beneficial effect on India's trade balance, especially considering that petroleum products make up 25 per cent of its total import spending, according to experts. The reduced oil prices are anticipated to ease the strain on the trade deficit, providing a more positive outlook for the rupee. On the domestic equity market, the 30-share <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords">BSE Sensex</keyword> advanced 676.69 points, or 0.93 per cent, to close at 73,663.72 points. The broader <keyword id="19950205" type="General" weightage="20" keywordseo="NSE-Nifty" source="keywords">NSE Nifty</keyword> settled 203.30 points or 0.92 per cent higher at 22,403.85 points. <keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 2,832.83 crore, according to exchange data.

Rupee settles 4 paise lower at 83.50 against US dollar

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and settled for the day lower by 1 paisa at 83.96 (provisional) against US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Thursday, after the Reserve Bank expectedly kept the benchmark interest rate and stance unchanged for the ninth straight policy meeting. Forex traders said weak domestic markets, surge in crude oil prices and foreign fund outflows weighed on the rupee. However, a decline in the US Dollar index prevented the local unit from declining sharply. At the interbank foreign exchange market, the local unit opened at 83.94 and touched an intraday low of 83.97 and a high of 83.93 against the dollar during the session. It finally settled at 83.96 (provisional) against the American currency, down 1 paisa from its previous close. On Wednesday, the rupee consolidated in a narrow range and settled for the day lower by 3 paise at 83.95 against US dollar. The local unit had slumped 37 paise to settle at an all-time low of 84.09 against the US dollar on Monday. "We expect the rupee to trade with a negative bias on selling pressure from foreign investors and weak domestic markets. Ongoing geopolitical tensions in the Middle East may also pressurise the rupee," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. However, weak US dollar may support the rupee at lower levels. Any intervention by <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> may also support the rupee. "Traders may take cues from weekly unemployment claims data from the US. USDINR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20," Choudhary said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 103.07 points. <keyword id="20025497" type="General" weightage="20" keywordseo="Brent-crude" source="keywords">Brent crude</keyword>, the global oil benchmark, was trading 0.78 per cent lower at USD 77.72 per barrel in futures trade. On the macroeconomic front, the Monetary Policy Committee (MPC) of the Reserve Bank kept the benchmark repurchase or repo rate unchanged at 6.50 per cent. Announcing the bi-monthly monetary policy review RBI Governor Shaktikanta Das said Indian rupee remained largely range-bound so far this financial year. The panel also decided to retain a policy stance at "withdrawal of accommodation" to aid MPC's focus on bringing inflation towards its 4 per cent target. The status quo by RBI comes amid varied central bank action in advanced economies. While the Bank of England reduced interest rates last week, the Bank of Japan hiked rates to their highest levels since 2008. Also, fears of a US recession have risen on the back of weak employment numbers, piling up pressure on the Federal Reserve to start cutting rates to support the economy. In the domestic equity market, the 30-share BSE Sensex fell 581.79 points, or 0.73 per cent, to close at 78,886.22 points, while the Nifty declined 180.50 points, or 0.74 per cent, to 24,117.00 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 3,314.76 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Rupee falls 1 paisa to close at 83.96 against US dollar

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

Mumbai: The Indian <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> turned flat at 83.94 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Friday amid concerns over elevated crude oil prices and the outflow of foreign capital from domestic <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword>. However, a positive sentiment in the domestic as well as global equity markets and a weak American currency supported the rupee, <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">forex</keyword> traders said. At the interbank foreign exchange, the rupee opened at 83.93 and slipped further to trade at its previous session's closing level of 83.94 against the greenback. On Wednesday, the rupee settled 3 paise higher at 83.94 against the US dollar. The forex markets were closed on Thursday on account of the Independence Day. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower by 0.01 per cent at 102.80. Brent crude, the global oil benchmark, declined 0.25 per cent to USD 80.84 per barrel. On the domestic equity market front, Sensex surged 811.34 points, or 1.03 per cent, to 79,917.22 points. The broader Nifty also climbed 246.20 points, or 1.02 per cent, to 24,389.95 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 2,595.27 crore, according to exchange data. On the domestic macroeconomic front, <keyword id="20196568" type="General" weightage="20" keywordseo="wholesale-inflation" source="keywords">wholesale inflation</keyword> fell to a 3-month low of 2.04 per cent in July on the decline in prices of food items, especially vegetables, government data released on Wednesday showed. The latest government data released on Wednesday showed India's exports contracted 1.2 per cent to USD 33.98 billion in July, while the trade deficit widened to USD 23.5 billion.

Rupee turns flat at 83.94 against US dollar in early trade

Mumbai: <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">Rupee</keyword> <keyword id="19900989" type="General" weightage="20" keywordseo="trade" source="keywords">trade</keyword>d in a narrow range in morning trade on Wednesday, as the support from positive domestic equities was negated by strengthening of the American currency in the overseas <keyword id="19913381" type="General" weightage="20" keywordseo="market" source="keywords">market</keyword>. At the interbank foreign exchange market, the local unit opened at 83.86 but soon pared the gains to trade at 83.92, unchanged from its previous close. On Tuesday, the rupee recovered from its all-time low level and settled for the day 17 paise higher at 83.92 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword>. The local unit had slumped 37 paise to settle at an all-time low of 84.09 against the US dollar on Monday. Forex traders said risk aversion in the global markets, escalation of geopolitical tensions in the Middle East and outflows by foreign investors further dented investor sentiments. " Indian rupee is expected to open at 83.91 after a fall to 83.96 on Tuesday with dollar demand gaining traction but <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> selling dollars to keep rupee within 84 levels," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. For the day the rupee looks to be in a range of 83.85 to 84.05 but all depending on the Reserve Bank, as to where it wants the rupee to be in the coming days, Bhansali added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.28 per cent to 103.26 points. Brent crude, the global oil benchmark, rose 0.20 per cent at USD 76.63 per barrel in futures trade. "Brent oil prices dipped to USD 76.54 per barrel as mixed reading on inventories and demand concerns over slowing economic growth and weak demand kept prices under pressure," Bhansali said. In the domestic equity market, the 30-share BSE Sensex gained 642.04 points, or 0.82 per cent, to 79,235.11 points, while the Nifty increased by 233.75 points, or 0.97 per cent, to 24,226.30 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 3,531.24 crore, according to exchange data. Meanwhile, the Reserve Bank's rate-setting panel started its three-day deliberations for the next set of bi-monthly monetary policy on Tuesday amid expectations of no change in benchmark interest rate in view of concerns on inflation and economic growth remaining steady. The decision of the RBI Governor Shaktikanta Das-headed six-member Monetary Policy Committee (MPC) will be announced on Thursday.

Rupee trades in narrow range against US dollar in early trade

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> turned flat at 83.73 against the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword> <keyword id="20256153" type="General" weightage="20" keywordseo="currency" source="keywords">currency</keyword> on Friday amid weak equity markets and an upward movement in crude oil prices overseas. According to <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">forex traders</keyword>, the Indian currency found support due to softening <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> against major rivals following the US Federal Reserve's decision to maintain the status quo on interest rates and some inflow of foreign capital into Indian equities. At the interbank currency exchange, the domestic currency opened at 83.74 and inched up to trade at 83.73 against the dollar, the previous day's closing level. On Thursday, the rupee declined 5 paise to settle at 83.73 against the US dollar. Anand James, Chief Market Strategist, Geojit Financial Services, said the rupee's weakness was capped by "a likely intervention from the Reserve Bank of India, which sold dollars through state-run banks". "The next key US economic release is the July jobs report, expected on Friday," he added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 104.13. Brent crude -- the global oil benchmark -- rose by 0.79 per cent to USD 80.15 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex plunged 614.96 points or 0.75 per cent to 81,252.59 in morning trade, while the broader Nifty declined 194.80 points or 0.78 per cent to 24,816.10. Foreign institutional investors were net buyers in the capital markets on Thursday and bought shares worth Rs 2,089.28 crore, according to exchange data. A monthly survey released on Thursday showed India's manufacturing sector growth eased slightly to 58.1 in July from 58.3 in June on softer increases in new orders and output, while cost pressures and demand strength led to the steepest increase in selling prices since October 2013. The government's GST collections in July rose 10.3 per cent to over Rs 1.82 lakh crore, driven by domestic transactions in goods and services, according to official data released on Thursday. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Rupee turns flat at 83.73 against US dollar in early trade

<ul><li>The Indian rupee had been volatile for almost a year now and hit several fresh all-time lows as the US dollar strengthened against major global currencies.</li><li>The rupee weakness, according to Moody's, may slow in what it earlier expected India to be one of emerging Asia's best-performing economies.</li><li>Further currency weakness could put the region's central banks in a bind, said Moody's.</li></ul>New Delhi [India], March 23 (ANI): The risk of weakness in currencies in the emerging economies in Asia is worrisome, and more so the risk is greater in India with a new bout of rupee weakness, which could force the Reserve Bank of India to "press harder on the brakes", according to Moody's Analytics. The rupee weakness, according to Moody's, may slow in what it earlier expected India to be one of emerging Asia's best-performing economies. The Indian rupee had been volatile for almost a year now and hit several fresh all-time lows as the US dollar strengthened against major global currencies. In October 2022, the rupee breached the 83 mark for the first time in its history. The rupee is currently hovering above 82 per US dollar. Depleting forex reserves faced with the high cost of imported goods, and the ongoing monetary policy tightening by the <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> triggered the currency's depreciation. Investors tend to move towards stable markets, such as the US, for better and stable returns amid any tight monetary policy. Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee. "The risk of currency weakness in emerging Asia is especially worrisome given its status as the cradle of the EM (emerging market) recovery. Our outlook calls for economies in emerging Asia to handily outperform the rest of the EM cohort as China's rebound gains momentum and as pent-up demand, still on hold from the Delta wave in India and Southeast Asia, props up consumer spending," Moody's said in a report. "But further currency weakness could put the region's central banks in a bind," it said. About India's inflation, the report said it was no longer rising, but higher food prices were a key concern. "Although the (RBI February monetary policy) meeting's minutes showed only one member concerned with the Fed's pace of tightening, this could quickly change when the bank meets in April, especially if faster Fed tightening and market jitters cause the rupee to weaken further," the report said. The Monetary Policy Committee (MPC) of the RBI in the February meeting decided to raise the repo rate, at which the RBI lends money to all commercial banks, by 25 basis points to 6.5 per cent. The rate hiking spree started in May last year to check inflation. Since May last year, the RBI has increased the short-term lending rate (repo rate) by 250 basis points, to contain inflation, driven mainly by external factors, especially global supply chain disruptions following the Russia-Ukraine war outbreak. Retail inflation in India fell marginally but remained above RBI's 6 per cent upper tolerance band for the second straight month in February 2023, with the Consumer Price Index pegged at 6.44 per cent. In January, the retail inflation was 6.52 per cent. India's retail inflation was above RBI's 6 per cent target for three consecutive quarters and had managed to fall back to the RBI's comfort zone only in November 2022. Under the flexible inflation targeting framework, the RBI is deemed to have failed in managing price rises if the CPI-based inflation is outside the 2-6 per cent range for three quarters in a row. (ANI)

Greater risk of rupee weakness; RBI could press hard on brakes: Moody's

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 tumbled 45 paise to close at 83.59 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Tuesday as the ruling <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords">BJP</keyword> is unlikely to muster an absolute majority in the <keyword id="19923279" type="General" weightage="20" keywordseo="Lok-Sabha-elections" source="keywords">Lok Sabha elections</keyword>. Besides, a massive sell-off in domestic <keyword id="19925781" type="General" weightage="20" keywordseo="equities" source="keywords">equities</keyword> and a strong <keyword id="20226143" type="General" weightage="20" keywordseo="greenback" source="keywords">greenback</keyword> against major currencies overseas added to the gloom, <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">forex traders</keyword> said. At the interbank foreign exchange market, the local unit opened weak at 83.25 and oscillated between a high of 83.23 and a low of 83.59 against the greenback during the session. The domestic currency finally closed at 83.59 (provisional) against the dollar, registering a fall of 45 paise from its previous close. On Monday, the Rupee closed at 83.14 against the US dollar. Counting of votes on Tuesday indicated disappointing results for the BJP-led NDA in the Lok Sabha elections, which appears to be losing heavily in its strongholds of Uttar Pradesh, Haryana and Rajasthan although it is expected to form the government with about 290 seats. On its own, the Bharatiya Janata Party appeared to be falling below the majority mark with leads in 236 seats despite significant gains in Odisha, Telangana and Kerala, giving some solace to the party after the unexpected losses in the Hindi belt. Its rival INDIA alliance was leading in about 230 seats. In the last elections, the BJP had 303 seats on its own, while the NDA had over 350. "The rupee depreciated...today as domestic markets fell sharply amid uncertainty over election results outcome. This may have also led to some sell-off by <keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">foreign investors</keyword>. The US dollar recovered from yesterday's losses on the weak Euro, which fell on disappointing employment data. The US dollar fell on Monday on weaker than expected ISM manufacturing PMI and construction spending," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.17 per cent higher at 104.25. Brent crude futures, the global oil benchmark, dropped 1.88 per cent to USD 76.89 per barrel. On the domestic equity market, the 30-share <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords">BSE Sensex</keyword> crashed 4,389.73 points, or 5.74 per cent, to close at 72,079.05. The broader NSE <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> tumbled 1,379.40 points or 5.93 per cent to 21,884.50. Foreign investors were net buyers of Indian equities on Monday as they purchased shares worth Rs 6,850.76 crore on a net basis. FIIs bought shares worth Rs 23,451.26 crore and sold equities worth Rs 16,600.50 crore in the cash segment.

Rupee plunges 45 paise to close at 83.59 against US dollar

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> appreciated by 3 <keyword id="20045456" type="General" weightage="20" keywordseo="paise" source="keywords">paise</keyword> to 83.10 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Tuesday, tracking a positive trend in domestic equities and weakness of the American currency in the overseas market. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> rupee is likely to trade with a positive bias tracking a positive trend in domestic equities and expectations of fresh foreign inflows, however, a recovery in crude oil prices may cap a sharp upside. At the interbank foreign exchange market, the local unit opened at 83.14 and gained further ground to trade at 83.10 against the greenback, registering a gain of 3 paise from its previous closing level. On Monday, the rupee pared its initial gains and settled for the day lower by 3 paise at 83.13 against the US dollar. The opening for the rupee on Tuesday was flattish and the USD/INR pair should move within a narrow range of 83.00 to 83.20, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. Importers need to keep buying in dips, as the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords">Reserve Bank of India</keyword> (RBI) may possibly not allow a big move downside for the pair, Bhansali added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.42, lower by 0.12 per cent. Brent crude futures, the global oil benchmark, advanced 0.24 per cent to USD 83.30 per barrel. Going ahead, "the performance of Indian equities is expected to be a significant driver for the rupee, especially as investors position themselves ahead of the Lok Sabha election results scheduled for June 4," said CR Forex Advisors MD Amit Pabari. Given these factors, the rupee is expected to appreciate to around 82.80-82.50 in the near term, with medium-term projections ranging between 82.20 and 82.00, Pabari added. On the domestic equity market, the 30-share BSE Sensex was trading 124.2 points, or 0.16 per cent higher at 75,514.70 points. The broader NSE Nifty rose 47.95 points or 0.21 per cent to 22,980.40 points in initial trade. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 541.22 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/awfis-space-solutions-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110467409.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/awfis-space-solutions-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110467409.cms" target="_blank">Awfis Space Solutions IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-f55-with-leather-back-launched-in-india-starting-at-26999/articleshow/110462026.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-f55-with-leather-back-launched-in-india-starting-at-26999/articleshow/110462026.cms" target="_blank">Samsung Galaxy F55 with leather back launched in India starting at ₹26,999</a><a href="https://www.businessinsider.in/tech/news/lenovo-loq-15-review/articleshow/110456546.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/lenovo-loq-15-review/articleshow/110456546.cms" target="_blank">Lenovo LOQ 15 review – gaming laptop with a sturdy design</a>

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