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<ul><li>Asian currencies like Yuan and Won also suffered from the better-than-expected US economic data.</li><li>The rupee also reversed its strong performance on Thursday, when it closed 6 paise higher.</li><li>Most experts expect the Indian currency to remain volatile in the next few weeks. </li></ul><keyword id="20045514" type="General" weightage="20" keywordseo="indian-rupee" source="keywords">Indian Rupee</keyword> slipped to a three-month low on Friday, after the dollar index gained sharply on account of better-than-expected home sales data. The rupee, which opened 20 paise lower in early trade, slumped by a massive 34 paise to close at an all-time low of 83.47 (provisional) against the US dollar. In intraday trade, the rupee touched a low of 83.52 against the American currency. The rupee had earlier recorded its lowest closing level of 83.40 on December 13, 2023. “As the dollar index rallied above 104.08$, this added pressure on the rupee following a positive gap-up opening witnessed yesterday at 83.05. The rupee has fallen sharply by more than 0.30 rupees from its high of 83.05 over the last two days,” said <keyword id="20865684" type="General" weightage="20" keywordseo="jateen-trivedi" source="keywords">Jateen Trivedi</keyword>, <keyword id="21053778" type="General" weightage="20" keywordseo="vp-research-analyst" source="keywords">VP Research Analyst</keyword>, <keyword id="19956971" type="General" weightage="20" keywordseo="lkp-securities" source="keywords">LKP Securities</keyword>. The dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.72% to 104.17 as concerns over the slowing global economy boosted demand for the greenback. Most Asian currencies suffered from the better-than-expected US economic data, with the Chinese Yuan as well as the Korean Won falling in the trade. The rupee also reversed its strong performance on Thursday, when it had closed 6 paise higher. Even the gains seen in domestic equities on Friday could not stem the fall. Most experts see the currency trading in a volatile zone. “Despite strong gains in the domestic equity markets and profit-taking in global crude oil, the rupee witnessed a drastic fall. We expect the rupee to remain volatile next week and the pair could trade in the range of 83.10-83.70,” said <keyword id="20929844" type="General" weightage="20" keywordseo="rahul-kalantri" source="keywords">Rahul Kalantri</keyword>, VP-commodities at <keyword id="20318557" type="General" weightage="20" keywordseo="mehta-equities" source="keywords">Mehta Equities</keyword>. Analysts said dollar demand from importers, mainly oil companies, and debt repayment outflows weighed on the rupee. Brent crude is trading at around $85 per barrel on Friday. “Despite the dovish view on interest rates in the US, specific data-driven interest rate cuts are still distant. The rupee's range can be expected to be between 82.85-83.55, with volatility likely to persist," says Jateen Trivedi, VP Research Analyst, LKP Securities giving reasons for the currency’s volatility. (With PTI inputs)

Rupee slips to a three-month low after the greenback’s sharp upward march

<ul><li>The US dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.2% lower at 103.22.</li><li>The Indian rupee settled at a two-month low of 83.19 on Wednesday ahead of the announcement of <keyword id="19951097" type="General" weightage="20" keywordseo="us-fed" source="keywords">US Fed</keyword> policy.</li><li>The crude oil prices have been inching up this month, moving from $82.6 per barrel in early March to hover around $86 in the last few days. </li></ul>The Indian Rupee charted a smart comeback on Thursday morning trade, as the dollar index slumped on the latest US <keyword id="19900043" type="General" weightage="20" keywordseo="fed" source="keywords">Fed</keyword> commentary. While the US Fed kept its key interest rates unchanged, it also indicated three rate cuts this year despite sticky inflation. The rupee went up by 14 paise to 83.05 against the US currency in early trade. It had settled at a two-month low of 83.19 on Wednesday ahead of the announcement of US Fed policy. The US dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.2% lower at 103.22. The pair has held above 83 for the second consecutive session reinforcing the bullish sentiment, said <keyword id="20929844" type="General" weightage="20" keywordseo="rahul-kalantri" source="keywords">Rahul Kalantri</keyword>, VP of commodities at <keyword id="20318557" type="General" weightage="20" keywordseo="mehta-equities" source="keywords">Mehta Equities</keyword>. “It is expected to fluctuate within the range of 82.55-83.50 for the week ahead. Our recommendation is to initiate selling positions within the range of 83.15-83.25, with a stop loss set at 83.50 on a closing basis, targeting levels of 82.94-82.70,” he added. The Indian currency depreciated by 0.3% in March so far, tracking equity markets that have turned bearish, high crude prices —- as well as a strengthening dollar. Foreign institutional investors have been selling in the last few sessions. As of Wednesday, they sold shares worth ₹2,599.19 crore, according to exchange data. The crude oil prices have been inching up this month, moving from $82.6 per barrel in early March to hover around $86 in the last few days. As of Thursday morning, Brent crude is trading at $85.8 per barrel. The Indian benchmark indices opened on a positive note on Thursday with Sensex zooming by over 600 points to 72,762, and <keyword id="19896381" type="General" weightage="20" keywordseo="nifty" source="keywords">Nifty</keyword> was up by 204 points to 22,043 as of 10 am. (With PTI inputs)

Indian Rupee spikes by 14 paise in early trade as dollar retreats on Fed commentary

Stock markets all over the world, including Sensex, Nifty, Nikkei, and NASDAQ fell significantly today, as they reacted to weak US labor market data, with unemployment rates inching up to 4.3%, from 4.1% in July 2024. In response, the Nikkei 225 dipped around 4,451 points, witnessing the worst losses it has seen since 1987. On the other hand, the Sensex plunged over 2,000 points, and the NASDAQ also slipped 417.98 points. Nifty also closed the day at 24,055.60, down by 2.68%. Closer home, the D-Street mayhem wiped of Rs 15 lakh crore worth of investor wealth in a single day. While this might spook even seasoned investors, should this bloodbath drive you to exit the market, or is it time for you to go on a quality stock buying spree? Here's what the experts have to say <h2>Market corrections = Opportunities </h2>Vinnaayak Mehta, Founder, The Infinity Group, a personal finance consultancy says that given the current market downturn, it is important for investors to stay calm, and not make any hasty decisions. "Market corrections can offer opportunities to buy quality stocks at more attractive valuations. Investors should take this time to evaluate their portfolios, focusing on long-term goals and strong fundamentals rather than short-term <keyword id="19908008" type="General" weightage="20" keywordseo="volatility" source="keywords">volatility</keyword>. This period of correction may present a chance to reassess asset allocations and consider strategic adjustments", he says. <h2>Expect low returns in the short run</h2> Mr. Sandeep Bagla, CEO of Trust Mutual Funds advises investors to keep their return expectations low and realistic, at least in the short run. Invest only if you have a suitably long <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> horizon. This will help you go through an imminent, upcoming market correction, along with helping you tide over periods of volatility in the interim. "Markets like India, where domestic economy is like more resilient than other economies, could be less affected in the mayhem. However, you should keep systematically investing in the stock markets, and not hit brakes on your investments. Stay invested to reap benefits from growth over the long term", he explains. <h2>Indians markets are relatively safe </h2>As per Siddharth Alok, AVP Investments, Multi Ark Wealth-Epsilon Money Group, investors should consider buying in these dips, but only if their investing horizon is over 3 years. "As valuations further rise, these sudden down moves might become more frequent. Equity markets returns are never linear. However, the direct impact on Indian markets remains limited; this can be seen from the overall relative strength that domestic markets are witnessing, while <keyword id="19908188" type="General" weightage="20" keywordseo="global-markets" source="keywords">global markets</keyword> are down 10-20%, Indian markets are hardly down 5% including today from their recent peaks", highlights Alok. <h2>Invested heavily in small and mid caps? Time to move </h2> During any market corrections, mid and small caps are the first in line of fire. Given that both of these segments are far more volatile, as compared to their stable, large-cap counterparts, the impact of a correction is far more visible on small cap and mid cap stocks. As Jay Shah, Founder &amp; CEO, Finwisor puts it, "when the markets are at rich valuations, the markets become fragile and look for opportunities to correct. The correction generally happens disproportionately-more in small caps and less in large caps". Amidst today's rout, while Nifty50, an index of India's top 50 companies by market capitalization stumbled about 2.68%, Nifty midcap 50 was down by 3.28%, while midcap 100 plunged by 3.55%. Going a step ahead, Nifty small cap 100, a larger universe of just small cap stocks, dipped by 4.57%. In such a situation, Shah suggests that long-term investors who are sticking to their asset allocation strategies should sit still, while those who are heavily invested in midcaps and small caps should move their investments large-cap stocks. And in case one is sitting on idle cash, this is a good time to start deploying their funds in the market.

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Rupee slips to a three-month low after the greenback’s sharp upward march

BI India Bureau

Indian Rupee spikes by 14 paise in early trade as dollar retreats on Fed commentary

BI India Bureau

Stock market crash: What should your next move be?

Ira Alok Puranik

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