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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="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> fell 27 paise to close at 82.05 (provisional) against the US currency on Tuesday, weighed down by a strong greenback against major rivals overseas and a muted trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 81.84 against the dollar and slipped below the 82 levels to close at 82.05 (provisional), down 27 paise from its previous close. During the day, the rupee witnessed a high of 81.83 and a low of 82.15 against the greenback. On Monday, the rupee settled at 81.78 against the dollar. The rupee depreciated and is at its lowest level in two and half weeks on the positive US Dollar index. However, soft crude oil prices cushioned the downside, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.10 per cent to 101.47. "US Dollar gained on risk aversion in global markets and as the Federal Reserve's Senior Loan Officer Opinion Survey shows banks continued to tighten credit conditions for business and households, but it was better than expected," Choudhary added. Brent crude futures, the global oil benchmark, declined 0.88 per cent to <keyword id="54123" type="General" weightage="20" keywordseo="usd" source="Orion">USD</keyword> 76.33 per barrel. "We expect the rupee to trade with a negative bias on the strong Dollar amid safe haven appeal on the back of risk aversion in global markets and worries over a global economic slowdown. "However, softening crude oil prices at higher levels and FII inflows may support the rupee at lower levels. Investors may remain cautious ahead of inflation data from India and the US later this week. We expect USD/INR spot to trade in between 81.60 to 82.75 in the near term," Choudhary added. On the domestic equity market front, the 30-share BSE Sensex closed 2.92 points lower at 61,761.33. The broader NSE Nifty advanced 1.55 points to 18,265.95. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they purchased shares worth Rs 2,123.76 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-pump-9677-crore-into-financial-services-and-auto-stocks-in-april/articleshow/100100496.cms">FPIs pump ₹9,677 crore into financial services and auto stocks in April</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-closes-at-61761-on-fag-end-volatility-after-crossing-62000-during-the-day/articleshow/100101148.cms">Sensex closes at 61,761 on fag-end volatility after crossing 62,000 during the day</a>

Rupee weighed down strong greenback, falls 27 paise to close at 82.05/USD

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> gained 57 paise to close at 81.78 (provisional) against the US dollar on Tuesday, the biggest single-day gain since November. Forex traders said the rupee was the best performer among Asian currencies and now has the support of 81.70. At the interbank foreign exchange market, the local unit opened at 82.20 and touched an intra-day high of 81.72 and a low of 82.26 against the greenback. It finally ended at 81.78 (provisional), registering a rise of 57 paise over its previous close. On Monday, the rupee settled at 82.35 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.12 per cent to 103.12. The rupee became the best performer among the Asian currencies following stop order triggers and inflows from bond selling, said Dilip Parmar, Research Analyst, <keyword id="11837714" type="DOMAIN" weightage="20" keywordseo="hdfc" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="hdfc" meta.entityname="Housing Development Finance Corporation Ltd." meta.entityid="13640" meta.seoname="housing-development-finance-corporation-ltd">HDFC</keyword> Securities. "The local unit witnessed the biggest single-day gains after November 11 and broke the psychological level of 82 as the traders rushed to cover the positions," Parmar said. Parmar further noted that Spot USD/INR now has the support of 81.70, "the 50 per cent Fibonacci retracement adjoining the November 14 low of 80.51 and the January 03 high of 82.94. The near-term view remains bearish for the pair and a level below 81.70 will pave way for 81.45 while on the higher side 82.10 acts as resistance". On the domestic equity market front, the 30-share BSE Sensex declined 631.83 points or 1.04 per cent to end at 60,115.48, while the broader NSE Nifty fell 187.05 points or 1.03 per cent to 17,914.15. Global oil benchmark Brent crude futures rose 0.13 per cent to <keyword id="54123" type="General" weightage="20" keywordseo="usd" source="Orion">USD</keyword> 79.75 per barrel. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Monday as they offloaded shares worth Rs 203.13 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/net-inflows-in-mf-schemes-up-three-times-at-7303-crore-in-december/articleshow/96881163.cms">Investors continue to SIP on equities: Net Inflows in MF schemes up three times at ₹7,303 crore in December</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tcs-tata-motors-paytm-among-stocks-in-focus-on-tuesday/articleshow/96870156.cms">Sensex sheds 632 points, Nifty50 falls 187 points as PSU bank, financial services and IT stocks drag</a>

Rupee gains 57 paise to close at 81.78 against US dollar

<ul class="summary-list"><li>An Indian lawyer was overcharged by 20 rupees ($0.25) for two train tickets he bought in 1999.</li><li>He took the railways and ticketing clerk to court. The legal battle dragged on for 22 years.</li></ul>Tungnath Chaturvedi, an Indian lawyer, was overcharged by 20 rupees ($0.25) for two train tickets he bought in 1999.Last week, after a 22-year court battle against the North Eastern Railway (a division of Indian Railways), Chaturvedi was finally told he'd be getting his refund."I have attended more than 100 hearings in connection with this case," Chaturvedi, 66, told <a href="https://www.bbc.com/news/world-asia-india-62501688">BBC News.</a> "But you can't put a price on the energy and time I've lost fighting this case."In 1999, Chaturvedi visited a ticket clerk to buy two train tickets from Mathura to Moradabad — both in the northern Indian state of Uttar Pradesh.The tickets cost 35 rupees each ($0.44), but when he gave 100 rupees ($1.26) to the clerk, Chaturvedi only received 10 rupees ($0.13) in change.BBC News reported that Chaturvedi told the clerk that he was overcharged by 20 rupees ($0.25), but was refused a refund. Short-changed and angry, he decided to sue the railways and the clerk in an Indian consumer court.The legal battle dragged on partly because the railways tried to move the case from a consumer court to a railway tribunal. "But we used a 2021 Supreme Court ruling to prove that the matter could be heard in a consumer court," Chaturvedi told BBC News.He added that delays were also the result of judges being on vacation or other types of leave.Chaturvedi made more than 100 court appearances between 1999 and 2022, and his family urged him several times to give it up, describing the decades-long fight as a waste of time, per BBC News.But nevertheless, he persisted. "It's not the money that matters. This was always about a fight for justice and a fight against corruption," Chaturvedi told BBC News.After the epic legal battle, the railways were last week ordered to refund Chaturvedi. He will receive 20 rupees at 12% interest per year. If the money is not paid out within 30 days, the interest rate will be raised to 15% per annum, according to the Indian newspaper <a href="https://theprint.in/india/a-20-year-battle-for-rs-20-lawyer-who-sued-railways-won-says-it-wasnt-just-about-money/1080040/">The Print.</a>The railways must also pay him a fine of 15,000 rupees ($188), The Print said.Chaturvedi told BBC News that he hopes the case would inspire others not to give up "when the fight looks tough."

A man was overcharged by $0.25 for train tickets. Two decades and 100 court appearances later, he will finally get his refund.

<ul><li>The rupee hit a new record low today, falling even further to ₹ 71.</li><li>While this bad news for local businesses and inflation in the economy, it may not be not bad for others. </li><li>Exports, tourism and <keyword id="6369957" type="UNKNOWN" weightage="20" keywordseo="remittances">remittances</keyword> may actually gain from this development. </li></ul>Teetering between the US sanctions on Iran and its own energy demand, the falling value of the rupee isn’t helping <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s economic situation. It hit a <a href="https://www.ndtv.com/business/inr-vs-usd-rupee-vs-dollar-currency-exchange-rate-rupee-hits-71-mark-for-first-time-ever-10-points-1908992">new low of ₹ 71</a> earlier today spelling bad news for local businesses. That being said, it may not be the worst news for everyone. Remittances, in particular, can greatly benefit from the dip in the rupee. Essentially, the value of money transfers from non-resident Indians (NRIs) employed outside the country will convert to more rupees than before. According to the World Bank, India is the <a href="http://www.worldbank.org/en/news/press-release/2018/04/23/record-high-remittances-to-low-and-middle-income-countries-in-2017">highest recipient</a> of remittances worldwide. And while one could say that exports would also benefit, most trade houses import as well as export, which should balance their accounts out. While they’ll be making an extra profit on selling goods to foreign countries, they would also be making a loss on the commodities that they’re buying, since they will now be more expensive. But, since it does make exports look more attractive, the <keyword id="841408" type="PERSON" weightage="20" keywordseo="falling-rupee">falling rupee</keyword> is an impetus for ‘Make in India’. One of the reasons that the scheme hasn’t quite attracted an incredible amount of <keyword id="44749" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Direct-Investment">Foreign Direct Investment</keyword> (FDI) is the strong value of the rupee. This is despite India still being the preferred location for incoming investments, according to the country’s central bank, the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI). Sectors that are <a href="https://www.livemint.com/Money/y53eDUIcRZrdTGzt74eUmO/Rupee-fall-seen-boosting-margins-of-IT-pharma-firms.html">primarily</a> going to gain from exports being more lucrative are information technology (IT) and pharmaceuticals that have been adversely affected by the protectionist policies in key markets like the US and the UK. In addition, the falling rupee could also be good news for the world’s <a href="https://www.wttc.org/economic-impact/country-analysis/country-reports/">seventh largest</a> tourism economy as well. It contributes to nearly 10% of India’s <keyword id="6354971" type="DEFINITION" weightage="20" keywordseo="gross-domestic-product">gross domestic product</keyword> (GDP) and ranks second globally in terms of employment generation. However, visitor exports and money spent by foreign travellers only accounts for 12% of the revenue generated from tourism. All said and done, the RBI has <a href="https://www.businessinsider.in/rbis-annual-report-paints-a-cloudy-picture-of-whats-next-for-the-indian-economy/articleshow/65600357.cms">speculated</a> that the country will have to be on-guard against inflation risks due its vulnerability to volatility in the financial markets. More than distort the economy, it has greater implications for India with a large amount of its population working in the informal sector. Rather than store their money in banks, they keep it in cash, which loses value day-on-day with the rupee falling.

The falling rupee isn’t bad news for everyone

The Indian rupee plunged 45 paise to 74.20 against US dollar in early trade on Monday tracking weak opening in domestic equities and sustained foreign fund outflows. Forex traders said investors are on tenterhooks amid mounting fears of a coronavirus-led economic slowdown, even after the <keyword id="50847" type="COMPANY" weightage="20" keywordseo="Reserve-Bank">Reserve Bank</keyword> stepped in to maintain sufficient liquidity in the panick-stricken currency market. The rupee opened weak at 74.10 at the interbank forex market and then fell further to 74.20, down 45 paise over its last close. The local unit had settled at 73.75 against the US dollar on Friday. Traders said there is a sense of anxiety among investors as they see the global economy is plunging into a deep crisis due to coronavirus (Covid-19) pandemic that has killed over 6,000 and sickened lakhs of people around the globe. Meanwhile, the RBI on Friday said it is closely monitoring the current global situation and assured that it will take all steps to keep markets adequately liquid and stable. "The RBI is closely and continuously monitoring the rapidly evolving global situation and will take all necessary measures to ensure that money, debt and forex markets remain adequately liquid and stable, and continue to function normally," the central bank said had in a statement. The RBI earlier also announced measures to infuse liquidity in the <keyword id="136565" type="PERSON" weightage="20" keywordseo="Foreign-Exchange-market">foreign exchange market</keyword>, including the US dollar swaps worth USD 2 billion. Foreign investors remained net sellers in Indian capital markets for the fifth straight day, pulling out more than Rs 6,027.58 crore on Friday amid a global sell-off in equities, market data showed. Domestic bourses opened on a negative note on Monday with benchmark indices Sensex trading 1,808.68 points down at 32,294.80 and Nifty fell 521.05 points to 9,434.15. Brent crude futures, the global oil benchmark, fell 2.87 per cent to USD 32.88 per barrel. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.44 per cent to 98.31. The 10-year government bond yield was at 6.22 per cent in morning trade.

Rupee plunges 45 paise to 74.20 against US dollar in early trade

<ul><li>The Indian rupee hit ₹70.84 against the US dollar. </li><li>This may be bad news for some but good news of Indian IT companies that bill in dollars. </li><li>It could increase revenue for them of what was otherwise shaping up to be a 'glum quarter'. </li></ul>The Indian government is trying to rein in the fall of the rupee’s value against the US dollar, that hit ₹70.84 when the markets closed yesterday. While this may be bad news for importers, people looking to travel overseas and India’s foreign exchange reserves — it could spell good news for <a href="https://www.businessinsider.in/wipro-profit-growth-beats-tcs-and-infosys/articleshow/70262851.cms">Indian IT companies</a> on account of larger exposure to US markets and dollar billing. <keyword id="149348" type="PERSON" weightage="20" keywordseo="weaker-rupee">Weaker rupee</keyword> means stronger revenue Tech giants like Tata Consultancy Services (<a href="https://www.businessinsider.in/after-becoming-the-third-largest-it-service-brand-in-the-world-tcs-surpasses-ibm-in-market-cap/articleshow/69741769.cms">TCS</a>), HCL Technologies, <a href="https://www.businessinsider.in/yes-bank-wipro-and-other-big-earnings-keep-indian-markets-on-the-edge/articleshow/70255005.cms">Wipro</a> and <a href="https://www.businessinsider.in/tata-lic-infosys-sbi-and-mahindra-are-among-the-top-10-indian-corporate-brands/articleshow/70257037.cms">Tech Mahindra</a> were looking at a ‘glum quarter’ after missing their revenue goals in June, according to Kotak Institutional Equities Research. Even Infosys, barely met its target. “Cost increase, higher visa applications and large deal transition costs contributed to the pressure," stated the report. Yet, there is a light at the end of the tunnel, thanks to rupee fall. More than 80% of the total business done by top IT services companies in India comes from overseas markets, which is billed in currencies other than the rupee — usually the US dollar. This year, Infosys increased its revenue growth guidance for FY20 from 7.5 to 9.5% to 8.5 to 10%. However, Wipro expects its revenue to either decline by a percent to grow by a percent. TCS doesn’t issue an annual guidance but analysts expect double digit growth revenue from the company in FY20. But the real question for the company is whether or not it will meet its ambitious target of a 26-28% margin guidance, which it hasn’t been able to meet over the past three years due to currency pressures. Now, these pressures seem to be easing. Profit or risk Tech companies, like all others with exposure abroad, tend to hedge their exposure in case of a fall or a gain — usually at around 30%. In spite of that, some benefits might seep into tech companies’ balance sheets. Even if profit isn’t seen in the short run, a weakening rupee offsets some of the key risks faced by IT firms. "This includes sharp cross country movement that could appreciate the value of the rupee, pricing pressure and lower margins," according to Edelweiss Securities Limited. IT companies in India have already been hit by the Union Budget’s decision to impose a 20% tax on <a href="https://www.businessinsider.in/tcs-wipro-infosys-and-it-companies-hit-by-budgets-buyback-shares-tax-and-increase-in-minimum-public-shareholding/articleshow/70136810.cms">buyback shares</a> making their financial performance all the more important. Amidst a host of bad tidings, <keyword id="841408" type="PERSON" weightage="20" keywordseo="falling-rupee">falling Rupee</keyword> could be a morale booster. See also: <a href="https://www.businessinsider.in/the-global-trade-war-has-morphed-into-a-currency-war-heres-why-thats-a-scary-proposition-for-markets-/articleshow/70572130.cms">The global trade war has morphed into a currency war. Here's why that's a scary proposition for markets.</a> <a href="https://www.businessinsider.in/china-takes-measures-to-keep-the-yuan-from-plummeting-further-stabilizing-markets-after-2019s-worst-rout/articleshow/70556237.cms">China takes measures to keep the yuan from plummeting further, stabilizing markets after 2019's worst rout</a> <a href="https://www.businessinsider.in/stocks-plunge-as-global-recession-fears-rattle-investors/articleshow/70575112.cms">Stocks plunge as global recession fears rattle investors</a>

You Searched For "rupee news" and got 7 results

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

PTI

Rupee weighed down strong greenback, falls 27 paise to close at 82.05/USD

PTI

Rupee gains 57 paise to close at 81.78 against US dollar

PTI

A man was overcharged by $0.25 for train tickets. Two decades and 100 court appearances later, he will finally get his refund.

Joshua Zitser

The falling rupee isn’t bad news for everyone

Prabhjote Gill

Rupee plunges 45 paise to 74.20 against US dollar in early trade

PTI

Weaker rupee might turn things around for TCS, Wipro and Infosys

Prabhjote Gill

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