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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><li>In initial trading, the <keyword id="6355302" type="General" weightage="20" keywordseo="Rupee" source="Orion">rupee</keyword> also touched ₹81.51 against the American currency.</li><li>The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.35 percent to 110.81.</li><li>Global oil benchmark Brent crude futures surged 0.13 per cent to $ 93.49 per barrel.</li></ul> The rupee depreciated 4 paise to 81.66 against the US dollar in early trade on Thursday amid high volatility as rising crude oil prices weighed on the local unit. At the interbank foreign exchange, the rupee opened on a strong note at ₹81.52 against the greenback, then pared the gains and fell to ₹81.66, registering a fall of 4 paise over its previous closing. In initial trading, the rupee also touched ₹81.51 against the American currency. On Tuesday, the rupee appreciated by 20 paise to end at ₹81.62 against the US dollar. The forex market was closed on Wednesday on account of Dussehra. According to Sriram Iyer, Senior Research Analyst at <keyword id="197560" type="General" weightage="80" keywordseo="reliance-securities" source="Orion">Reliance Securities</keyword>, the rupee opened stronger tracking a fall in the dollar over the past two sessions. Moreover, Asian and emerging market peers were also stronger this Thursday morning and lent support. However, stronger crude oil prices, hawkish rhetoric from Fed officials and JP Morgan's decision to hold off the inclusion of Indian bonds into its global index weighed on the local unit, Iyer added. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.35 per cent to 110.81. Global oil benchmark Brent crude futures surged 0.13 % to $93.49 per barrel. On the domestic equity market front, the 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 357.3 points or 0.62 % higher at 58,422.77, while the broader NSE Nifty advanced 109.25 points or 0.63 per cent to 17,383.55. Foreign institutional investors were net buyers in the capital market on Tuesday as they purchased shares worth ₹1,344.63 crore, as per exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/big-emitters-not-acknowledging-climate-risks-carbon-tracker/articleshow/94672583.cms">Big emitters not acknowledging climate risks: Carbon Tracker</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-is-up-334-points-nifty-by-91-points-tracking-gains-from-asian-markets/articleshow/94672606.cms">Sensex is up 334 points, Nifty by 91 points tracking gains from Asian markets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-incs-foreign-commercial-borrowings-rise-by-4-6-in-august/articleshow/94664946.cms">India Inc's foreign commercial borrowings rise by 4.6% in August</a>

Rupee falls 4 paise to 81.66 against US dollar in early trade

The rupee on Tuesday recovered 13 paise to close at 71.85 (provisional) against the US dollar amid easing crude oil prices and weakening of the American currency in the overseas market. Forex traders said while weak dollar and easing crude oil prices supported the rupee, losses in domestic stocks and foreign fund outflows weighed on the local unit restricting its upmove. At the interbank foreign exchange market, the local currency opened on a positive note at 71.84. During the day, it saw a high of 71.78 and a low of 71.90. The Indian currency settled higher by 13 paise at 71.85, cutting short its three-day losing run, according to provisional market data. The domestic unit had settled at 71.98 against the American currency on Monday. "Rupee started the day strong on back of firm opening of stocks, selling by exporters and a weak dollar," said Jateen Trivedi, Senior Research Analyst (Commodity &amp; Currency) at LKP Securities.

Rupee up 13 paise at 71.85 against USD on easing crude prices, weak dollar

August 2013 was definitely a month that everyone at the RBI and the government would want to forget. The <keyword id="91748" type="ORGANIZATION" weightage="100" keywordseo="Indian-rupee">Indian Rupee</keyword> tumbled to a record-breaking low against the US dollar. However, September is telling a different story. The <keyword id="6355302" type="ORGANIZATION" weightage="100" keywordseo="Rupee">Rupee</keyword> is gaining ground strongly and has already recovered a lot of lost ground. Today, the Rupee stands at 63.13/dollar, compared to an all-time low of 68.56, just 10 days ago. 
 It seems RBI reforms and stronger interest rates have done the job. The <keyword id="44734" type="ORGANIZATION" weightage="60" keywordseo="Indian-Government">Indian government</keyword>, particularly the <keyword id="6355261" type="POSITION" weightage="80" keywordseo="Finance-minister">Finance Minister</keyword>, was not too perturbed by the toppling Rupee. And now we know why he wasn’t too hassled by the whole incident. Industry experts do feel that the Rupee is going to gain further and end its climb at Rs 57-58/dollar. But some optimists do believe it may gain a bit more. 
 
So what does this spell for the Indian <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">economy</keyword>? To start with, the pulse of the economy, the fuel prices, which had a sword up its neck, would not see an increase. This is, by far, the most important factor that everyone was fearful of. After all, most goods, either directly or indirectly, see a price rise, if the fuel prices go up. Moreover, importers are breathing a sigh of relief as the tumbling Rupee finally came to a halt and it is now strongly climbing back up, encouraging imports. Oversees <keyword id="6362476" type="ORGANIZATION" weightage="60" keywordseo="investments">investments</keyword> might get a push as well. 
 
And what does this do for the average Indian? 
 
Holidays again become cheaper. Although many had junked their plans of going abroad this season, with the rupee gradually coming back to its original valuation, many families can now look forward to meeting their relatives on foreign shores. Cheaper international tickets and hotel stays also become a reality. 
 
Imported food items become cheap again. Compared to 2 weeks ago, the food items brought from other countries will go back to their pre-rupee-tumble costs. Households can again invest in cereals, seasonal international fruits and commodities like olive oil. 
 
Imported cars don’t get costlier. Indians love their cars but if those are out of reach, they would have no choice but to look at other means. There might be no price rise or only a negligible price increase in the automobile segment, and we should see some serious buying this festive season. 
 
International education will be back on track. The biggest concern of parents whose children are studying abroad was that they would need to pay a lot more for overseas education. Thankfully, they would not feel the pinch much as the lowered rupee rate will be a relief for them and their children. Children looking to study abroad can again fill their forms and look at universities in far-off lands. 
 
Electronics will again be within reach. When the rupee tumbled, most gadgets and electronic devices saw a steep price rise. As much as 10% hike was seen on the price tags of digital goods such as DSLR cameras. With the gaining rupee, the prices will again stabilise and come back to normal. With the merry season approaching, many flock to the electronics store to buy the latest in technology. With the rupee coming down again, people can purchase their favourite brand of phone or television without burning a big hole in their pocket.

Rupee Gaining Ground – Time To Rejoice

<ul><li><keyword id="61430" type="PERSON" weightage="20" keywordseo="fuel-prices">Fuel prices</keyword> in India reached an all-time high again today partly owing to the continued depreciation of the rupee. </li><li>Rather than cutting taxes on fuel, the government is instead trying to stem the slide in rupee by selling rupee-denominated bonds to foreigners and NRIs. </li><li>A cut in fuel duties runs the risk of increasing the <keyword id="6365485" type="DEFINITION" weightage="20" keywordseo="Fiscal-Deficit">fiscal deficit</keyword> further, which will, in turn, lead to the rupee’s depreciation. </li></ul>Fuel prices in India reached an all-time high again today as <keyword id="6367091" type="UNKNOWN" weightage="20" keywordseo="petrol">petrol</keyword> was being sold for ₹80.87 a litre in Delhi and ₹88.26 a litre in Mumbai while <keyword id="6356109" type="UNKNOWN" weightage="20" keywordseo="diesel">diesel</keyword> hit ₹72.97 a litre in Delhi and ₹77.47 a litre in Mumbai. The backlash has been resounding. In addition to political mudslinging, The Congress and other Opposition parties staged a “Bharat Bandh” or series of peaceful protests around India. Some schools and government offices were shut. Truck drivers also staged demonstrations. The central government, led by the BJP, has ruled out a cut in duties on fuel. In addition to a customs duty of 2.5%, the excise duty on fuel is currently ₹19.48 per litre while it is ₹15.33 per litre for diesel. The rates have been raised nine times and decreased only once since the BJP government came to power in May 2014. The rising price of fuel is mainly due to the fact that India imports most of its oil and the rupee is currently at an all-time low against the dollar. Rather than cutting taxes on fuel, the government is instead focusing on trying to stem the slide in rupee by selling rupee-denominated bonds to foreigners and NRIs, which will make the rupee appreciate. Why is the government refusing to cut fuel prices? While protests from the Opposition indicate that the central government has a choice in the matter of fuel duties, which it does in principle, the actual reality is that it is lodged between a rock and a hard place. A affects B which affects C which affects A The government is currently dealing with a large, and growing, fiscal deficit - which occurs when its expenses outweigh its revenues. It is able to keep this deficit in check (within the range of 3% of GDP) partly owing to the duties it imposes on fuel and fuel products. However, if the government were to cut fuel duties and risk a widening of its fiscal deficit, the rate of yield on its rupee-denominated bonds would be higher in light of the increased risk associated with them. This, in turn, would make them less attractive to investors, potentially leading to further depreciation of the rupee. Hence, in order to cut fuel prices, the government would find itself in a position where the rupee was worse off than it was before, which would counteract the effects of the initial reduction in fuel duties. However, this does not mean that the government will never be able to cut taxes on fuel. Once it is able to increase revenues from duties and taxes on non-oil products, which will follow heightened GST compliance and the continued crackdown on tax evasion, then its fiscal deficit will be able to bear the brunt of a reduction in fuel duties. Countries which feature a high rate of tax compliance usually have much lower duties on fuel, relative to India. Rates can also be cut at the state level, wherein <keyword id="463828" type="PERSON" weightage="20" keywordseo="value-added-tax">value-added tax</keyword> (VAT) is imposed on fuel products. Once again, though, this depends on the state’s financial situation. Some states like Andhra Pradesh and Rajasthan, which are in better financial health, have been able to cut the VAT rate on fuel products. However, for most states like Maharashtra and Bihar, which run a deficit, a cut would be hard to stomach. Banking on RBI intervention The Indian government has asked the RBI to intervene in capital markets and prevent the rupee from depreciating further. The central bank has been withdrawing funds from its foreign exchange reserves to prop up the rupee and prevent volatility in recent months, however this hasn’t proved an adequate solution. It will likely raise interest rates for the third successive time to keep inflation and check and to prevent capital outflows.

Here’s why the Indian government is not being able to cut fuel prices

Mumbai, Feb 14 () The Indian rupee on Friday fell by 6 paise to close at 71.37 (provisional) against the US dollar tracking heavy selling in domestic equities and strengthening of the American currency in the overseas market.Forex traders said the rupee consolidated in a narrow range as strengthening of the US dollar, rise in crude oil prices and heavy selling in domestic equities weighed on the local unit.At the interbank foreign exchange market, the local currency opened on a positive note at 71.29. During the day, it lost ground and touched a low of 71.41 and finally settled 6 paise lower at 71.37 against the US currency. The domestic unit had settled at 71.31 against US dollar on Thursday.On a weekly basis, the rupee has gained 3 paise."Along with stronger American dollar, series of weak domestic economic data and higher crude oil prices weighed on Indian rupee in today's session," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities.Sharma further noted that "spot USDINR has been consolidating in the range of 70.70 to 71.12, the high and low of January months. We believe rupee can hold the same range this month in absence of new triggers". DRR MRMR

Rupee settles 6 paise lower at 71.37 against US dollar

<ul><li>The <keyword id="6355302" type="UNKNOWN" weightage="20" keywordseo="Rupee">rupee</keyword> closed a record-low of 70.74 to the US dollar on 30 August. </li><li>While exporters rejoice, importers will find themselves shelling out more rupees for the same quantity of goods. </li><li>Hence, in anticipation of the rupee’s continued weakness, importers are setting prices for two to three months through futures contracts instead of fortnightly deals. </li></ul>If you’ve been reading the news, you’ll know that the rupee is on a free-fall. During trading hours today, the rupee even crossed <a href="https://www.livemint.com/Money/Ymv0RnYYt6wgQbYz6ZRiFM/Rupee-fall-continues-hits-71-against-US-dollar-for-first-ti.html">the 71 mark</a> after hitting a record-low of 70.74 at close on 30 August. This brings the rupee’s decline in the year so far to 10%, making it one of the worst-performing currencies in Asia. While exporters and people who received remittances are no doubt, rejoicing, businesses that buy products from abroad to sell here find themselves worse off as a falling exchange rate only serves to increase their costs as it takes more rupees to buy an equivalent amount of dollars. For example, the Indian government, which imports oil from abroad, is expected to see its crude oil bill increase by over $25 billion this year as a result of the rupee’s <keyword id="6365592" type="DEFINITION" weightage="20" keywordseo="Depreciation">depreciation</keyword>. How then, are importers securing their positions in order to minimise their losses? The answer is futures contracts. In anticipation of the rupee’s continued weakness, importers are opting for two or three-month long <keyword id="144660" type="PERSON" weightage="20" keywordseo="Futures-contract">futures contract</keyword>s instead of biweekly contracts to minimise the amount they have to pay out. A futures contract allows companies to settle on a price for a few months, thereby preventing short-term volatility. They can be customised to most products and commodities. However, while it provides some form of insurance in the short-term, it is definitely a risk. If the rupee were to strengthen considerably in the course of the next month, perhaps by government intervention, then the companies would end up paying more than what the exchange rate dictates they should. So, in essence, it is a slight gamble. In addition, if a lot of importers opt for these contracts, they have to a premium on them - which is called a forward premium. The bulk of companies that are opting for these contracts are from the shipping, coal, petroleum, electronics and machinery sectors. Interestingly, there is a silver lining to the rupee’s freefall. It will help correct <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s $16.6 billion <keyword id="44844" type="ORGANIZATION" weightage="20" keywordseo="Trade">trade</keyword> deficit, which is a result of imports exceeding exports. With the rupee declining, the cumulative value of exports in rupee terms will be significantly higher while imports will likely reduce in rupee terms as well as in volume as importers opt for smaller orders.

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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

Rupee falls 4 paise to 81.66 against US dollar in early trade

PTI

Rupee up 13 paise at 71.85 against USD on easing crude prices, weak dollar

PTI

Rupee Gaining Ground – Time To Rejoice

Sulabh Puri

Here’s why the Indian government is not being able to cut fuel prices

Dilsher Dhillon

Rupee settles 6 paise lower at 71.37 against US dollar

PTI

Here’s what Indian importers are doing to hedge their positions as the rupee plummets

Dilsher Dhillon

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