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Business Recorder
2 days ago
- Business
- Business Recorder
Indian rupee falls to over two-week low on corporate dollar bids, outflows
MUMBAI: The Indian rupee weakened past the 86 per U.S. dollar mark on Monday to its lowest level in more than two weeks, weighed by corporate dollar demand and equity-related outflows, traders said, amid uncertainty over U.S. trade policies. The rupee closed at 86.9850 against the U.S. dollar, down 0.2% from its close at 85.80 on Friday. The currency hit a low of 86.0475 earlier in the day, its weakest level since June 25. Dollar demand from a large Indian conglomerate and other companies pressured the rupee alongside likely outflows from Indian equities, traders said. India's benchmark equity indexes, the BSE Sensex and Nifty 50, declined 0.3%, even as most regional peers ticked higher. Stocks in Europe fell and the common currency weakened marginally against the dollar after U.S. President Donald Trump threatened a 30% levy on the region's imports over the weekend, deepening his ongoing trade war. U.S. equity futures were in the red as well, with the S&P 500 futures down 0.3%. 'The moves have not been larger since investors see these threats as a Washington negotiating tactic to push the other side over the line into a deal,' ING said in a note. Indian rupee ends nearly flat, importer dollar bids hinder attempts to rise India is among the few large U.S. trade partners that have not yet received a tariff letter. Indian negotiators are expected to head back to the U.S. soon for another round of talks, centred on disagreements over auto components, steel and farm goods. 'All things considered, chances of the rupee gaining ground remain limited,' said Amit Pabari, managing director at FX advisory firm CR Forex. Pabari expects the rupee to face resistance around the 85.40-85.50 level. Focus is now on India's consumer inflation data due later in the day. Benign food prices and a high base likely helped Indian inflation slow to a more than six-year low at 2.50% in June, according to a Reuters poll of 50 economists.
Time of India
2 days ago
- Business
- Time of India
Rupee falls to over two-week low on corporate dollar bids, outflows
The Indian rupee weakened past the 86 per U.S. dollar mark on Monday to its lowest level in more than two weeks, weighed by corporate dollar demand and equity-related outflows, traders said, amid uncertainty over U.S. trade policies. The rupee closed at 86.9850 against the U.S. dollar, down 0.2% from its close at 85.80 on Friday. The currency hit a low of 86.0475 earlier in the day, its weakest level since June 25. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 이 게임은 대부분의 TV 프로그램보다 더 재미있어요 – 게다가 무료예요. Raid: Shadow Legends 플레이하기 Undo Dollar demand from a large Indian conglomerate and other companies pressured the rupee alongside likely outflows from Indian equities, traders said. India's benchmark equity indexes, the BSE Sensex and Nifty 50, declined 0.3%, even as most regional peers ticked higher. Stocks in Europe fell and the common currency weakened marginally against the dollar after U.S. President Donald Trump threatened a 30% levy on the region's imports over the weekend, deepening his ongoing trade war. Live Events U.S. equity futures were in the red as well, with the S&P 500 futures down 0.3%. "The moves have not been larger since investors see these threats as a Washington negotiating tactic to push the other side over the line into a deal," ING said in a note. India is among the few large U.S. trade partners that have not yet received a tariff letter. Indian negotiators are expected to head back to the U.S. soon for another round of talks, centred on disagreements over auto components, steel and farm goods. "All things considered, chances of the rupee gaining ground remain limited," said Amit Pabari, managing director at FX advisory firm CR Forex. Pabari expects the rupee to face resistance around the 85.40-85.50 level. Focus is now on India's consumer inflation data due later in the day. Benign food prices and a high base likely helped Indian inflation slow to a more than six-year low at 2.50% in June, according to a Reuters poll of 50 economists.
Economic Times
2 days ago
- Business
- Economic Times
Rupee falls to over two-week low on corporate dollar bids, outflows
The Indian rupee weakened past the 86 per U.S. dollar mark on Monday to its lowest level in more than two weeks, weighed by corporate dollar demand and equity-related outflows, traders said, amid uncertainty over U.S. trade policies. ADVERTISEMENT The rupee closed at 86.9850 against the U.S. dollar, down 0.2% from its close at 85.80 on Friday. The currency hit a low of 86.0475 earlier in the day, its weakest level since June 25. Dollar demand from a large Indian conglomerate and other companies pressured the rupee alongside likely outflows from Indian equities, traders said. India's benchmark equity indexes, the BSE Sensex and Nifty 50, declined 0.3%, even as most regional peers ticked higher. Stocks in Europe fell and the common currency weakened marginally against the dollar after U.S. President Donald Trump threatened a 30% levy on the region's imports over the weekend, deepening his ongoing trade war. U.S. equity futures were in the red as well, with the S&P 500 futures down 0.3%. ADVERTISEMENT "The moves have not been larger since investors see these threats as a Washington negotiating tactic to push the other side over the line into a deal," ING said in a note. India is among the few large U.S. trade partners that have not yet received a tariff letter. Indian negotiators are expected to head back to the U.S. soon for another round of talks, centred on disagreements over auto components, steel and farm goods. ADVERTISEMENT "All things considered, chances of the rupee gaining ground remain limited," said Amit Pabari, managing director at FX advisory firm CR Forex. Pabari expects the rupee to face resistance around the 85.40-85.50 level. Focus is now on India's consumer inflation data due later in the day. Benign food prices and a high base likely helped Indian inflation slow to a more than six-year low at 2.50% in June, according to a Reuters poll of 50 economists. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Mint
2 days ago
- Business
- Mint
Rupee falls to over two-week low on corporate dollar bids, outflows
MUMBAI(Reuters) - The Indian rupee weakened past the 86 per U.S. dollar mark on Monday to its lowest level in more than two weeks, weighed by corporate dollar demand and equity-related outflows, traders said, amid uncertainty over U.S. trade policies. The rupee closed at 86.9850 against the U.S. dollar, down 0.2% from its close at 85.80 on Friday. The currency hit a low of 86.0475 earlier in the day, its weakest level since June 25. Dollar demand from a large Indian conglomerate and other companies pressured the rupee alongside likely outflows from Indian equities, traders said. India's benchmark equity indexes, the BSE Sensex and Nifty 50, declined 0.3%, even as most regional peers ticked higher. [.BO] Stocks in Europe fell and the common currency weakened marginally against the dollar after U.S. President Donald Trump threatened a 30% levy on the region's imports over the weekend, deepening his ongoing trade war. U.S. equity futures were in the red as well, with the S&P 500 futures down 0.3%. "The moves have not been larger since investors see these threats as a Washington negotiating tactic to push the other side over the line into a deal," ING said in a note. India is among the few large U.S. trade partners that have not yet received a tariff letter. Indian negotiators are expected to head back to the U.S. soon for another round of talks, centred on disagreements over auto components, steel and farm goods. "All things considered, chances of the rupee gaining ground remain limited," said Amit Pabari, managing director at FX advisory firm CR Forex. Pabari expects the rupee to face resistance around the 85.40-85.50 level. Focus is now on India's consumer inflation data due later in the day. Benign food prices and a high base likely helped Indian inflation slow to a more than six-year low at 2.50% in June, according to a Reuters poll of 50 economists. (Reporting by Jaspreet Kalra; editing by Eileen Soreng)
Mint
5 days ago
- Business
- Mint
Rupee troubled by dollar uptick, modest outflows; forward premiums nudge higher
MUMBAI(Reuters) - The Indian rupee weakened on Thursday on the back of dollar bids from foreign banks and a broadly stronger greenback, after U.S. President Donald Trump continued to up the ante on tariffs by announcing a 35% levy on Canadian imports starting August 1. Traders also pointed to modest portfolio outflows, which contributed to pushing the rupee down to 85.8650 as of 11:30 a.m. IST, down nearly 0.3% on the day. India's benchmark equity gauge, the Nifty 50, fell 0.7%, while the country's benchmark 10-year bond was also nursing a modest decline. Asian currencies were trading mixed, with the Chinese yuan edging higher after a stronger-than-expected midpoint fix by the country's central bank. Trump also said he plans to impose tariffs of 15% or 20% on most other trading partners and that the European Union could receive a letter declaring the applicable rate by Friday. While market reaction to tariff threats has become more subdued compared to earlier in the year, analysts reckon that the uncertainty may continue to dampen risk appetite. "Given the current backdrop, the bias for rupee appreciation remains limited. Support near 85.50 continues to hold strong, with a high probability of the pair inching back towards 86.00," said Amit Pabari, managing director at FX advisory firm CR Forex. On the day, the dollar-rupee fix was quoting at a modest premium of around 0.2/0.3 paisa, signalling heightened appetite to buy dollars at the daily reference rate. Dollar sales by a large state-run bank around the 85.90 level, though, helped limit the rupee's losses, a trader at a private bank said. Meanwhile, dollar-rupee forward premiums nudged higher with the 1-year implied yield up 3 basis points at 1.98%, while the 1-month forward premium ticked up to 11.25 paisa. The Reserve Bank of India's aggressive turn towards withdrawing liquidity exerted upward pressure on near-forward premiums, a trader at a Mumbai-based bank said. (Reporting by Jaspreet Kalra; Editing by Vijay Kishore)
