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The Print
7 days ago
- Business
- The Print
Rupee falls 3 paise to close at 86.08 against US dollar
At the interbank foreign exchange, the rupee opened at 86.00 against the US dollar and traded in the range of 85.79-86.14 before settling at 86.08, down 3 paise from its previous close. Forex traders said the ceasefire between Israel and Iran has led to a rise in risk appetite. Moreover, a strong show in the domestic equity market prevented steep losses in the local unit, they said. Mumbai, Jun 25 (PTI) The rupee gave up its gains and settled for the day lower by 3 paise at 86.08 against the US dollar on Wednesday, weighed down by the recovery in the US Dollar index and selling pressure from foreign funds. The Indian rupee closed almost flat amid quiet regional price action. 'Traders are now focused on upcoming trade-related updates for short-term direction. Near-term, USD/INR has support at 85.10 and resistance at 85.90,' said Dilip Parmar, Research Analyst, HDFC Securities. The local unit had logged its steepest single-day gain in nearly five years on Tuesday to end 73 paise higher at 86.05 against the greenback. 'The rupee made a high of 85.79 before oil companies stepped in and took it lower to 86.13 with the market still sceptical of the Iran-Israel ceasefire,' Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. 'We await the current account data from the Reserve Bank of India (RBI) to gauge how it performed during 2024-25, while the IIP data is also due to be announced today (Wednesday),' he said, adding that the rupee is expected in the range of 85.75-86.50 on Thursday. Brent crude, the global oil benchmark, rose 1.43 per cent to USD 68.10 per barrel in futures trade after US President Donald Trump claimed to have brokered a ceasefire between Iran and Israel. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading up 0.21 per cent at 98.06. Meanwhile, in the domestic equity market, Sensex jumped 700.40 points to settle at 82,755.51, while Nifty surged 200.40 points to 25,244.75. Foreign institutional investors (FIIs) offloaded equities worth Rs 2,427.74 crore on a net basis on Wednesday, according to exchange data. PTI DRR DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
21-06-2025
- Business
- The Print
Rupee recovers from two-month low level; settles 18 paise higher at 86.55 against US dollar
At the interbank foreign exchange, the domestic currency opened at 86.65 and traded in a narrow range of 86.55-86.67, before ending the session at its intra-day peak of 86.55 against the US dollar, registering a gain of 18 paise from previous closing level. A robust sentiment in domestic equity markets further supported the local unit, according to forex traders. Mumbai, Jun 20 (PTI) The rupee snapped its three-day losing streak and settled with a gain of 18 paise at 86.55 against the US dollar on Friday, buoyed by a massive inflow of foreign capital, retreating crude oil prices and a weakening greenback. The rupee had lost 30 paise to close at an over two-month low of 86.73 against the dollar on Thursday, logging a combined loss of 69 paise in the past three sessions. According to Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers, the rupee gained on Friday but declined a little over 1 per cent this month so far, 'with a large portion of its decline occurring after Israel attacked targets in Iran last Friday'. Dilip Parmar, Research Analyst, HDFC Securities, attributed the rupee's resurgence to 'a revitalisation in the domestic stock markets and a subdued greenback, which receded following reports of President Donald Trump postponing a decision regarding an Iran strike'. Additionally, Parmar said, lower imported commodity prices lent additional buoyancy to the local rupee. 'In the near-term, the spot USD/INR pair faces resistance at 87.10 and finds support at 86.45. The overall bias for the USD/INR pair remains favourable,' he added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.30 per cent lower at 98.60. In the domestic equity market, the 30-share BSE Sensex surged 1,046.30 points to settle at 82,408.17, while Nifty soared 319.15 points to 25,112.40. Brent crude, the global oil benchmark, declined 2.36 per cent to USD 76.99 per barrel in futures trade. Foreign institutional investors (FIIs) purchased equities worth Rs 7,940.70 crore on a net basis on Friday, according to exchange data. The latest weekly data released by the Reserve Bank of India on Friday showed India's forex reserves rose USD 2.294 billion to USD 698.95 billion during the week ended June 13. However, government data showed the country's eight core sectors' growth slowed down to 0.7 per cent, lowest in nine months, in May 2025 against 6.9 per cent in the same month last year. In April, the growth in output of these key infrastructure sectors were recorded at 1 per cent. PTI TRB HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
19-06-2025
- Business
- The Print
Rupee falls 9 paise to close at 86.43 against US dollar
Moreover, elevated global crude oil prices and selling pressure from foreign investors also weighed on the local unit, they said, adding that the domestic markets are falling on risk aversion in the global markets amid the ongoing geopolitical tensions in the Middle East. Forex traders said the rupee dwindled amid weak domestic equity markets and the broad strength of the dollar. Mumbai, Jun 18 (PTI) The rupee depreciated 9 paise to close at 86.43 against the US dollar on Wednesday, dragged down by risk-off sentiments and elevated crude oil prices. At the interbank foreign exchange, the domestic unit witnessed heavy volatility. It opened at 86.42 against the greenback and touched an intra-day high of 86.25 and a low of 86.57 against the greenback during the day. At the end of Wednesday's trading session, the local unit was at 86.43, down 9 paise over its previous closing price. On Tuesday, the rupee declined 30 paise to close at 86.34 against the greenback. 'We expect the rupee to trade with a negative bias on risk aversion in the global markets and worries over rising crude oil prices. Escalating geopolitical tensions in the Middle East may weigh on the rupee. 'However, any de-escalation of tensions may see a recovery in the global risk assets. Traders may take cues from weekly unemployment claims data from the US. Traders may also await the Federal Open Market Committee (FOMC) meeting outcome. The US Federal Reserve is expected to keep interest rates unchanged. USDINR spot price is expected to trade in a range of 86.15 to 86.90,' said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan. According to Dilip Parmar, Senior Research Analyst, HDFC Securities, the rupee depreciated for the second consecutive day, primarily due to prevailing risk-averse market sentiment and anticipated dollar outflows, which are fuelled by ongoing geopolitical uncertainties. 'The negative carry return is also contributing to the rupee's downward pressure,' he said and added that the spot USD-INR pair is expected to find support around 85.90, while encountering resistance at the 86.70 level. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.17 per cent at 98.65. Brent crude, the global oil benchmark, fell 0.86 per cent to USD 75.79 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex declined 138.64 points, or 0.17 per cent, to close at 81,444.66, while the Nifty fell 41.35 points, or 0.17 per cent, to 24,812.05. Foreign institutional investors (FIIs) purchased equities worth Rs 890.93 crore on a net basis on Wednesday, according to exchange data. PTI DRR HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
15-06-2025
- Business
- Business Standard
Rupee lags Asian peers despite dollar dip as FPIs pull out and oil rises
Despite a broad-based weakening of the US dollar, the Indian rupee has underperformed its Asian peers and remained one of the worst-performing currencies in the region. The weakness in the local currency is primarily attributed to persistent foreign portfolio investor (FPI) outflows from debt, muted equity market activity, and lacklustre foreign direct investment (FDI) inflows in recent months. 'Despite broader dollar weakness globally, this trend has not reflected in the USD/INR pair,' said V R C Reddy, head of treasury at Karur Vysya Bank. 'Over the past month, the rupee has largely hovered around the 85.50 mark. While most other Asian currencies have gained modestly—between 1 and 2 per cent—during this period, the rupee has remained under pressure. The sustained FPI outflows from the debt segment, coupled with subdued equity market participation in June and weak FDI inflows in recent months, have added to the rupee's woes,' he added. In June so far, foreign investors have net sold ₹5,402 crore worth of domestic equities and ₹13,848 crore of debt. The rupee has depreciated by approximately 0.6 per cent in June, placing it among the poorest-performing Asian currencies for the month. In the calendar year to date, the domestic currency has depreciated by 0.5 per cent against the greenback, while in the current financial year it has weakened by 0.7 per cent. On Friday, the rupee depreciated sharply to settle below the 86-per-dollar mark—a two-month low since April 9—on the back of a surge in crude oil prices driven by escalating tensions in West Asia. 'The Indian rupee has witnessed a significant depreciation against the US dollar and is among the worst-performing currencies in Asia,' said Dilip Parmar, senior research analyst, HDFC Securities. 'This sharp fall can be attributed to heavy foreign fund withdrawals, an overall risk-off sentiment in the markets, soaring global crude prices, and the US dollar's renewed strength as a safe-haven currency following Israel's military action against Iran,' he added. Meanwhile, the Dollar Index has seen a pronounced decline. As of June 15, it had fallen nearly 10 per cent since the beginning of the year, touching its lowest level in more than three years. On June 12, the index hit an intraday low of 97.61—its weakest level since 2022. It settled at 98.31 on Friday. The index measures the strength of the greenback against a basket of six major currencies. The decline in the dollar is largely driven by concerns over the US economic outlook, uncertainties around trade policy, and growing expectations of interest rate cuts by the Federal Reserve. Market analysts suggest that the greenback could face continued downward pressure in the coming months.
Indian Express
13-06-2025
- Business
- Indian Express
Rupee falls 49 paise to 86.09 against dollar on Israel-Iran conflict
The Indian rupee depreciated 49 paise to close at 86.09 against the US dollar on Friday, weighed down by a surge in oil prices and strong dollar following Israel's attack on Iran. The local currency opened at 86.15 as against Thursday's close of 85.6. It fell to a low of 86.19 but recovered towards the closing. The rupee crossed the 86-mark for the first time in nearly three weeks. 'The Indian Rupee has experienced a notable depreciation against the US dollar and is one of the worst performers among Asian currencies. This decline is primarily attributable to substantial outflows of foreign funds, a pervasive risk-averse market sentiment, elevated global crude oil prices, and the strengthening of the US dollar as a safe-haven asset after Israel air strike on Iran,' Dilip Parmar, Senior Research Analyst, HDFC Securities said. Israel has struck Iranian nuclear targets, including Iran's primary uranium enrichment facility. The escalation in the Middle East tensions pushed WTI crude prices above $74, marking a 9 per cent surge, which added significant pressure on the rupee, said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. The near-term market attention will be directed towards geopolitical developments over the weekend and the impending monetary policy decisions by three major central banks next week. 'The bias for the USD/INR pair remains supportive, driven by sustained haven demand for the US Dollar and anticipated dollar demand from oil importers. Technically, the pair has support at 85.40, while resistance is observed in the range of 86.25 to 86.45,' Parmar said. Meanwhile, domestic equity market indices, Sensex and Nifty, declined on Friday amid heightened tensions in the Middle East. The BSE's 30-share Sensex lost 0.7 per cent, or 573.38 points, to close at 81,118.6. The index had tanked 1337.39 points to touch an intraday low of 80,354.59. The broader Nifty fell 0.68 per cent, or 169.6 points, to finish at 24,718.6.
