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The Hindu
2 days ago
- Business
- The Hindu
Rupee rises 24 paise to close at 85.48 against U.S. dollar
The rupee rose 24 paise to close at 85.48 (provisional) against the greenback on Friday (June 27, 2025) on the back of strong FII inflows and firm domestic equity markets. Lower level of American currency index also favoured the Indian currency though an uptrend in crude oil prices capped its gain, forex traders said. Foreign institutional investors (FIIs) purchased equities worth ₹12,594.38 crore on a net basis on Thursday (June 26, 2025), according to exchange data. At the interbank foreign exchange, the rupee opened at 85.50 against the dollar and traded in the range of 85.43-85.65 before settling at 85.48 (provisional), up 24 paise from its previous close. The local unit rose 36 paise to close at 85.72 against the U.S. dollar on Thursday (June 26, 2025). 'FII inflows and falling dollar index allowed the rupee to move higher. The RBI is also buying the dips to liquidate its month-end positions,' Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. 'The Trump tariff's date of July 9 is fast approaching and... market remains gripped with uncertainty. Therefore, there is a chance of rupee hitting 86 next week,' he said. The dollar index, which gauges the greenback's strength against a basket of six currencies, inched up 0.10% to 97.24 after declining earlier in the day. Brent crude, the global oil benchmark, went up 0.72% to $68.22 per barrel in futures trade after declining in the previous session. Meanwhile, in the domestic equity market, Sensex climbed 303.03 points to settle at 84,058.90, while Nifty rose 88.80 points to 25,637.80.
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Business Standard
2 days ago
- Business
- Business Standard
Rupee posts best week since Jan 2023 as oil prices slide; ends below 85.5/$
The Indian rupee strengthened for the second consecutive day on Friday, supported by likely inflows from global funds and a weaker dollar index. The domestic currency closed 22 paise higher at 85.49, a day after closing at 86.71 against the dollar, according to Bloomberg. The currency has depreciated by around 0.1 per cent so far this month, making it one of the worst-performing Asian currencies. On a weekly basis, the currency saw its best week since January 2023, driven mainly by a plunge in crude oil prices amid Iran-Israel conflicts. Rupee traded strong as the dollar index continued its weak trend below the 97 mark, according to Jateen Trivedi, VP research analyst - commodity and currency at LKP Securities. The rupee has strengthened over the last few sessions, supported by easing tensions in West Asia and a sharp 12-14 per cent drop in crude prices, he said. Inflows dominated outflows yesterday, lifting the rupee by 38 paise, and a similar trend is anticipated today, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. "However, potential outflows from oil payments, Reserve Bank of India (RBI) dollar purchases, and global funds buying may cap gains." A significant outflow of around $1 billion could also occur due to JSW Paints' acquisition of Akzo Nobel, Bhansali said, adding that the final day of the HDB Financial issue could trigger additional inflows. The dollar index was slightly higher driven by hopes for a rate cut by the US Federal Reserve. The first quarter consumer spending grew at the weakest pace since the pandemic. The US dollar index, which measures the greenback against a basket of six major currencies, was up 0.10 per cent at 97.24. On Thursday, White House Press Secretary Karoline Leavitt said that US President Donald Trump could extend the July 9 deadline to impose reciprocal tariffs in a bid to secure deals with other trading nations. This sent the equity market higher on Wall Street. Meanwhile, crude oil prices were headed for weekly losses as concerns over West Asia cleared after the Iran-Israel ceasefire. Brent crude price was up 0.69 per cent at $68.20 per barrel, while WTI crude prices were higher by 0.74 per cent at 65.72, as of 3:35 PM IST.
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Business Standard
3 days ago
- Business
- Business Standard
Rupee continues rally amid weak US data; opens higher at 85.50/$
The Indian rupee extended gains for the second consecutive day, supported by weak US economic data and easing geopolitical tensions. The domestic currency opened 21 paise higher at 85.50, a day after closing at 86.71 against the dollar, according to Bloomberg. The unit is headed for its best weak several weeks, aided by a plunge in oil prices after the Israel-Iran ceasefire. The currency has depreciated by 0.2 per cent so far this month, making it one of the worst-performing Asian currencies. The Indian rupee is expected to appreciate to 85.50, and trade within a range of 85.35 to 85.95, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. Inflows dominated outflows yesterday, lifting the rupee by 38 paise, and a similar trend is anticipated today, he said. "However, potential outflows from oil payments, Reserve Bank of India (RBI) dollar purchases, and global funds buying may cap gains." A significant outflow of around $1 billion could also occur due to JSW Paints' acquisition of Akzo Nobel, Bhansali said, adding that the final day of the HDB Financial issue could trigger additional inflows. Suggested strategy would be to buy on dips for hedging, sell on upticks for cash and near-term transactions, he said. Meanwhile, the dollar index was slightly higher driven by hopes for a rate cut by the US Federal Reserve. The first quarter consumer spending grew at the weakest pace since the pandemic. The US dollar index, which measures the greenback against a basket of six major currencies, was up 0.11 per cent at 97.25. On Thursday, White House Press Secretary Karoline Leavitt said that US President Donald Trump could extend the July 9 deadline to impose reciprocal tariffs in a bid to secure deals with other trading nations. This sent the equity market higher on Wall Street. With global risk sentiment improving and the potential for continued fund inflows, the rupee may head towards 85.25 in the coming days, Jateen Trivedi, VP research analyst - commodity and currency at LKP Securities, noted. The RBI's bulletin showed a decline in its short dollar position to $73 billion, with outstanding positions of up to three months falling to $15 billion. This provides the central bank with greater flexibility to intervene in the event of pressure on the rupee, experts noted.
Economic Times
4 days ago
- Business
- Economic Times
Rupee rises 21 paise to 85.87 against US dollar in early trade
The rupee gained 21 paise to 85.87 against the US dollar in early trade on Thursday, mainly due to a weakened greenback in the global markets. ADVERTISEMENT However, a rise in global crude oil prices and FII outflows prevented sharp gains in the local unit, according to forex traders. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.27 per cent down at 97.41 after strengthening in the previous session. "The greenback clocked more losses on a report that US President Donald Trump is to announce the successor to Federal Reserve Chairman Jerome Powell much earlier than expected in a likely bid to undermine Powell and spur expectations for interest rate cuts," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. At the interbank foreign exchange, the rupee opened at 85.91 against the dollar before rising further to 85.87, up 21 paise from its previous close. On Wednesday, the rupee gave up its gains to settle lower by 3 paise at 86.08 against the US dollar. ADVERTISEMENT "Yesterday, there was good USD buying at 85.80 from oil companies and FPIs who were sellers in equity, keeping the rupee lower at 86.08. However, the dollar index fell and the euro rose, giving the rupee a strong opening with the day's range expected between 85.75 and 86.25," Bhansali said. Brent crude, the global oil benchmark, rose 1.30 per cent to USD 68.01 per barrel in futures trade. ADVERTISEMENT According to Bhansali, Brent oil prices edged higher on bumper US inventory drawdown, which helped spur some optimism over strong demand, while weakness in the US dollar also kept oil prices up. "The truce between Iran and Israel seems to be holding, diminishing supply disruptions in the Middle East," he added. ADVERTISEMENT Meanwhile, in the domestic equity market, Sensex rose 163.27 points to 82,918.78 in early trade while Nifty was up 64.35 points to 25,309.10. Foreign institutional investors (FIIs) offloaded equities worth Rs 2,427.74 crore on a net basis on Wednesday, according to exchange data. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
4 days ago
- Business
- Time of India
Rupee rises 21 paise to 85.87 against US dollar in early trade
The rupee gained 21 paise to 85.87 against the US dollar in early trade on Thursday, mainly due to a weakened greenback in the global markets. However, a rise in global crude oil prices and FII outflows prevented sharp gains in the local unit, according to forex traders. The dollar index , which gauges the greenback's strength against a basket of six currencies, was trading 0.27 per cent down at 97.41 after strengthening in the previous session. "The greenback clocked more losses on a report that US President Donald Trump is to announce the successor to Federal Reserve Chairman Jerome Powell much earlier than expected in a likely bid to undermine Powell and spur expectations for interest rate cuts," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. At the interbank foreign exchange , the rupee opened at 85.91 against the dollar before rising further to 85.87, up 21 paise from its previous close. Live Events On Wednesday, the rupee gave up its gains to settle lower by 3 paise at 86.08 against the US dollar. "Yesterday, there was good USD buying at 85.80 from oil companies and FPIs who were sellers in equity, keeping the rupee lower at 86.08. However, the dollar index fell and the euro rose, giving the rupee a strong opening with the day's range expected between 85.75 and 86.25," Bhansali said. Brent crude, the global oil benchmark, rose 1.30 per cent to USD 68.01 per barrel in futures trade. According to Bhansali, Brent oil prices edged higher on bumper US inventory drawdown, which helped spur some optimism over strong demand, while weakness in the US dollar also kept oil prices up. "The truce between Iran and Israel seems to be holding, diminishing supply disruptions in the Middle East," he added. Meanwhile, in the domestic equity market, Sensex rose 163.27 points to 82,918.78 in early trade while Nifty was up 64.35 points to 25,309.10. Foreign institutional investors (FIIs) offloaded equities worth Rs 2,427.74 crore on a net basis on Wednesday, according to exchange data.
