Currency traders expect a range of 83.25 to 83.75 to a dollar next week and expect the local currency to close around 83.30/$1 tomorrow after inflows from the index inclusion come in.
Market dynamics shift as USD/JPY nears significant levels, affecting currency movements and trade volumes. Analysts closely monitor key economic indicators for potential policy shifts amid global uncertainties.
The rupee traded against the US dollar, influenced by positive domestic equities and the strength of the American currency. Forex traders noted the impact of the strong US dollar and elevated crude oil prices on the local unit.
The rupee traded against the US dollar in early trade, influenced by the equity market and factors like the dollar's strength and crude oil prices.
Non-resident deposits in India are growing steadily due to various positive factors, including the impact of the pandemic on savings patterns and stable remittances. Factors such as interest rates and exchange rates have made NRI deposits more rewarding.
India's foreign exchange reserves saw a notable decrease of $2.92 billion to reach $652.9 billion as of June 14, according to data from the Reserve Bank of India. This followed a significant increase of $24.3 billion in the previous week, pushing reserves to a record high of $655.8 billion as of June 7.
Rupee trades 3 paise higher at 83.58 against the US dollar, supported by foreign capital and strong equity market sentiment.
The value of India’s – essentially the Reserve Bank of India’s – US treasury securities dipped $ 7.1 billion in April to take the value of outstanding US treasury securities’ exposure to $233.5 billion, according to the data released by the US treasury department late on Tuesday.
Outward remittances from India under the liberalised remittance scheme fell by 2% year on year. Travel was the largest chunk of foreign currency outflows in April, with maintenance of close relatives being the second largest reason for remittances. Indians spent $31.7 billion overseas under the LRS in the fiscal ended March 2024.
Rupee remains steady at 83.37 against the US dollar driven by various factors including foreign capital inflow, equity market performance, and positive economic indicators.