RUPEE TRADE
Rupee inches higher tracking gains in most Asian peers
The Indian rupee reached 83.4625 against the U.S. dollar, aided by a weaker dollar index and gains in yen and yuan. Brent crude prices eased. The U.S. jobs report and bond yields will impact Federal Reserve rate forecasts. Importers' hedging may limit rupee gains. Lloyd Chan of MUFG Bank expects the dollar to weaken as U.S. job market softens.
Rupee falls 5 paise to 83.54 against US dollar in early trade
The rupee depreciated 5 paise to 83.54 against the dollar due to high crude prices, starting at 83.52. Positive equities, foreign fund inflows supported. Amit Pabari noted pressures like crude at USD 87. S&P's YeeFarn Phua mentioned fiscal deficit reduction need. NSE Nifty, Sensex surged; FIIs buying shares. Dollar index at 105.36, US yields at 4.35%.
Rupee to trade in narrowest range in about 30 years on RBI's actions: Reuters poll
The Indian rupee will trade within the narrowest range in nearly three decades over the coming year as the Reserve Bank of India (RBI) continues to maintain its tight grip on the currency's movements, according to a Reuters poll.
GIFT Nifty jumps 90 points; here's the trading setup for today's session
Market anticipates Nifty consolidation post-profit booking. Brent crude, US WTI futures rise on strong fuel demand hopes. Currency markets stable as rupee weakens. FIIs cut net long positions, adding to market uncertainty.
India executes first Rs 1 crore pulses export to Myanmar under Rupee-Kyat trade settlement mechanism
The first transaction of over Rs 1 crore pulses export from India to Myanmar under the Rupee-Kyat trade settlement mechanism was successfully completed. The transaction aims to boost bilateral trade and promote the use of local currencies. The Central Bank of Myanmar released guidelines for payment procedures and the Indian mission organising awareness events to encourage businesses to benefit from the mechanism.
Rupee falls 11 paise to close at 83.537 against US dollar; 10-year G-Sec yield trades flat
The 10-year benchmark bond yields have been trading flat, but traders say that these levels are good. “Today there seems to be buying from mutual funds. They sold during the quarter end so they have to replenish their kitty”, they said. Liquidity eased a bit as the month began to a surplus of almost Rs. 28,000 crores due to government spending.
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Rupee falls 9 paise to 83.43 against US dollar in early trade
The healthy expansion in infrastructure sectors' growth in May was driven by the production of coal, natural gas, and electricity, amidst rising crude oil prices impacting the rupee and positive equity market sentiment.
Interest equalisation scheme for exporters extended for 2 months; FIEO disappointed
The scheme helps exporters from identified sectors and all MSME manufacturer exporters to avail of rupee export credit at competitive rates at a time when the global economy is facing headwinds. Exporters get subsidies under the Interest Equalisation Scheme for pre and post-shipment rupee export credit.
Rupee rises 8 paise to 83.37 against US dollar in early trade
Market anticipates US inflation data, oil supply issues from Russia and the Middle East drive prices. The rupee strengthens against the dollar amidst market optimism and increased foreign investments.
Rupee trades in narrow range against US dollar in early trade
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.
Rupee sees range-bound trade against US dollar in morning deals
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.
Rupee recovers 3 paise to 83.58 against US dollar in early trade
Rupee trades 3 paise higher at 83.58 against the US dollar, supported by foreign capital and strong equity market sentiment.
Rupee rises 6 paise to 83.37 against US dollar in early trade
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.
Rupee rises 7 paise to 83.48 against US dollar in early trade
Rupee appreciates 7 paise to 83.48 against the US dollar, supported by foreign capital inflow and positive equity market sentiment; dollar index up at 105.01; Brent crude down to USD 84.14 per barrel.
Rupee opens on flat note against US dollar in early trade
The 30-share BSE Sensex and NSE Nifty experienced slight declines, reflecting market movements. Moody's Ratings forecast India to maintain its position as the fastest-growing economy in the Asia-Pacific region.
Rupee rises 5 paise to 83.54 against US dollar in early trade
Rupee appreciated 5 paise to 83.54 against the US dollar, driven by positive sentiments in the domestic equity market.
Rupee opens flat against US dollar in early trade
The rupee is expected to swing within a range of 82.90 to 83.70, influenced by Foreign Institutional Investors, capital markets, and anticipated inflows like Reliance Infrastructure raising USD 350 million.
Indian traders demand resumption of border trade with China through Lipulekh pass
Indian traders have been engaging in border trade with China through the Lipulekh pass in Pithoragarh district since 1992. They are now urging the central government to address the closure of the trade route due to the Covid-19 pandemic in 2019. The traders are concerned about their stored goods in Tibet and seek the resumption of trade.
Learn with ETMarkets: How inflation impacts INR & what currency traders should do?
The Indian Rupee (INR) is influenced by global economic trends, inflation, recession fears, and geopolitical tensions. Traders should monitor inflation, anticipate capital flows, and use hedging strategies in the forex market.
Rupee rises 6 paise to 83.47 against US dollar in early trade
The rupee appreciated 6 paise to 83.47 against the US dollar in early trade on Friday ahead of the RBI monetary policy announcement.
Rupee ends lower on importer, foreign banks' dollar buys
The Indian rupee ended weaker on Thursday, pressured by dollar demand from local importers and foreign banks even as most of its Asian peers gained.
Rupee gains 7 paise to 83.44 against US dollar in early trade
Rupee appreciated 7 paise to 83.44 against the US dollar, influenced by domestic equity markets and lower crude oil prices. The currency rebounded from a decline post-election results showing less-than-expected majority for the BJP-led NDA.
GIFT Nifty rises 100 points; here's the trading setup for today's session
Indian markets reacted to the NDA's election results with a 6% loss in Sensex and Nifty. Concerns over socialist policies were raised. Traders were cautioned by Kotak Securities. Adian Markets and Hang Seng futures showed varied performance. Oil prices fell slightly. Stocks in F&O ban.
Learn with ETMarkets: What do global economic trends, and their implications mean to gold, currency markets?
The Indian rupee tends to weaken during such times due to increased risk aversion and capital outflows. A weaker rupee makes gold and silver more expensive in the domestic market, potentially leading to profit booking and increased liquidity among investors.
Citi sees rupee a favorite in Asia as India joins key bond index
Citigroup Inc. remains positive on the Indian rupee's outperformance, citing strong fundamentals, a narrowing current account deficit, and growing expectations on inflows around India's inclusion in a global bond index.
Brazil, Canada, EU urge India to submit timely notifications on sugar subsidies in WTO
A group of WTO member countries, including Brazil, Canada and the European Union, have urged India to submit timely notifications on sugar subsidies in the World Trade Organisation, an official said. The issue came up for discussion during the meeting of the WTO's agriculture committee on May 23-24 in Geneva.
India, China have agreed to cooperate in paying in local currency for imports: Maldives
Maldives' Economic Development Minister Mohamed Saeed said he met with the Indian High Commissioner Munu Mahawar two weeks ago, who in turn, said that New Delhi would support and cooperate in arranging for the settlement of import payments in Indian Rupee.
DGFT conducting study to identify and align best global practices in trade finance
The Directorate General of Foreign Trade (DGFT) is exploring global trade finance practices to align with India's future needs. Over 2.5 lakh bank realisation certificates (BRCs) have been self-generated under the revamped eBRC system, boosting ease of doing business. Stakeholders emphasize the importance of data flow in export credit and aim to enhance the trade finance ecosystem in India.
India, Nigeria agree to early conclusion of local currency settlement system agreement
India and Nigeria have agreed to conclude a local currency settlement system agreement to strengthen economic ties. The agreement, signed during a joint session of the India-Nigeria Joint Trade Committee, aims to promote the use of the Indian Rupee and Nigerian Naira for cross-border transactions. The agreement will enhance bilateral trade and mutually beneficial investments in sectors such as crude oil, natural gas, pharmaceuticals, power, renewable energy, agriculture, education, transport, railway, aviation, and MSMEs development.
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