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Time of India
4 days ago
- Business
- Time of India
Rupee slips 24 paise on corporate hedging as oil surges
Mumbai: The Indian rupee on Wednesday weakened past the psychologically significant 86.50 per dollar mark and touched 86.56/$1-its weakest in over two months-amid dollar demand from oil companies and corporates for hedging. The currency closed at 86.48 per dollar, 24 paisa weaker, LSEG data showed. RBI interventions were muted, though they helped contain excess losses, traders said. "Without intervention rupee would have weakened to 87," a trader from a public sector bank said. Brent oil crude prices rose to $77.6 per barrel on Wednesday amid mounting concerns of supply disruption as the war between Iran and Israel continued. "Foreign investors were sellers in equities and oil companies bought dollars," said Anil Bhansali, head of treasury, Finrex Treasury Advisors. "We may see rupee moving between 86.25 and 87 (on Thursday) if we don't see ceasefire in Middle East," Bhanslai said. Traders are now awaiting the Federal Reserve's policy decision late on Wednesday.
Economic Times
6 days ago
- Business
- Economic Times
Rupee holds steady at 86.06 amid RBI Intervention
Meanwhile, traders are looking forward to the developments on the trade deal between India and the US. The Indian rupee closed nearly unchanged at 86.06 per dollar on Monday, despite initial weakness due to high crude oil prices and geopolitical tensions between Israel and Iran. A softer dollar index and likely RBI intervention limited the rupee's losses. Further weakening is expected due to ongoing geopolitical uncertainties, with traders closely monitoring developments in the India-US trade deal. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: The Indian rupee ended nearly unchanged at 86.06 per dollar despite opening with a weakening bias and trading to 86.23 on Monday. A fall in the dollar index and likely intervention by the Reserve Bank of India helped contain losses in the currency, traders rupee opened at 86.19 per dollar, 10 paisa weaker from its previous close of 86.08/$1 as high crude oil prices continued to weigh on the currency and as Israel and Iran continued attacks over the weekend. The currency traded in the range of 85.95/$1 to 86.23/$1 on Monday."There was dollar demand seen from foreign investors and oil companies to cover their oil payments for the next few days as oil prices were up since the Iran-Israel confrontation began," said Anil Bhansali, head of treasury at Finrex Treasury a mildly softer dollar index at 97 levels from 98 seen at the start of the day helped contain by the Reserve Bank of India above 86.20/$1 levels also helped ease the pressure on rupee, traders the coming days, weakening bias is expected to continue for the rupee due to geopolitical uncertainties.'There may continue to remain some pressure on the rupee till the point the geopolitical uncertainties prevail. For USD-INR, immediate support comes at 85.60 levels while a break above 86.23 may open doors for 86.50 levels,' said Kunal Sodhani, head of treasury, forex and rates at Shinhan Bank traders are looking forward to the developments on the trade deal between India and the US.
Time of India
6 days ago
- Business
- Time of India
Rupee holds steady at 86.06 amid RBI Intervention
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: The Indian rupee ended nearly unchanged at 86.06 per dollar despite opening with a weakening bias and trading to 86.23 on Monday. A fall in the dollar index and likely intervention by the Reserve Bank of India helped contain losses in the currency, traders rupee opened at 86.19 per dollar, 10 paisa weaker from its previous close of 86.08/$1 as high crude oil prices continued to weigh on the currency and as Israel and Iran continued attacks over the weekend. The currency traded in the range of 85.95/$1 to 86.23/$1 on Monday."There was dollar demand seen from foreign investors and oil companies to cover their oil payments for the next few days as oil prices were up since the Iran-Israel confrontation began," said Anil Bhansali, head of treasury at Finrex Treasury a mildly softer dollar index at 97 levels from 98 seen at the start of the day helped contain by the Reserve Bank of India above 86.20/$1 levels also helped ease the pressure on rupee, traders the coming days, weakening bias is expected to continue for the rupee due to geopolitical uncertainties.'There may continue to remain some pressure on the rupee till the point the geopolitical uncertainties prevail. For USD-INR, immediate support comes at 85.60 levels while a break above 86.23 may open doors for 86.50 levels,' said Kunal Sodhani, head of treasury, forex and rates at Shinhan Bank traders are looking forward to the developments on the trade deal between India and the US.
Business Recorder
7 days ago
- Business
- Business Recorder
Indian rupee slides
MUMBAI: The Indian rupee posted its worst day in more than a month on Friday after Israeli strikes on Iran's nuclear and military sites hit risk sentiment, prompting the central bank to step in to limit losses. The rupee fell 0.6% to 86.08 per dollar at close, marking its biggest single-session fall since May 8. The currency, which slipped to a 2-month low of 86.20 earlier in the session, declined 0.5% week-on-week. The Reserve Bank of India was on offers from 86.05 to 86.20 levels through the session, but the pressure on the local currency persisted, two traders said. 'Once the RBI intervened, there was a floor set for the rupee, and a large foreign bank began unwinding dollar long positions,' said a trader with a private bank. 'RBI did support the rupee but did not make any effort to bring (the pair) down. We await further developments in the Middle East while trade issues are side-tracked for the moment,' said Anil Bhansali, head of treasury at Finrex Treasury Advisors. Israel on Friday targeted Iran's nuclear facilities, ballistic missile factories and military commanders at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. The strikes came amid mounting tensions over US efforts to halt Iran's production of atomic bomb materials.
Time of India
14-06-2025
- Business
- Time of India
Can rupee recover from its worst fall in over a month due to rising oil prices?
Mumbai: The Indian rupee weakened by 60 paise to touch 86.20 per dollar on Friday, its worst fall in over a month due to rise in crude oil prices amid Israeli strike on Iran. The currency however closed stronger at 86.08 per dollar, likely due to intervention by the Reserve Bank of India , traders said. Rupee had closed at 85.60/$1 on Thursday. The 10-year bond yield touched 6.40% levels in the early hours of trading, before easing and closing at 6.36%, up two basis points from its previous close. The rupee traded between the range of 86.20/$1 to 85.93/$1, strengthening mildly in between due to central bank intervention and muted dollar sales by foreign banks, traders said. Agencies Brent crude oil prices rose to $75 per barrel on Friday, from $68 per barrel the day before as Israeli strikes on Iran's nuclear and military facilities hit risk sentiments. A rise in crude oil prices is inflationary for India and adds pressure on the rupee as the country is a major importer of the commodity. A $10 per barrel increase in crude oil prices can widen the current account deficit by 0.4% of the GDP and add up to 35 basis points in retail inflation, according to Reuters. Live Events The RBI likely sold dollars via state-run banks in the first half of the trading session, but in a muted manner, traders said. "The possible intervention by the RBI was only up to a certain level and did not make any effort to bring down to 85.70 levels. But a key resistance amid uncertainty in the Middle East would be at 86.25/$1 levels," said Anil Bhansali, head of treasury at Finrex Treasury Advisors. For bonds too, the mood was fragile amid geopolitical tensions, traders said. "Since there has been a selloff and the yields touched 6.40%, we will be able to see some buying next week," a bond trader at a primary dealership said.
