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Time of India
15 hours ago
- Business
- Time of India
Rupee gains 14 paise on Trump hint of no Iran action for now, equity flows
The Indian rupee modestly strengthened Friday, its first advance in six days tracking inflows into domestic equities, to close at 86.58 per dollar. The rupee climbed 14 paise despite volatile oil prices and no immediate signs of a truce in the Israel-Iran conflict. The strength in the rupee came after US President Donald Trump signalled to avoid any precipitate action on Iran. Rebalancing of the FTSE Russell index also led to some flows, traders said. The rupee traded between 86.54 and 86.67 to the dollar on Friday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Direct Shopping From Adidas Franchise Store, Up To 50% Off Original Adidas Get Offer Undo Brent crude oil prices remained elevated at $77 per barrel, while the dollar index was at 98. A rise in crude oil prices is detrimental to inflation in India as the country is a large importer of the commodity. "Chances of rupee strengthening are very low while crude oil prices are this high. The gain we have seen today is all because of Trump's comments to postpone strikes on Iran," said Anil Bhansali, head of treasury at Finrex Treasury Advisors. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. The Reserve Bank of India was likely absent today and did not intervene, traders said. "The rebalancing flows of the FTSE Russell Index did help, but dollar demand was strong too, which countered the inflow," a trader said. Foreign investors bought Indian equities worth ₹7,940.7 crore on Friday. Live Events "The only positive we have seen is that FPIs are not large sellers in Indian equities," Bhansali said.
Time of India
3 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.
Business Recorder
6 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.
Economic Times
03-06-2025
- Business
- Economic Times
Rupee ends slightly lower, but bias for rise to 85 persists
The Indian rupee closed marginally lower on Tuesday, but analysts said the underlying bias continues to be for a gradual appreciation to 85 per dollar amid persistent dollar weakness and easing headwinds. ADVERTISEMENT The local currency, which settled at 85.59 against 85.3825 in the previous session, had to contend with mixed cues from Asian peers and a modest recovery in the dollar index, which clawed back part of Monday's losses. "The rupee is currently in a consolidation phase before the eventual breakout," said Anil Bhansali, head of treasury at Finrex Treasury Advisors. "With the dollar broadly struggling, we think a move towards 85.00 could materialize sooner rather than later." While the dollar index recovered modestly, it remains under pressure on U.S. policy and economy concerns. Data released on Monday showed U.S. manufacturing activity contracted in May. Meanwhile, worries over the U.S. fiscal deficit and the tariffs back-and-forth continue to linger. ADVERTISEMENT Analysts at HSBC said in a recent note that two key headwinds for the rupee - elevated oil prices and real effective exchange rate overvaluation - have begun to ease. Brent crude has declined meaningfully since March, which will help contain India's trade deficit, while a rally in the euro is expected to reduce the rupee's overvaluation, the analysts said. ADVERTISEMENT HSBC projects USD/INR to reach 85 by the end of the April-to-June quarter. Market participants await the Reserve Bank of India's policy decision and the U.S. non-farm payrolls report on Friday. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Mint
03-06-2025
- Business
- Mint
Rupee ends slightly lower, but bias for rise to 85 persists
MUMBAI, June 3 (Reuters) - The Indian rupee closed marginally lower on Tuesday, but analysts said the underlying bias continues to be for a gradual appreciation to 85 per dollar amid persistent dollar weakness and easing headwinds. The local currency, which settled at 85.59 against 85.3825 in the previous session, had to contend with mixed cues from Asian peers and a modest recovery in the dollar index, which clawed back part of Monday's losses. "The rupee is currently in a consolidation phase before the eventual breakout," said Anil Bhansali, head of treasury at Finrex Treasury Advisors. "With the dollar broadly struggling, we think a move towards 85.00 could materialize sooner rather than later." While the dollar index recovered modestly, it remains under pressure on U.S. policy and economy concerns. Data released on Monday showed U.S. manufacturing activity contracted in May. Meanwhile, worries over the U.S. fiscal deficit and the tariffs back-and-forth continue to linger. Analysts at HSBC said in a recent note that two key headwinds for the rupee - elevated oil prices and real effective exchange rate overvaluation - have begun to ease. Brent crude has declined meaningfully since March, which will help contain India's trade deficit, while a rally in the euro is expected to reduce the rupee's overvaluation, the analysts said. HSBC projects USD/INR to reach 85 by the end of the April-to-June quarter. Market participants await the Reserve Bank of India's policy decision and the U.S. non-farm payrolls report on Friday. (Reporting by Nimesh Vora; Editing by Mrigank Dhaniwala)
