Latest news with #IndianRupee
Business Standard
36 minutes ago
- Business
- Business Standard
INR rallies against US dollar after recent slide
Indian Rupee saw good gains today as firm local equities boosted the currency after it tested a three-month low against the US dollar in last session. The US dollar index is witnessing choppy moves as it holds around 98.30 mark. INR approached at 86.56 per US dollar, up 17 paise on the day. Meanwhile, global geopolitical scenario remains uncertain but the Crude oil prices are mostly holding in a range this week following a freak spike to six-month high. This is capping weakness in INR. NIFTY50 index also spiked today, hitting one-week high above 25000 mark and offered good support to INR. The dollar index eased from one-week high.
Reuters
3 hours ago
- Business
- Reuters
Rupee gains slightly to cap week clouded by Middle East conflict
MUMBAI, June 20 (Reuters) - The Indian rupee ended modestly higher on Friday but fell for a second consecutive week as the conflict between Iran and Israel remained the key driver for global markets and kept energy prices elevated, pressuring oil-sensitive currencies in Asia. The rupee ended at 86.5850, up from its close of 86.7225 in the previous session. It was down nearly 0.6% on the week. While escalating tensions in the Middle East kept risk appetite under pressure for much of the week, markets found some relief on Friday after U.S. President Donald Trump pushed back a decision on U.S. military involvement in the Israel-Iran war. Brent crude oil prices declined more than 2% on the day after rallying to a five-month high of $79.04 per barrel earlier in the week. Most equity gauges in Asia logged gains, with India's benchmark equity indexes, the BSE Sensex (.BSESN), opens new tab and Nifty 50 (.NSEI), opens new tab, rising 1.3% each. Analysts pointed out that oil prices and the Middle East conflict would likely remain the key drivers for FX markets in the near term. On the day, the dollar index was a tad lower at 98.6 but was on course for a weekly gain. "The FX market has taken the somewhat lower probability of the U.S. intervening in Iran already this weekend as an opportunity to re-enter USD short positions, especially against European currencies," ING Bank said in a note. "This confirms that a constant flow of oil-positive, risk-negative geopolitical news is needed to keep the dollar supported," the note added. For the rupee, meanwhile, traders will also gauge the extent of portfolio inflows that a large IPO scheduled next week will draw. Sizeable inflows could help the rupee hold ground above the 86.50 mark while a sharp rise in crude oil prices could build momentum for a fall below 87, a trader at a foreign bank said.
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Business Standard
3 hours ago
- Business
- Business Standard
Rupee rises after three-day slide on likely FII inflows; ends at 86.59/$
The Indian Rupee ended higher on Friday, breaking a three-day losing streak, with US President Donald Trump taking two weeks to decide on potential action against Iran. The domestic currency rose 14 paise to end at 86.59 against the dollar, after closing at 86.73 on Thursday, according to Bloomberg. The currency has fallen 1.17 per cent so far this month. During the session, most Asian currencies inched up, with the Korean won leading gains. The uncertainty around the Iran-Israel conflict continues, with US President Trump delaying the country's response to Iran by two weeks, according to analysts. The White House said Trump still considers negotiations with Iran an option and will decide on supporting Israel within two weeks, leaving investors uncertain. However, Israel said it destroyed nearly half of Iran's missile launchers, adding that its strikes create the conditions for the downfall of the Iranian government. Meanwhile, potential inflows into equities also supported the currency's movement. Friday promises to be an action-packed day with two major semi-annual index rebalances lined up, the Sensex and the FTSE, Nuvama said in a note, anticipating large foreign inflows. Foreign portfolio investors (FPIs) have bought equities worth ₹3308.32 crore over the past three days. Most of the selling pressure has been in the mid- and small-cap segments, while broader indices have remained stable despite geopolitical tensions, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. "Inflows are expected this week and next, especially with the upcoming HDB Financial Services IPO." Rupee traded positively, supported by softer crude oil prices and a weaker dollar index, according to Jateen Trivedi, VP research analyst - commodity and currency at LKP Securities. Continued foreign and domestic inflows into Indian markets have helped limit the rupee's downside despite ongoing geopolitical tensions over the past few months, he said. "The rupee is expected to trade in a range of 86.00 to 86.85."
Business Standard
6 hours ago
- Business
- Business Standard
INR supported as NIFTY scales up one-week top
Indian Rupee edged up today as firm local equities boosted the currency after it tested a three-month low against the US dollar in last session. The US dollar index is witnessing choppy moves as it holds around 98.30 mark. INR started the session on a firm note and currently trades at 86.61 per US dollar, up 12 paise on the day. Meanwhile, global geopolitical scenario remains uncertain but the Crude oil prices are mostly holding in a range this week following a freak spike to six-month high. This is capping weakness in INR. NIFTY50 index also spiked today, hitting one-week high above 25000 mark and offered good support to INR. On the NSE, USD/INR futures are currently quoting at 86.64, down 0.15% on the day.
Time of India
9 hours ago
- Business
- Time of India
Rupee rises 13 paise to 86.60 against US dollar in early trade
Synopsis The Indian Rupee saw gains against the US dollar in early trading on Friday. This rise is attributed to lower global crude oil prices and a weaker US dollar. On Thursday, the Rupee had fallen to a two-month low. Market experts suggest exporters should sell dollars. Importers are advised to wait before hedging.
