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Economic Times
7 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
7 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.
Economic Times
05-06-2025
- Business
- Economic Times
Rupee weakens to 86.02 amid equity outflows and Central Bank review
For the rupee, a key resistance now remains at 86.25/$1, from an earlier resistance of 85.80/$1. Traders are also betting against the rupee by cutting down on their long rupee positions. The Indian rupee weakened to 86.02 against the dollar on Wednesday, eventually settling at 85.90, influenced by equity outflows and NDF position adjustments before the RBI's policy review. Dollar demand from foreign banks and oil firms further pressured the rupee, which has declined 1.5% since last Monday. Shrinking interest rate differentials and tariff uncertainties also contributed to the rupee's depreciation. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: The Indian rupee weakened to 86.02 per dollar on Wednesday, before closing marginally higher at 85.90/$1, largely driven by equity outflows and squaring of offshore non deliverable forwards (NDF) positions ahead of the central bank's monetary policy review on Friday, traders rupee had opened at 85.74/$1 on demand from foreign banks and oil companies added to the pressure. The rupee had closed at 85.59 on intervention by the Reserve Bank of India helped contain excess losses and prevented the rupee from depreciating too far from the 86 level, traders said. The currency has declined 1.5% since last Monday, where it closed at 84.78/$1 and is the worst performing currency in Asia, according to LSEG data."Interest rate differentials between India and US are shrinking, and with the US not expected to cut, rupees' spot rates are weakening," said Anil Bhansali, head of treasury at Finrex Treasury the rupee, a key resistance now remains at 86.25/$1, from an earlier resistance of 85.80/$1. Traders are also betting against the rupee by cutting down on their long rupee positions."There has been some unwinding of long rupee positions amid tariff uncertainties," said Kunal Sodhani, head of treasury at Shinhan Bank India.
Time of India
05-06-2025
- Business
- Time of India
Rupee weakens to 86.02 amid equity outflows and Central Bank review
Mumbai: The Indian rupee weakened to 86.02 per dollar on Wednesday, before closing marginally higher at 85.90/$1, largely driven by equity outflows and squaring of offshore non deliverable forwards (NDF) positions ahead of the central bank's monetary policy review on Friday, traders said. The rupee had opened at 85.74/$1 on Wednesday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sistema TMS para empresas de logística Sistema TMS embarcador Saiba Mais Undo Dollar demand from foreign banks and oil companies added to the pressure. The rupee had closed at 85.59 on Tuesday. Likely intervention by the Reserve Bank of India helped contain excess losses and prevented the rupee from depreciating too far from the 86 level, traders said. The currency has declined 1.5% since last Monday, where it closed at 84.78/$1 and is the worst performing currency in Asia, according to LSEG data. "Interest rate differentials between India and US are shrinking, and with the US not expected to cut, rupees' spot rates are weakening," said Anil Bhansali, head of treasury at Finrex Treasury Advisors. Live Events For the rupee, a key resistance now remains at 86.25/$1, from an earlier resistance of 85.80/$1. Traders are also betting against the rupee by cutting down on their long rupee positions. "There has been some unwinding of long rupee positions amid tariff uncertainties," said Kunal Sodhani, head of treasury at Shinhan Bank India.
Time of India
31-05-2025
- Business
- Time of India
What led to rupee becoming Asia's worst performing currency in May?
After appreciating towards 83.94/$1 levels in April, the combined impact of tariff uncertainties, border tensions and expectations of further monetary easing by the central bank made the rupee the worst performing currency in Asia in May. The rupee weakened 1.27% in May, from 84.48/$1 at the beginning of the month to 85.57/$1 as of May 30, and retreated the most in Asia. Agencies 'There have been unwinding of long rupee positions amid tariff uncertainties while importers are taking advantage of lower forward premiums,' said Kunal Sodhani, head of treasury at Shinhan Bank India. One year dollar-rupee forward premiums fell to 1.94%, from 2.34% in early April. Some positive cues like lower inflation, growth prospects and a softer dollar index have helped the rupee to trade around the 85.50/$1 levels, but global economic factors can add to further weakness. 'A sharp rebound in the US dollar, an unexpected shift in the Federal Reserve's interest rate outlook, or delays in the India-US trade negotiations could dampen optimism in the near future,' said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhibased research firm.
