Latest news with #USDINR
Business Standard
a day ago
- Business
- Business Standard
INR plunges to 3-month low against dollar
The Indian rupee extended decline for the third straight session and plunged to a three month low on Thursday. INR depreciated 30 paise to close at 86.73 (provisional) against US dollar on Thursday, weighed down by the strength of the American currency in the overseas markets and rebound in international crude oil prices fuelled by ongoing geopolitical uncertainties. Moreover, muted domestic equity markets also added pressure on the rupee. A cautious undertone prevailed as investors reacted to hawkish commentary from the Federal Reserve and rising tensions in the Middle East. At the end of a two-day policy meeting on Wednesday, the U.S. central bank left interest rates unchanged but warned about higher inflation and slower economic growth in the months ahead. On the geopolitical front, speculation grew over a possible U.S. involvement in the Israel-Iran conflict. The benchmark S&P/BSE Sensex ended the session down 82.79 points, or 0.10 percent, at 81,361.87 while the broader NSE Nifty index slipped 18.80 points, or 0.08 percent, to 24,793.25. On the NSE, USDINR futures added 0.30% to end at 86.77.
The Print
2 days ago
- Business
- The Print
Rupee falls 9 paise to close at 86.43 against US dollar
Moreover, elevated global crude oil prices and selling pressure from foreign investors also weighed on the local unit, they said, adding that the domestic markets are falling on risk aversion in the global markets amid the ongoing geopolitical tensions in the Middle East. Forex traders said the rupee dwindled amid weak domestic equity markets and the broad strength of the dollar. Mumbai, Jun 18 (PTI) The rupee depreciated 9 paise to close at 86.43 against the US dollar on Wednesday, dragged down by risk-off sentiments and elevated crude oil prices. At the interbank foreign exchange, the domestic unit witnessed heavy volatility. It opened at 86.42 against the greenback and touched an intra-day high of 86.25 and a low of 86.57 against the greenback during the day. At the end of Wednesday's trading session, the local unit was at 86.43, down 9 paise over its previous closing price. On Tuesday, the rupee declined 30 paise to close at 86.34 against the greenback. 'We expect the rupee to trade with a negative bias on risk aversion in the global markets and worries over rising crude oil prices. Escalating geopolitical tensions in the Middle East may weigh on the rupee. 'However, any de-escalation of tensions may see a recovery in the global risk assets. Traders may take cues from weekly unemployment claims data from the US. Traders may also await the Federal Open Market Committee (FOMC) meeting outcome. The US Federal Reserve is expected to keep interest rates unchanged. USDINR spot price is expected to trade in a range of 86.15 to 86.90,' said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan. According to Dilip Parmar, Senior Research Analyst, HDFC Securities, the rupee depreciated for the second consecutive day, primarily due to prevailing risk-averse market sentiment and anticipated dollar outflows, which are fuelled by ongoing geopolitical uncertainties. 'The negative carry return is also contributing to the rupee's downward pressure,' he said and added that the spot USD-INR pair is expected to find support around 85.90, while encountering resistance at the 86.70 level. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.17 per cent at 98.65. Brent crude, the global oil benchmark, fell 0.86 per cent to USD 75.79 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex declined 138.64 points, or 0.17 per cent, to close at 81,444.66, while the Nifty fell 41.35 points, or 0.17 per cent, to 24,812.05. Foreign institutional investors (FIIs) purchased equities worth Rs 890.93 crore on a net basis on Wednesday, according to exchange data. PTI DRR HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Business Standard
3 days ago
- Business
- Business Standard
INR slides near two-month low amid pessimistic global sentiments
The Indian rupee declined 19 paise to close at 86.24 (provisional) against the greenback on Tuesday weighed down by a rise in global crude oil prices amid the escalating Iran-Israel war, and a strengthening dollar. This marked around two-month low level for INR against the US dollar. Weak sentiments in the domestic equity markets and FII outflows put further pressure on the rupee. Indian shares ended Tuesday's session modestly lower as the conflict between Israel and the Islamic republic raged and U.S. President Donald Trump called for the immediate evacuation of Tehran, signaling potential escalation of the conflict. A rebound in oil prices along with recent FII selling weighed on markets as fighting between Iran and Israel continued for a fifth day. The benchmark 30-share BSE Sensex dropped 212.85 points, or 0.26 percent, to 81,583.30 while the broader NSE Nifty index closed at 24,853.40, down 93.10 points, or 0.37 percent, from its previous close. At the interbank foreign exchange, the rupee opened at 85.96 against the US dollar and traded in the range of 85.96-86.28 during the day. The rupee had closed at 86.04 against the rupee on Monday. USDINR futures ended higher by 0.22% at 86.28.
Business Standard
3 days ago
- Business
- Business Standard
INR appreciates under Rs 86 mark; Dollar strength likely to limit upside
The Indian rupee is seen recovering back above Rs 86 per dollar mark on Tuesday morning even as a rebound in dollar overseas could limit gains in the counter. The dollar index is quoting at 97.75, up 0.20% on the day. The domestic currency opened at Rs 85.96 per dollar and edged up to a high of 85.94 so far during the day. Yesterday, rupee rose 8 paise to 86.03 against the US dollar on Monday amid a strong show at the domestic equity markets, weakening dollar, and easing of global crude oil prices. Indian shares rose notably on Monday as oil prices stabilized after settling 7 percent higher on Friday, and data showed India's wholesale price inflation eased further in May to a 14-month low amid cheaper costs for primary articles, fuel, and power. Provisional data from the Ministry of Commerce and Industry revealed that India's wholesale price index, or WPI, rose 0.39 percent year-over-year in May, slower than the 0.85 percent increase in April. This was the lowest inflation rate since March 2024. The benchmark S&P/BSE Sensex jumped 677.55 points, or 0.84 percent, to 81,796.15 while the broader NSE Nifty index closed up 227.90 points, or 0.92 percent, at 24,946.50. On the NSE, USDINR futures are trading lower by 0.18% at 85.93.
Business Standard
4 days ago
- Business
- Business Standard
INR recovery supported by firm domestic equities and easing international oil prices
The Indian rupee rose 8 paise to 86.03 (provisional) against the US dollar on Monday amid a strong show at the domestic equity markets, weakening dollar, and easing of global crude oil prices. Indian shares rose notably on Monday as oil prices stabilized after settling 7 percent higher on Friday, and data showed India's wholesale price inflation eased further in May to a 14-month low amid cheaper costs for primary articles, fuel, and power. Provisional data from the Ministry of Commerce and Industry revealed that India's wholesale price index, or WPI, rose 0.39 percent year-over-year in May, slower than the 0.85 percent increase in April. This was the lowest inflation rate since March 2024. The benchmark S&P/BSE Sensex jumped 677.55 points, or 0.84 percent, to 81,796.15 while the broader NSE Nifty index closed up 227.90 points, or 0.92 percent, at 24,946.50. However, decline in exports, along with foreign fund outflows, capped further gains in the local unit. At the interbank foreign exchange, the local unit opened at 86.16 against the greenback and traded in the range of 85.94-86.24 before closing at 86.03. On the NSE, USDINR futures slipped 0.08% to settle at 86.08.
