The rupee rose by 12 paise to close at 79.78 against the US dollar on Monday due to a weak dollar in overseas markets and an improved appetite for riskier assets. Stronger regional currencies also supported the rupee sentiment ahead of the US Fed policy decision on Wednesday. Weak domestic equities and FII outflows, however, capped sharp gains. At the inter-bank forex market, the local unit opened at 79.86 against the greenback and moved in a range of 79.70 to 79.87 in the day trade.
The rupee slipped by 4 paise to close at 77.59 (provisional) against the US dollar on Tuesday, weighed down by a negative trend in domestic equities and unabated foreign fund outflows. At the interbank foreign exchange market, the rupee opened lower at 77.56 against the greenback, and finally settled at 77.59, down 4 paise over its previous close. During the trading session, the rupee touched an intra-day low of 77.67 and a high of 77.51.
One of the key factors contributing to the decline in the value of the rupee against the US dollar is the tightening yield spread between the 10-year India government bond and the US government bond. The yield on 10-year Indian government bonds is now only 295 basis points higher than that of US 10-year treasury bonds, the lowest since January 2007. Lower spread means lower incentive for foreign investors to invest in rupee assets, which adversely affects foreign capital inflows into the country and weighs on the rupee-dollar exchange rate.
The rupee opened steady at 63.30 per dollar at the Interbank Foreign Exchange; but, firmed up to 63.22 before quoting at 63.23 per dollar at 1000 hours.
The dollar was weak against major world currencies.
Weakness of the dollar against other currencies overseas gave the rupee more muscle.
If the REER is to be restored to its 2004-05 level, the rupee has to depreciate a lot, says V K
The rupee ended marginally higher by two paise at 62.24 against the dollar on Wednesday.
A weak dollar overseas supported the rupee sentiment.
A weak dollar in overseas markets also strengthened the rupee sentiment
The rupee depreciated further by 7 paise to 65.12.
Sustained inflows of foreign funds supported the rupee
The rupee depreciated by 9 paise and settled at its all-time low level of 83.13 against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency. Forex traders said the Indian rupee depreciated as the US dollar rose to the highest levels in six months. Moreover, elevated crude oil prices also weighed on rupee.
The rupee depreciated by 19 paise to trade at almost seven-month low of 61.94 against the US currency in early trade today at the Interbank Foreign Exchange on capital outflows amidst the dollar's gain against other currencies overseas.
'We are not asking for incentives, but at least taxation can be aligned such that the rupee tax on consumers remains the same.'
the rupee had closed steady at 67.95 per dollar on Monday.
Foreign fund inflows and a higher opening in the domestic equity market supported the domestic unit
Continuing its range-bound movement for the fourth session, the rupee today closed up by two paise at 59.25 ahead of industrial output and retail inflation data.
The rupee ended lower by 7 paise to 62.31 against the American currency on fresh dollar demand from banks.
The rupee on Monday failed to maintain initial gains and ended lower by five paise at 60.21 against the dollar on fag-end demand for the US currency from banks and importers.
'The favourable rupee-dollar exchange rate, there are opportunities we can tap.'
The domestic currency has gained by four paise or 0.06 per cent in two days.
In overseas trade, the American currency traded lower against the yen and the euro in an Asian session as well as modest profit-taking after recent sharp gains
Exchange-traded currency derivatives volumes are likely to drop in view of new Reserve Bank of India (RBI) rules, casting a cloud over further participation of retail investors and proprietary traders. There are concerns that existing positions without any underlying exposure will need to be liquidated. Also, weighed down by dollar demand from local oil companies and weakness in its Asian peers, the rupee on Wednesday (April 3) ended at a new closing low of 83.44 versus the US currency.
Rising for the second session, the Indian rupee on Thursday climbed by 50 paise to nearly four-week high of 62.67 against the greenback on persistent selling of dollars by banks and hopes of capital inflows in view of a strong equity market.
The domestic unit moved in a range of 64.14 and 63.99.
Dollar gained against major currencies overseas.
Rupee gained on increased selling of the US currency by banks and exporters
Increased demand for the American unit from importers and banks, affecting the value of the rupee
The domestic unit hovered in a range of 66.45 and 66.61 per dollar during the day.
Bearish dollar overseas also supported the rupee
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The Indian rupee on Tuesday ended marginally higher against the American currency at 61.41 amid volatile trading on the back of a higher dollar overseas.
Information technology (IT) stocks ended at their lowest in nearly nine months after a fresh bout of selling, triggered by concerns over a recession in the US, the key market for domestic software exporters. A report by Morgan Stanley citing risks to growth also weighed on sentiment.
The rupee recovered from initial losses against the US dollar and was quoted barely steady at 61.91 on selling of the American currency by banks and exporters on good foreign capital inflows.
Forex dealers said that weakness in the dollar against other currencies overseas also supported the rupee.
The domestic unit had recovered to 68.65 in early trade on Friday as against Thursday's closing of 68.72.
The rupee had lost 10 paise to close at 21-month low of 64.26 against the greenback in Tuesday's trade.
The rupee fell back against the pound to 98.72 from overnight close of 98.48 and turned negative to end at 77.44 per euro from Rs 77.37.
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