A weak dollar in overseas markets also strengthened the rupee sentiment
So far this year, the rupee has fallen by 4.2 per cent, the worst among its Asian peers.
On Wednesday, the rupee had surged 31 paise to end at a nearly seven-week high of 67.54.
The local currency had gained 17 paise to close at three-month high of 66.37 in Wednesday's trade.
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.
Rupee closed at 61.86 against the dollar on Tuesday.
Bearish dollar overseas also supported the rupee
The rupee had shed four paise at 63.81 against the US dollar in Friday's trade on sustained demand.
Rupee falls 5 paise against dollar, ends at 61.92.
Snapping its two-day gains, the rupee on Monday declined by 48 paise to settle at nearly four-week low of 62.17 against the US currency.
After bowling out SA A for 309, overnight 299/9, in the first session, India succumbed to their own waywardness, and the relentlessness of off-spinner Prenelan Subrayen (5/61), to concede an innings lead of 75.
The Rupee is seen recovering from its all-time lows against the dollar.
Dollar's strength against some currencies overseas and firming crude oil prices also put pressure on the rupee, dealers said.
The dollar maintained its bullish momentum in Asian and early European trade
The rupee on Friday snapped its two-day gaining streak against the US dollar.
A weak US dollar in overseas markets was the main reason for the rupee's rise even as losses in domestic stocks and some fag-end dollar demand from importers prevented further gains
The rupee depreciated by 37 paise to close at 79.62 against the US dollar on Thursday despite sustained foreign capital inflows and a positive trend in equities. At the interbank foreign exchange market, the local currency opened at 79.22 and saw an intra-day high of 79.22 and a low of 79.94 against the American currency. It finally ended at 79.62, down 37 paise over its previous close of 79.25.
The rupee has remained largely stable against the US greenback in the current calendar year (CY 2024), depreciating by just 0.59 per cent so far. However, it has considerably weakened against the euro and pound. The local currency has depreciated by 1.6 per cent against the euro and 5.6 per cent against the pound, as both currencies strengthened against the dollar during this period.
The rupee remains overvalued against the currencies of India's trading partners, even as it hit record lows against the dollar in August and September. According to the Reserve Bank of India's (RBI) real effective exchange rate (REER) index, the rupee stood at 5.5 per cent above its fair value in August, down from 7.7 per cent in July. This slight easing followed fears of a US recession and the unwinding of yen carry trades, which exerted pressure on the Indian currency.
The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time in early trade on Friday, weighed down by the strong american currency and risk-off sentiment among investors. Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite. Further, the strength of the American currency in the overseas market, a negative trend in domestic equities, and risk-off moods amid escalation of geopolitical risk in Ukraine weighed on the local unit.
Lower crude oil prices and a rally in domestic equities restricted the losses to some extent, forex dealers said. At the interbank foreign exchange market, the domestic currency opened weak at 79.50 per dollar.
Don Bradman wore the "baggy green" cap during India's first tour of Australia as an independent country in 1947-48, scoring 715 runs in six innings at an average of 178.75.
The foreign degree no longer sells itself, families are doing the math, and for many, the numbers just don't add up.
Forex dealers attributed the rupee's fall to increased demand for the US currency from importers
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eclined for the third month in a row in January, falling by 2.38 per cent year-on-year to $36.43 billion, while the trade deficit widened to $22.99 billion in the month. Imports rose by 10.28 per cent year-on-year to $59.42 billion in January due to an increase gold shipments, according to the Commerce Ministry data. The trade deficit was $21.94 billion in December and $16.55 billion in January last year.
The domestic unit moved in a range of 64.14 and 63.99.
The combined wealth of India's dollar billionaires is now equivalent to 33.81 per cent of India's nominal GDP.
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The Reserve Bank of India's (RBI's) outstanding net forward purchases of US dollars fell by more than 50 per cent from the last quarter of FY22 to $30.86 billion in the June quarter (Q1). The net forwards position was at $65.79 billion at the end of the last fiscal year. The purchases fell by $18.33 billion in June as the central bank intervened in both the forwards and the spot market in order to protect the rupee from excessive depreciation in the face of a widening trade deficit.
From the 30 blue-chip pack, Mahindra & Mahindra, IndusInd Bank, Bajaj Finance, Tata Motors, Bajaj Finserv, Nestle and ICICI Bank were the biggest gainers. State Bank of India, Tata Steel, Adani Ports, Zomato, UltraTech Cement and HCL Tech were among the laggards.
The rupee closed marginally stronger against the dollar on Wednesday.
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The rupee weakened by 14 paise to close at a new lifetime low of 79.59 against the US dollar on Tuesday as a strong greenback overseas and persistent foreign fund outflows continued to weigh on investor sentiment. This comes a day after the RBI announced measures for international trade settlement in rupees. At the interbank forex market, the local unit opened weak at 79.55 against the greenback and witnessed an intra-day high of 79.53 and a low of 79.66.
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Bucking a strong trend in share market, the Indian rupee on Monday gave up all its initial gains and slipped 18 paise to close at 61.94 against the Greenback on rising dollar demand from importers.
Forex dealers said that weakness in the dollar against other currencies overseas also supported the rupee.
Rupee fell to its 9-month low of 62.03 against the dollar.
The Union government has collected Rs 94,181 crore through levy of excise duty on petrol and diesel in the first three months of the current fiscal on the back of a record tax on fuel that yielded 88 per cent higher revenue the previous financial year, the Lok Sabha was informed on Monday. Excise duty on petrol was hiked from Rs 19.98 per litre to Rs 32.9 last year to recoup gain arising from international oil prices plunging to multi-year low as pandemic gulped demand. The same on diesel was raised to Rs 31.8 from Rs 15.83 a litre, according to a written reply by Minister of State for Petroleum and Natural Gas Rameswar Teli in the Lok Sabha. This led to excise collections on petrol and diesel jumping to Rs 3.35 lakh crore in 2020-21 (April 2020 to March 2021), from Rs 1.78 lakh crore a year back, he said.
The rupee on Wednesday declined by 16 paise to close at its fresh lifetime low of 77.60 against the US dollar amid unabated foreign fund outflows and a stronger greenback in overseas markets. At the interbank foreign exchange market, the rupee opened lower at 77.57 and later hit the day's low of 77.61 as the dollar rebounded in global markets following hawkish comments from US Federal Reserve chief Jerome Powell. Crude oil prices also surged over 1 per cent, which weighed on the rupee.
