Strong foreign fund inflows, a weakening dollar and slipping oil prices propped up the local unit.
Dollar gained against major currencies overseas.
Banks and exporters preferred to reduce their dollar position on hopes of further capital inflows as foreign portfolio investors infused $107.22 million yesterday as per the record of Securities and Exchange Board of India.
Foreign fund inflows and a higher opening in the domestic equity market supported the domestic unit
The dollar's weakness against rivals overseas supported the rupee.
Increased demand from oil importers for the American currency and a weak opening in the domestic stock market also put pressure on the rupee.
Increased demand for the American unit from importers and banks, affecting the value of the rupee
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.
Gold prices tumbled by Rs 3,350 to Rs 72,300 per 10 grams in the local market in New Delhi on Tuesday amid subdued demand by jewellers after the government announced the customs duty cut on the yellow metal and silver to 6 per cent.
In worldwide trade, the American dollar traded with solid strength against all major emerging currencies
The rupee on Friday bounced back 32 paise to close at 64.74 against the American currency on fresh selling of dollar.
The Indian rupee resumed sharply lower at 66.65 per dollar against last Friday's level of 66.48.
One bill provides $60.8 billion for Ukraine, with over 80 percent of it for helping Kyiv amid its ongoing war with Russia, including replenishing supplies of US made weapons and ammunition.
Volatile currency market sentiment across Asia following a fresh round of China's yuan depreciation further added to gloom.
US dollar was firm against global currencies in overseas markets on rising prospects for a rate hike by US Federal Bank, which hit the rupee sentiment
The rupee on Wednesday snapped its two days of losses and edged up two paise to end at 59.27 against the dollar following late selling of the US currency by exporters.
Extending its losing streak for the fourth straight day, the rupee weakened by five paise to 61.01 against the US dollar in early trade today at the Interbank Foreign Exchange market on high demand for the American currency from importers.
The rupee fell by 41 paise to close at a fresh lifetime low of 79.36 (provisional) against the US dollar on Tuesday amid a strong greenback overseas and unrelenting foreign fund outflows. At the interbank forex market, the local unit opened at 79.04 against the greenback and witnessed an intra-day high of 79.02 and a low of 79.38. It finally settled at 79.36 (provisional), down 41 paise over its previous close.
PowerGrid, Tech Mahindra, Infosys, Nestle India and HCL Tech too ended with losses.
Global currency market sentiment is likely to be driven by the US deficit and debt ceiling negotiations, with markets likely to turn more risk averse closer to October 17, the date by which the US Congress must approve raising the country's borrowing limit.
The local currency lost some of the gains after the forex market realised that RBI's decision would result in only up to $3 billion extra dollar supply in the market in initial stages.
Indian rupee has declined by about 25 per cent since December 31, 2014, and is nearing 80 against the dollar, the Lok Sabha was informed on Monday. The value of the rupee declined from 63.33 against a dollar on December 31, 2014, to 79.41 on July 11, 2022, Finance Minister Nirmala Sitharaman said in a reply quoting RBI data. The exchange rate of the Indian Rupee against the dollar was Rs 78.94 per dollar as of June 30, 2022, Finance Minister Nirmala Sitharaman said in a written reply.
Amid the rupee declining against the US dollar, Finance Minister Nirmala Sitharaman on Thursday said the Indian currency is relatively better placed than other global currencies against the greenback. Emerging market currencies have been falling against the dollar amid geopolitical tensions in the wake of the Russia-Ukraine war, concerns over growth, high global crude prices, sustained inflation and central banks worldwide adopting hawkish monetary policy approach. "We are relatively better placed. We are not a closed economy. We are part of the globalised world.
IMAGES from the World Cup match between India and Sri Lanka played at the Wankhede stadium in Mumbai on Thursday
The rupee had gained 11 paise to end at one-week high of 54.84 against the US dollar in Wednesday's trade on sustained selling of the US dollar by exporters and capital inflows.
The country's foreign exchange reserves declined by $7.541 billion to $572.712 billion in the week ended July 15 as the Reserve Bank continued to intervene in the market to curb the fall of the rupee. In the previous week ended July 8, the reserves shrunk by $8.06 billion to $580.25 billion, the Reserve Bank of India (RBI) data showed on Friday. On Friday, the rupee fell by 5 paise to close at 79.90 against the US dollar.
On the Sensex chart, Reliance Industries fell 5.36 per cent, followed by IndusInd Bank, HCL Tech, Asian Paints, UltraTech Cement and PowerGrid - dropping as much as 4.72 per cent. Among the gainers were Axis Bank, Sun Pharma, Bajaj Auto, Bajaj FinServ, HDFC Bank and Dr Reddy's.
The rupee has lost 32 paise, or 0.50 per cent, in five trading days
Sliding for the fifth straight session, the rupee fell 3 paise to close at a fresh lifetime low of 79.06 against the US dollar on Thursday amid a strong greenback overseas and unrelenting foreign fund outflows. At the interbank forex market, the local unit opened at 78.92 against the greenback and witnessed an intra-day high of 78.90 and a low of 79.07. It finally settled at 79.06, down 3 paise over its previous close of 79.03.
India spends significantly less on defence than could be expected from a country that faces simultaneous armed threats from two hostile neighbours -- China and Pakistan.
Banks and exporters preferred to reduce their dollar position in view of its weakness.
Equity indices nursed losses for the second consecutive session on Tuesday as investors continued to dump IT, banking and FMCG stocks amid a bearish trend in global markets. Unabated foreign fund outflows and the rupee dropping to another record low against the US dollar added to the woes, traders said. Participants were also in wait-and watch mode ahead of release of retail inflation and factory output data.
Equity benchmarks Sensex and Nifty gave up early gains to close in the red on Wednesday after a selloff in power, metal and consumer durable stocks amid a weak trend in global equities. However, a rally in the rupee against the US dollar and unabated foreign capital inflows helped the indices restrict the losses, traders said. In a largely range-bound session, the 30-share BSE Sensex ended 151.60 points or 0.25 per cent lower at 61,033.55.
Tata Steel was the top gainer in the Sensex pack, rising around 4 per cent, followed by Infosys, Bajaj Finance, TCS, HCL Tech, ICICI Bank and Tech Mahindra. On the other hand, Bharti Airtel, M&M, L&T and Axis Bank were among the laggards.
HCL Tech led the Sensex gainers' chart, spurting 3.58 per cent, followed by UltraCement, Nestle India, Tata Steel, Kotak Bank, ICICI Bank, Bharti Airtel and HDFC twins. In contrast, ITC, Maruti, NTPC, Asian Paints and Sun Pharma were among the main laggards, shedding up to 1.51 per cent.
The domestic equity market on Thursday snapped the five-day losing streak as the benchmark Sensex recouped its lost ground and closed 78 points higher on fag-end value buying in banking, energy and financial stocks. A positive opening in the European market helped the investor sentiments even as clouds hovered over the health of the global banking system amid Credit Suisse woes and bank failures in the US. Halting its five-day losing streak, the 30-share BSE benchmark rose 78.94 points or 0.14 per cent to close at 57,634.84 points, with 17 of its constituents ending in the green.
The rupee showed range-bound movement on Wednesday as investors preferred to stay cautious in the unsure market.
Unwinding of long dollar positions by banks too aided the sentiment
Indian rupee appreciated by 35 paise to end at two-week high of 63.03 against the greenback.
On Wednesday, the rupee had dropped by 26 paise.
