The US Fed kept its near-zero benchmark interest rate unchanged.
The rupee depreciated 11 paise to a record low of 78.96 against the US dollar in opening trade on Wednesday, weighed down by persistent foreign capital outflows. At the interbank foreign exchange, the rupee opened on a weak note at 78.86 against the American dollar, then lost ground to quote at 78.96 -- its all-time low level, registering a fall of 11 paise from the last close. On Tuesday, the rupee plunged by 48 paise to close at record low of 78.85 against the US dollar.
Heavy dollar demand from some banks and importers, mainly oil refiners, weighed on the rupee's fortunes.
The rupee extended its losses and slumped 60 paise to close at a record low of 77.50 (provisional) against the US dollar on Monday, pressured by the strength of the American currency overseas and unabated foreign fund outflows. Forex traders said risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by global central banks. At the interbank foreign exchange market, the rupee opened lower at 77.17 against the greenback, and finally settled for the day at 77.50, down 60 paise over its previous close.
The rupee on Monday rose by 5 paise to trade at 55.35 against the US dollar in early trade at the Interbank Foreign Exchange as the American currency weakened against euro overseas.
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.
Two powerful US Senators introduced legislation in the Senate on Thursday that will give the Obama Administration additional tools to address currency manipulation by China.
Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering Sino-US trade tensions, weighed on the domestic currency.
The currency had gained by 88 paise in the past seven days.
Gold prices have been on an uptrend in the last few months, rising nearly 28 per cent to $2387 per ounce now. This rise in gold price, according to Christopher Wood, global head of equity strategy at Jefferies, is attributed to the demand from China amid lack of investor euphoria as regards the yellow metal. "Recent developments show a distinct lack of investor euphoria as regards gold, the question remains what is driving the current rally.
The dollar was firm against some global currencies.
A fresh demand for the US currency from importers weighed on rupee.
Weakness in the dollar against some other currencies overseas, supported the rupee
Dollar's weakness against some currencies overseas supported the rupee
The dollar was firm against major global currencies.
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
On Thursday, the rupee had gained 16 paise to 67.17.
However, dollar's rise against other currencies overseas capped the gains
Dealers attributed the rupee's fall to persistent demand for the US currency
The rupee had gained 90 paise, or 1.34 per cent.
The rupee had gained 2 paise to close at 67.37 on Friday.
The rupee gained 31 paise to close at 66.42 in Thursday's trade.
Appreciation of the dollar overseas amid a lower opening in the domestic equity market affected the rupee
The rupee depreciated 39 paise to an all-time low of 82.69 against the US dollar in early trade on Monday as elevated crude oil prices and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and firm American currency sapped investor appetite, forex traders said. At the interbank foreign exchange, the rupee opened at 82.68 against the greenback, then slipped further to 82.69, registering a fall of 39 paise over its previous close.
The rupee had declined sharply against the US currency.
Dealers attributed the fall to fresh demand for the US currency from importers.
Sustained month-end demand from banks and importers weighed.
Foreign fund outflows and a lower opening in the domestic equity market, restricted rupee's gain.
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The American currency regained its buoyant strength after a brief sideways movement following overnight US Fed's optimistic tone about the future of the US economy
A weakening dollar against other currencies overseas supported the rupee.
Strength in dollar against some other currencies overseas weighed on the rupee
The dollar was firm against major Asian currencies.
The local currency had gained 7 paise to close at 66.57 in Monday's trade.
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Dealers said besides increased demand for the American currency from importers, the dollar's strength against other Asian currencies overseas, put pressure on the local unit.
A higher opening in domestic stock market supported the rupee.
The RBI, however, asked the government to carefully assess the pros and cons of such action.
China's devaluation creates new risk in global financial markets and could prolong the West's slowdown.
A higher opening in the domestic equity market influenced uptrend.
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