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Rupee rebounds 26 paise against dollar; snaps 2-day losses
The Indian unit opened higher at 66.10 per dollar as against overnight level of 66.30 at the Interbank Foreign Exchange market and firmed up further to 66.04 on initial dollar selling.
Lacklustre domestic equities alongside ongoing FCNR redemptions added pressure on the local currency
Increased selling of the US dollar by exporters supported the rupee.
Rupee falls 5 paise against dollar, ends at 61.92.
The Indian unit opened sharply higher at 64.80 as against Wednesday's closing level of 65.12.
In Delhi, gold of 99.9 and 99.5 per cent purity fell by Rs 130 each to Rs 30,600 and Rs 30,400 per 10 grams, respectively.
The rupee has gained by 21 paise or 0.31 per cent in last two days
In forward market today, premium for dollar declined on sustained receivings from exporters.
The rupee slipped 13 paise to 77.67 against the US dollar in early trade on Tuesday, weighed down by the surge in crude oil prices. At the interbank foreign exchange, the rupee opened at 77.65 against the American dollar, then lost ground to quote at 77.67, registering a fall of 13 paise from the last close. On Monday, the rupee settled at 77.54 against the US dollar.
Extending losses for the second straight day, the rupee declined by 11 paise to close at more than 3-week low of 66.93 against the US dollar.
Rupee down 13 paise to 66.72 against dollar
Domestic-focused agricultural chemical (agrochem) companies could face near-term headwinds, given the worries on the El Nio effect on monsoons, higher inventory, and pressure on margins. Some of these were reflected in the October-December quarter (third quarter, or Q3) results of companies and may impact them in the current quarter (fourth quarter, or Q4) as well. Nuvama Research pointed out that the sector witnessed mixed performance during the quarter as global agrochem and domestic fertiliser companies maintained growth momentum, while adverse agronomical conditions and excess channel inventory weighed on domestic market volume offtake.
The rupee on Friday bounced back 32 paise to close at 64.74 against the American currency on fresh selling of dollar.
The rupee fell to more than one-month low of 65.75 against the US dollar on Thursday.
Dollar weakness was a major contributor to the rupee recovery as the skittish investors continued to lighten their long positions.
Fag-end selling of dollars by banks and exporters
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The basis of Ind-Ra's expectation of INR appreciation is based on economic developments in the last one to two months of this fiscal and the likely developments in the remaining months.
RBI fixed the reference rate for the dollar at 66.2930 and euro at 74.8978.
The rupee continued to slide against the pound sterling and finished at 102.64 as against 102.25 previously.
The local currency had gained 10 paise to close at 63.51.
Renowned Indian-American cardiologist Suresh Gadasalli, who performed the world's first simultaneous hybrid revascularisation, was shot dead by his friend and business associate who then committed suicide in Odesaa in the US state of Texas, police said.
Expectations of good foreign capital inflows into equity market in view of firm trend in the stock market also boosted the rupee value against the dollar.
The Indian currency had appreciated by a whopping 85 paise in three-day surge
The Rupee is likely to recover during day trad, say currency watchers.
The broader NSE Nifty after shuttling between 10,451.90 and 10,595.75 finally ended 100.30 points, or 0.96 per cent, higher at 10,582.50.
The domestic currency has gained by four paise or 0.06 per cent in two days.
The domestic currency has dropped by 62 paise or 0.93 per cent in four trading days.
Traders said stockists selling in line with a weak global trend as stronger dollar reduced appeal for the precious metal, led to decline in gold prices.
Weakness in the dollar against some currencies supported the rupee.
The rupee had eased by 2 paise to close at fresh 2-month low of 62.78.
The rupee has lost 32 paise, or 0.50 per cent, in five trading days
The rupee recovered by three paise to close at 67.65 on fresh selling of dollars by banks and exporters amidst a recovery in equities.
Persistent fall in crude oil prices affected the market sentiment
The rupee is trading weak against the dollar in afternoon trade.
Fresh selling of dollars by banks and exporters on the back of good foreign capital inflows helped the rupee
Indian rupee is likely to test 76-76.50 levels as a relatively strong greenback, boiling crude prices and COVID headwinds deepen the depreciation bias for the domestic currency, according to experts. One of the significantly-hit Asian currency in recent months amid uncertain economic times, rupee is expected to see a consolidation in the vicinity of the current level before being pulled towards the depreciation bias. While the equity market has been surging with occasional blips, the rupee has mostly been weak against the US dollar in recent months.
Bullish dollar sentiment overseas alongside sluggish domestic equity market predominantly impacted the domestic currency
Traders said stockists selling against sluggish demand at higher levels mainly pulled down both gold and silver prices.
The trading range for the Spot USD/INR pair is expected to be within 66.20 to 67.00.
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