The Indian currency had appreciated by a whopping 85 paise in three-day surge
The rupee has gained by 21 paise or 0.31 per cent in last two days
The previous bout of Fed withdrawal fears had threatened to spark a crisis of confidence in India -- sending the rupee to a record low of 68.85 in late August and leading to steep falls in bonds and stocks.
Faced with sluggish economic growth and dwindling exports, China on Wednesday devalued its currency for the second consecutive day.
The rupee snapped its two-day winning run against the dollar.
Finance secretary Ajay Bhushan Pandey on Sunday hinted that the government was working on another stimulus package but he refrained from giving a timeframe.
The rupee on Friday closed 10 paise higher at 65 against the US dollar on fresh selling of greenback by banks.
The rupee ended lower by 7 paise to 62.31 against the American currency on fresh dollar demand from banks.
'Rather than cutting and pasting from advanced economies, we should use basic economic principles to think about what is right for India at the stage of development at which we are,' says Chief Economic Advisor Krishnamurthy Subramanian.
RBI is unlikely to stem the slide against the dollar as the greenback is rising rapidly against all currencies in the world.
The rupee gained 28 paise on Thursday to close at 62.50.
While good news from several quarters has been trickling in, El Nino might be a dampener, says T N Ninan.
The rupee recovered by 11 paise to trade at 60.84 against the US dollar in early trade today on selling of the American currency by banks and exporters.
'Listing Masood Azhar as a 'global terrorist' was done with Islamabad and Imran Khan's concurrence.' 'It was not prompted by the so-called 'Wuhan spirit'.' 'The relationship between the two 'iron brothers' has not been dented,' points out former RA&W officer and China expert Jayadeva Ranade.
India and China achieved a major milestone this year when their bilateral trade crossed the landmark figure of $100 billion but it did not generate any fanfare in both capitals as the two Asian giants are going through a "particularly bad patch" in their relations due to a set of actions by Beijing in violation of agreements that led to the military standoff in eastern Ladakh. Starting with a modest $1.83 billion in 2001, the bilateral trade crossed $100 billion-mark in the first 11 months this year, a significant milestone for which the two countries carried out campaigns to boost trade and build it as a major stakeholder to improve the relations between two nations, whose ties otherwise remained frosty over the festering boundary dispute and strategic rivalry. According to last month's data from China's General Administration of Customs (GAC), the India-China bilateral trade totalled $114.263 billion, up 46.4 per cent year-on-year from January to November 2021.
The country's two biggest state-run lenders on Saturday pitched for treating a portion of their gold deposits as part of the mandatory cash reserve ratio (CRR) or statutory liquidity ratio (SLR), both of which banks consider as non-productive.
Rupee hits more than two-year low; RBI intervenes
Consistent capital inflows and a recovery in local equities helped the local unit to trim initial losses
Financial shares were among the top gainers with HDFC leading the gains.
CAD refers to the difference between inflow and outflow of foreign exchange that has a bearing on exchange rate.
Good foreign capital inflows failed to restrict the rupee's fall against the dollar
India must focus on reforms.
The HSBC/Markit purchasing managers index for the manufacturing industry stood at 50.1 in July, slightly more than 50.3 in June, indicating a broad stagnation of manufacturing operating conditions in India.
Tehran plans to lift exports by 500,000 barrels per day
Persistent foreign capital inflows also boosted sentiment.
Forex dealers said besides dollar's gains against the euro overseas, increased demand from importers for the US currency and a lower opening in the domestic equity market also put pressure on the rupee.
Rupee ended weak against the dollar.
'What will this supposedly more business-friendly government do if it gets a second term?' 'Important labour law and land reforms remain off the table.' 'Witness the arm-twisting of foreign players in e-commerce and all but one player in telecom -- and it is very hard to justify this perception that the BJP is business friendly.' 'There will also remain the real risk of ideas seemingly gleaned from the pages of Amar Chitra Katha, overlaid with PowerPoint presentations,' predicts Rahul Jacob.
Given Indian corporates's high indebtedness, new credit will be used for servicing loans rather than building factories. This is setting us up for more companies on life support and more zombie banks, warns Rahul Jacob.
India is looking at near close to double-digit growth this year and the country will be one of the fastest-growing economies, Finance Minister Nirmala Sitharaman has said. The minister also emphasised that she expects the economic growth next year to be in the range of 7.5-8.5 per cent, which will be sustained for the next decade.
Sensex remained volatile through the day.
The trading range for the Spot USD/INR pair is expected to be within 66.20 to 67.00.
India must reckon with the possibility that it will struggle to attract higher overseas investment.
The RBI fixed the reference rate for the dollar at 65.2525 and for the euro at 72.1954.
Global events will continue to be in the limelight, besides domestic policy.
The rupee had gained 28 paise against the American currency to settle at nearly two-month high at 66.74 in Monday's trade.
The rupee ended weaker against the greenback on domestic worries.
The rupee appreciated further on Thursday, adding 106 paise to 66.01 against the dollar, after steps taken by new Reserve Bank of India Governor Raghuram Rajan to attract US currency inflows boosted market sentiment.
Data on the real value of the currency against other currencies tells a different story.
At 11:37 am, the S&P BSE Sensex was up 28 points at 27,037 and the Nifty50 was up 2 points at 8,268
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances