The rupee tumbled 19 paise to close at a fresh lifetime low of 77.93 against the US dollar on Friday as rising crude oil prices and unabated foreign capital outflows soured sentiment. A sell-off in equity markets and stronger greenback overseas also weighed on the domestic unit, forex traders said. At the interbank foreign exchange market, the local currency opened at 77.81 and witnessed an intra-day high of 77.79 and a low of 77.93 against the US dollar.
On Wednesday, the rupee ended barely steady at 64.93.
Hawkish guidance by the US Fed raises concerns it could tie the hands of RBI from trimming rates.
'Three external members of the first MPC are respected researchers with excellent academic background, but there is no harm in considering academicians with diverse backgrounds such as finance and labour along with economists for this body,' recommends Tamal Bandyopadhyay.
The RBI is fully aware that the high-cost loans and high indebtedness of the borrowers could pose financial stability risks, if not addressed by these NBFCs. Governor Shaktikanta Das has issued a stern warning, saying the RBI is closely monitoring these areas and will not hesitate to take appropriate action, if necessary, if the culprits don't opt for self-correction. Watch out for some action, soon, notes Tamal Bandyopadhyay.
The Rupee is likely to recover during day trad, say currency watchers.
Extending losses for the second straight session, the rupee slipped by 11 paise at 66.54 against the US dollar.
Rupee is likely to remain under pressure due to domestic concerns.
A weak dollar overseas also aided the rupee rise while fresh sell-off by foreign funds in domestic stocks capped the currency's gains, forex dealers said.
The second half of June could be driven more or less by technical factors triggered by news flow from Greece, the US Federal Reserve and the monsoon. The technical picture seems bearish as of now, says Devangshu Datta.
Rupee ends flat against dollar ahead of Fed policy outcome.
The government will unveil the Consumer Price Index data and the Wholesale Price Index data for August on Monday.
Because billions of people around the world will be watching these brand ambassadors, what they wear during the Olympics is highly regimented, leading to complicated wardrobe changes.
The market has zoomed to new highs for calendar 2017.
Government bonds yields are likely to trade in a range, owing to profit booking.
The rupee rose by 4 paise at 66.88 against the US dollar in early trade on Wednesday.
The home currency failed to keep momentum going and largely traded in a narrow range with positive bias in the absence of any market moving factors
Markets could slide again owing to conditions in Europe and the US.
On Monday, the rupee gained 16 paise.
The latest macro-data from India is disquieting
Investors will keenly watch out for the Futures & Options expiry for July on Thursday
Getting out of the zero-rate armchair was overdue, and many in the market will be glad it has finally happened
The Indian rupee on Monday reacted downwards by 12 paise to log nearly one-week closing low of 63.41 against the Greenback.
Gold advanced one per cent to $1,212.21 an ounce in Singapore.
Barely days after imposing a 40 per cent export tax on onions to cool down soaring prices, which, in turn, triggered widespread protests across the main growing belts, the Centre on Tuesday sought to mitigate both political and economic tensions gripping parts of Maharashtra. It decided to procure an additional 200,000 tonnes of onions at Rs 2,410 per quintal for its buffer stock from farmers, a rate that is strikingly close to the price at which they were being exported before the 40 per cent duty was levied on August 19. The export price before the imposition of the duty stood at around $320 per tonne free on board (approximately Rs 2,650 per quintal).
Friday's US data showed addition of 173,000 jobs in August.
Most experts said indices would open higher on Monday and rally might sustain for a few sessions
Construction major L&T was the biggest gainer among the Sensex components, spurting 2.30 per cent, after the company said its board has approved a Rs 9,000-crore share buyback plan.
Forex dealers said weakness in local equities cast a shadow on the rupee. Dollar losing in overseas markets didn't impact the fall of the local currency, they added.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
The external environment has worsened further. While the Finnish economy entered into a recession, Swedish economic growth also dipped. The Finnish gross domestic product (GDP) dropped 0.6 per cent in October-December, 2022. It was the second quarter of negative growth, which is a technical definition of recession.
Rupee movement, global cues key for stocks this week: Experts
Gold is up 0.8 per cent for the week, after hitting a near-two-week high earlier in the week.
The rupee had recovered from its 29-month lows by rising 39 paise to close at 67.63 on Friday.
The rupee had lost 27 paise to close at more than 5-week low.
Index heavyweight RIL surged 3% to end above Rs 1,000 mark while IT majors were also the top gainers.
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
The overall breadth is positive as 873 stocks are advancing while 425 are declining.
Investors still seem to have a disinflation bias to their thinking.
Equities went into a tailspin on Wednesday after the Reserve Bank surprised the market with a mid-cycle rate hike in a bid to tame soaring inflation.
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