A depreciating rupee, which briefly hit 80 to the dollar on Tuesday, may boost India's exports but price-inelastic imports of crude oil and gold would mean limited relief on the trade deficit, which clocked a record $26.2 billion in June. Due to global risk aversion on the back of geo-political tensions and aggressive policy tightening by the Fed, the dollar has appreciated against most currencies, including the rupee. And, with other currencies depreciating, India's comparative advantage in this respect may be limited.
Rupee falls 5 paise against dollar, ends at 61.92.
The rupee will join the elite club of US dollar, British pound-sterling, Euro and Japanese yen to have its own symbol.
Kharge's remarks came after Modi on Friday said the Congress stands "badly exposed" in front of people for promising to them what the party knows it will never be able to deliver.
Iran has offered to help India meet its energy needs by relaunching rupee-rial trade for export of oil and gas, said Iranian ambassador to India Ali Chegeni. Chegeni said if both the countries resume rupee-rial trade, bilateral trade can touch $30 billion. Iran used to be India's second largest oil supplier but New Delhi had to halt imports after the former US president Donald Trump withdrew from the nuclear deal with Iran and re-imposed sanctions on its oil exports.
Might earn around Rs 3,720 crore on export of 2 mt of wheat, despite dipping prices in international markets
Foreign investors have bought around $2.4 billion in both debt and equity so far in October, pushing the total inflows to nearly $36 billion so far in the year.
While all the four countries have seen a sharp rise in their currencies against the US dollar, the pace of rupee appreciation is only next to the Brazilian real since the beginning of this year.
The Indian rupee strengthened 12.9 per cent against US dollar during the year ended March, 2010, touching Rs 45.14, on the back of foreign capital inflows, Parliament was informed on Tuesday.
Investors are anxious over the US-China trade tension, a sharp devaluation in yuan and uncertainty over Kashmir issue.
Domestic air passenger traffic touched 1.25 crore in January this year, an increase of 96 per cent compared to the year-ago period, according to rating agency Icra. However, it said the traffic remained around 2 per cent lower compared to the pre-Covid levels -- January 2020. The traffic stood at 64 lakh in January last year. Icra is maintaining a negative outlook on the Indian aviation industry, reflecting the view that the financial performance of Indian airlines is likely to remain under pressure in the near term, even though the recovery in domestic passenger traffic has been healthy.
'I did not charge a rupee for that show, but Rohit (Bal) gifted me the suit I had walked in. 'I still have it as a memento of a man who was an institution and an inspiration.'
If there was one event that made the month of August stand out, it was a strengthening of the dollar index to levels last seen only 20 years ago, as the Federal Reserve dispelled all doubts about its intention to continue raising interest rates. Predictably, most currencies suffered against the US unit, with the bulk of the losers belonging to the emerging markets pack. Amid the volatility, the rupee, however, has displayed significant resilience and fared much better than most of its peer currencies.
The flow of deposits from non-resident Indians (NRIs) hit a four-year low in the financial year 2020-21 mainly due to contraction in foreign currency deposits, latest data released by the Reserve Bank of India (RBI) shows. Total NRI deposits during FY21 were $7.3 billion as compared to $8.6 billion in FY20 - the lowest since 2016-17, when such deposits had contracted by $12.3 billion. Indian banks have three kinds of deposit accounts where NRIs or PIOs (persons of Indian origin) can park their funds: non-resident external-rupee account (NRE); non-resident ordinary rupee account (NRO); and foreign currency non-resident bank account (FCNR [B]).
A lower opening in the domestic equity market put pressure on the rupee.
Forex dealers said strength in euro against the US dollar overseas and increased capital inflows supported the rupee.
At interactions last week with senior officials from the Reserve Bank of India, select banks gave feedback on two key bond market concerns, namely, recent volatility in the rupee-dollar exchange rate and heavy losses incurred on floating rate government bonds due to a demand-supply mismatch, sources told Business Standard. The discussions were held ahead of the RBI's next monetary policy statement, scheduled on August 5. Indian banks are large holders of government securities because of a regulatory mandate to set aside a certain percentage of deposits in sovereign bonds.
'Earlier, he was a bowler batters were looking to face because he hardly had any change of pace.' 'Now, he is the bowler batters do not want to face because they don't know what he is going to bowl.'
The dollar index surged to multi-year high.
The rupee fell back sharply against the pound sterling at 83.28 from Monday's close of 82.49 and also reacted downwards against the euro to 71.59 from 71.29.
The butchering of the Indian Rupee need not come in the way of your dream international vacation says Anita Rao Kashi.
Troubled edtech firm Byju's founder Byju Raveendran on Thursday said that he is willing to pay back the entire money to lenders if they are willing to work with him. During a two-and-a-half-hour call with the media, Raveendran said that lenders will not get any money if the process of insolvency against the company continues. "If they are willing to work with me, I am willing to give them money back before I take a single rupee out.
IOA president P T Usha on Sunday slammed the revolting executive council members, saying they 'seem more focused on self-serving power play and monetary gain'
Global cryptocurrency giant Binance has asserted that it never owned or controlled WazirX before or after the embattled Indian exchange was hacked in July that led to a security breach of more than $230 million. Binance added that there was no legal basis for the firm to be liable for claims made against the embattled crypto exchange. It refuted WazirX's claims that the global exchange owns the company, adding that it does not operate the platform.
In addition, persistent dollar demand from banks and importers and a weak opening in the equity market also put pressure on the Indian rupee.
The rupee fell to an all-time low of 61.21 per dollar, forcing the Reserve Bank of India to intervene to stabilise the currency.
After declining for three consecutive quarters, the value of FPI investment in Indian equities rose 8 per cent quarter-on-quarter to $566 billion in the July-September period, according to a Morningstar report on Wednesday. A fast-changing global macroeconomic landscape, sentiments and opportunities that the Indian equity markets have to offer impacted the direction of flows by Foreign Portfolio Investors (FPIs). Through the quarter, the value of the FPI holdings in domestic equities surged by 8 per cent to $566 billion from $523 billion recorded in the previous quarter.
The Indian rupee, which is partially convertible, will move toward fuller convertibility in a gradual and calibrated manner, Finance Minister P Chidambaram informed the Rajya Sabha on Tuesday.
Asian stock, bond and currency markets took another big hit after a fresh spike in US interest rates re-ignited concerns about capital flows from the region and forced investors to pare back their Asian portfolios.
The Indian rupee on Monday appreciated by 16 paise against the American currency in early trade on hopes of increased capital inflows from foreign funds boosted by last week's rally in the stock markets.
Delhi-NCR and Mumbai are still the most preferred destinations for NRIs to buy property, say property brokers.
Forex dealers said besides continued demand for the American currency from importers, increased capital outflows by foreign funds kept pressure on the rupee.
RBI interest rate decision, macroeconomic data and global trends would guide markets' movement this week, analysts said. Besides, trading activity of foreign investors and the last batch of Q1 earnings announcements would also guide trends in equities. HSBC PMI (Purchasing Managers' Index) for the services sector is scheduled to be announced on Monday.
Leading index provider Standard & Poor's on Thursday announced the launch of currency indices - Indian Rupee index and Chinese Renminbi index. Global investors would get access to the currencies of the two emerging economic superpowers, it will also serve as a reliable and relative benchmark for currency performance. The indices will replicate the performance of the Chinese Renminbi & the Indian Rupee versus the US Dollar. The indices will also have an excess return version.
The Indian rupee today dipped to a two-year low of 46 against the US dollar following heavy demand from importers for the greenback.
Analysts expect the central bank to remain watchful of inflation.
The Rupee is 3.7 per cent undervalued on trade related basis.
Weak dollar in the overseas market also boosted the rupee value against the dollar, a forex dealer said.
In a remarkable comeback, foreign portfolio investors (FPIs) have pumped Rs 1.7 lakh crore into the Indian equity markets in 2023, propelled by confidence in the country's robust economic fundamentals amid a challenging global landscape. The year 2023 has witnessed massive investment by FPIs, thanks to the sharp uptick in inflows of Rs 66,134 crore in December. Going forward, FPI flows are expected to be robust.
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