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 plunged 20 paise to close at an all-time low of 78.13 against the US dollar on Monday, as a lacklustre trend in domestic equities and stronger greenback overseas weighed on investor sentiments. Forex traders said weak Asian currencies and persistent foreign capital outflows were the other major factors that dragged the local unit down. At the interbank foreign exchange market, the local currency opened at 78.20 and witnessed an intra-day high of 78.02 and a low of 78.29 against the US dollar.
The rupee depreciated 6 paise to 77.50 against the US dollar in the opening trade on Wednesday as a surging American currency in the overseas markets and persistent foreign fund outflows weighed on investor sentiment. Besides, rising global crude prices impacted the domestic unit, forex traders said. However, a higher opening in the domestic equity market restricted the rupee's fall, they added.
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.
Sliding for the fifth straight session, the rupee fell 3 paise to close at a fresh lifetime low of 79.06 against the US dollar on Thursday amid a strong greenback overseas and unrelenting foreign fund outflows. At the interbank forex market, the local unit opened at 78.92 against the greenback and witnessed an intra-day high of 78.90 and a low of 79.07. It finally settled at 79.06, down 3 paise over its previous close of 79.03.
The rupee slipped by 4 paise to close at 77.59 (provisional) against the US dollar on Tuesday, weighed down by a negative trend in domestic equities and unabated foreign fund outflows. At the interbank foreign exchange market, the rupee opened lower at 77.56 against the greenback, and finally settled at 77.59, down 4 paise over its previous close. During the trading session, the rupee touched an intra-day low of 77.67 and a high of 77.51.
Top gainers include Yes Bank, HUL, Vedanta, NTPC, Bharti Airtel, Adani Ports, PowerGrid and Tata Motors, rising up to 5 per cent.
In line with a weak stock market where benchmark Sensex plunged nearly 300 points, as many as 263 stocks hit their respective one-year lows on BSE on Monday.
The rupee plunged 90 paise to close at an all-time low of 80.86 (provisional) against the US dollar on Thursday after the US Federal Reserve's interest rate hike and its hawkish stance weighed on investor sentiments. Forex traders said the US Fed's rate hike and escalation of geopolitical risk in Ukraine sapped risk appetite. Moreover, the strength of the American currency in the overseas market, a muted trend in domestic equities, risk-off mood and firm crude oil prices weighed on the rupee.
State Bank of India (SBI) is willing to work with Russian banks not facing sanctions and remain on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network to open a special rupee vostro account (SRVA) for invoicing in Indian currency. The country's largest lender in a statement said it has not been identified as the nodal bank for handling Russia-related transactions. In July, the Reserve Bank of India (RBI) allowed banks in India, including SBI, to open an SRVA to promote invoicing in Indian rupee, subject to certain safeguards. Accordingly, the bank in a statement said it is "making necessary arrangements and processing requests received from various banks, including Russian banks", following guidelines laid out by the RBI.
'In my 20 years, I have never seen such high rates.'
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.
None of the four benchmarks suggested by the RBI is ideal as banks in India create loan assets from their deposits and not borrowing from the regulator or market, says Tamal Bandyopadhyay.
The S&P BSE Sensex plunged 128 points to end at 25,102.
The rupee appreciated 7 paise to 79.74 against the US dollar in early trade on Thursday as a positive trend in domestic equities supported the local unit. However, a strong American currency overseas and forex outflows restricted the rupee's gain, dealers said. At the interbank foreign exchange, the rupee opened at 79.72 against the American dollar, then went lower to trade at 79.74 against the greenback in early deals, registering a gain of 7 paise over the last close.
Sensex ended at 17,279 up 94 points or 0.55%
Move to shift powers from RBI without discussions baffles many
Month-end dollar demand from importers resulted in the rupee touching a new all-time low on Wednesday against the dollar.
The broader markets ended firm with mid-caps and small-caps gaining nearly 0.5 per cent on the BSE.
The broader markets, however, outperformed the benchmark indices -- BSE Midcap and Smallcap indices ended up 0.6%-1%.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
Index heavyweights Reliance Industries, HDFC and Infosys were the top Sensex gainers.
The 30-share Sensex ended down 66 points at 28,438 and the Nifty ended down 15 points at 8,633.
The broader markets ended negatively with mid-caps and small-caps shedding 0.5 per cent on the BSE.
The 30-share Sensex closed at 27,112 up by 481 points whereas the Nifty ended higher by 139 points at 8,115.
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ITC, Infosys, Wipro and HDFC Bank among the major losers.
BSE Midcap index outperformed the benchmark indices to end with 0.4% gains.
Markets across the globe gained after China Securities Regulator removed its four-day-old circuit-breaker system.
Most banks are yet to pass on the benefits to the consumers.
Financials were the top losers while oil shares also declined amid weak crude oil prices.
The RBI refuses to classify a cryptocurrency as an asset since it doesn't have future cash flow and its value is always fluctuating because of speculation. There is also no consumer protection, observes Tamal Bandyopadhyay, and hence the e-rupee trial run.
Fear factors weights on markets, Sensex, Nifty struggle to keep pace.
'It was because of the huge selloff in the Indian equities that the rupee fell so sharply against the dollar on Friday.'
Sensex firm on favourable GDP numbers for FY16.
The 30-share Sensex ended down 39 points at 26,265 and the 50-share Nifty ended down 1 point at 7,954.
The ruble has recouped most of its losses and become the top-performing currency globally. It continues to gain and is up 60 per cent against the US dollar from its lows in the first week of March. The ruble appreciated to 83 to the dollar intraday on Tuesday against a record low of 139 on March 7.
On the last day of FY!5, the Sensex ended lower by 18.37 points at 27,957.49.
Sensex, Nifty end the day in red ahaead of F&O expiry.
Asia has opened largely in the green ahead of a raft of Chinese data due during the day.
Dollar's strength against some currencies overseas and firming crude oil prices also put pressure on the rupee, dealers said.
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