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.
All markets will remain closed on Monday, April 14, on account of Dr Baba Saheb Ambedkar Jayanti.
While Bajaj Finance, Asian Paints, Tata Steel, NTPC and SBI were among the other gainers, ONGC, Axis Bank, Tech Mahindra, Infosys and ICICI Bank were among the laggards. NSE Nifty advanced 82.75 points or 0.73 per cent to settle at 11,470.25.
The rupee on Thursday surged by 22 paise to close at a fresh three-week high of 61.75 against the US currency.
M&M, Nestle India, IndusInd Bank, Kotak Bank, HCL Tech and Axis Bank were the other gainers. On the other hand, Tech Mahindra, ITC, NPTC, PowerGrid, Titan and ONGC finished with losses. The NSE Nifty surged 121.75 points to 10,739.95.
The rupee settled at 61.71. In straight three sessions, the currency has shot up 51 paise or by 0.82 per cent.
Deutsche Bank on Monday completed the first forex option transaction in India. The transaction, which was a 6-month dollar/rupee risk reversal, was inked by Deutsche Bank for Reliance in Mumbai, an official release said.
Strengthening of dollar against the Euro also put pressure on the local unit
Investors turned cautious as trade war concerns between the US and China escalated and a persistent weakness in the rupee became lingering concerns leading to volatility in the market
For the month as a whole, rupee depreciated 6.34 per cent in May.
In fairly active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed firm at 39.32/34 a dollar from yesterday's close of 39.44/45 a dollar and later surge to 39.31 level on the back of heavy capital inflows into equity.
All wholesale commodity markets, including bullion and metals, will remain closed on Monday on account of 'Republic Day'.
The RBI, however, asked the government to carefully assess the pros and cons of such action.
The Indian currency had appreciated by a whopping 85 paise in three-day surge
The rupee is expected to become more jittery and choppy in the near-term
Forex traders said a stronger dollar also dragged the rupee down.
This is the highest closing level since May 11, 2016 when the rupee had finished at 66.56
Taking a dig at the construction of a wall on a plot having several slum structures in Ahmedabad ahead of Trump's visit there, the Sena said the US president's trip would neither stop the fall of rupee's value in forex market nor offer betterment to those (slum dwellers) behind the wall.
On the Sensex chart, ICICI Bank, HDFC Bank, Axis Bank, IndusInd Bank and Bajaj Finance emerged as the major laggards, dropping over 6 per cent.
The move comes even as Bank of India on Wednesday said its corporate clients will suffer mark-to-market losses of around Rs 125 crore. It has 34 clients with 74 derivative transactions. Last week, State Bank of India said its clients may incur MTM losses of up to Rs 700 crore at the end of March 2008.
Other gainers included Nestle India, Asian Paints, Bajaj Finance, NTPC, L&T, Axis Bank and Bajaj Auto. On the other hand, TCS, ONGC, Infosys, HDFC and SBI were among the laggards. NSE Nifty surged 121.65 points or 1.03 per cent to 11,889.40.
The rupee has been under immense pressure due to a host of reasons including soaring crude oil prices, sustained foreign fund outflows and widening current account deficit.
A higher opening in the domestic equity market influenced uptrend.
Rupee ends flat against dollar ahead of Fed policy outcome.
India's aviation industry could return to profitability in 2023-24 for the first time since the pandemic. The industry may pare aggregated net loss by 75-80 per cent year-on-year (YoY) to between Rs 3,500 crore and Rs 4,500 crore in 2022-23 (FY23), compared with Rs 17,500 crore of net losses in 2021-22 (FY22). A combination of recovery in passenger volumes and easing cost pressures due to stable fuel and foreign exchange (forex) costs could spark a turnaround. CRISIL says domestic and international passenger traffic recovered to 90 per cent and 98 per cent, respectively, of pre-pandemic traffic (2019-20, or FY20), in April-December 2022, compared with April-December 2019.
A weak dollar in overseas market in view of the Federal Reserve's cautious stance on interest rate strengthened the rupee value.
Rajan's first few measures include swap window facility for banks to lure in NRI funds.
L&T was the top gainer in the Sensex pack, rallying 4.81 per cent, followed by M&M, Sun Pharma, Tech Mahindra, NTPC, SBI, ICICI Bank and Titan.
The rupee strengthened by 13 paise to 61.67 against the US dollar at close.
In a quiet trade at the Interbank Foreign Exchange (Forex) market, the local currency resumed firm at 39.46/48 a dollar from Wednesday's close of 39.5450/5500 a dollar, but later trimmed gains at 39.49/50 per dollar in late morning deals. It swung in a range of 39.46 and 39.53 in early trade.
Rupee weakened by 10 paise to end at 66.14 against the dollar due to month-end demand from importers and banks.
A forensic probe has been ordered into alleged irregularities by the department of financial services.
Sustained rise in equity markets in view of progress in monsoon mainly boosted the rupee value against the dollar.
The rupee on Wednesday strengthened by another 3 paise to 62.82 against the US dollar.
Overseas investors, as well as other key stakeholders, such as brokers, custodians, and clearing corporations, are yet to iron out critical issues, even as the shift towards a shorter trade settlement cycle approaches new phases. Several industry players said foreign portfolio investors (FPIs) are still facing impediments over the trade confirmation timelines, foreign exchange (forex) bookings, and pre-funding requirements. This could potentially act as a roadblock when it comes to moving entirely to the new T+1 settlement cycle from next year.
2nd time within a few days RIL has hit the forex debt market.
Rupee is likely to remain under pressure due to domestic concerns.
India's gold reserves were also up by $297.7 million to $19.33 billion
Amazon on Wednesday filed a writ petition in the Delhi high court seeking clarifications on the scope of Enforcement Directorate's (ED) investigations into alleged foreign exchange violations by the company, according to sources. Last month, Amazon had said it was in receipt of summons by the ED in connection with its deal with the Future Group. According to sources, Amazon in its filing said the ED is expanding the scope of its investigations by seeking privileged and confidential legal advice it received in ordinary course of business since it started marketplace operations and that such requests aren't related to the agency's probe into the Future-Amazon deal.
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