The financial market gave a thumbs up to Reserve Bank of India's annual credit policy, which pushed up the benchmark Sensex higher by over 225 points and lifted the Rupee to over a nine-year high.
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Chidambaram said recent measures taken by the Reserve Bank of India were aimed at reducing volatility in the financial market, where the rupee has dropped to record lows.
Silver coins continued to be sought after at the last level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
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Fag-end dollar selling by exporters helped the rupee to recover lost ground and settle at the day's high of 60.77, a gain of 11 paise. The rupee earlier touched an intra-day low of 61.21 on July 8.
However, FII outflows of Rs 545 crore (Rs 5.45 billion) capped the gains in the rupee, which had slumped by 126 paise in past two days.
There was fresh dollar demand from banks and importers.
The rupee firmed up by 15 paise to close at 62.36 per dollar on fresh selling by banks
Shares of most of the Adani group firms ended lower on Monday, with the group companies' combined mcap witnessing a sharp fall of Rs 9.5 lakh crore after US-based short-seller Hindenburg Research's adverse report.
Indian rupee washed out initial losses against the greenback.
Strong rebound in local equities restricted the rupee's fall.
Vikram Kothari's Rotomac stares at a loan default of Rs 369 crore
The steep decline in commodity prices has reversed.
The Bombay Stock Exchange (BSE), the National Stock Exchange (NSE), Forex, Money, bullion, metals, oils and oilseeds, cotton, grains and solvent markets will remain closed on April 30 and May 1 for Lok Sabha elections and 'Maharashtra Day', respectively.
The dollar index, which tracks the world's reserve currency against a basket of its peers, is down 0.16 per cent at 97.58.
Lower dollar in the overseas market also boosted the rupee value
The rupee on Tuesday fell by 25 paise to 65.05 on fresh dollar demand from banks and importers despite persistent foreign capital inflows.
Falling for the third day, Indian rupee on Wednesday weakened by 14 paise to close at over one-week low of 62.02 against the Greenback.
Hopes of more foreign funds on the back of sharp recovery in domestic equity market also boosted the value rupee against the dollar
The rupee depreciated 31 paise to an all-time low of 80.15 against the US dollar in early trade on Monday tracking the strength of the American currency and firm crude oil prices. At the interbank foreign exchange, the rupee opened at 80.10 against the dollar, then lost ground to quote at 80.15, registering a fall of 31 paise from the last close. On Friday, the rupee closed at 79.84 against the dollar.
Tracking local stocks, rupee on Tuesday regained 19 paise to end at 61.85 against dollar as reports of easing geopolitical tension between Russia and Ukraine helped emerging market currencies script a smart recovery.
Increased demand from oil importers for the American currency and a weak opening in the domestic stock market also put pressure on the rupee.
A smart rebound in the stock market and sustained capital inflows restricted the rupee loss
The Indian benchmark S&P BSE Sensex today eased by 14.59 points, or 0.05 per cent after touching its all-time intra-day peak.
Investors sought to book profits at attractive valuations after recent run up in last few trading sessions.
Bullion traders said subdued demand at current levels and a weak global trend mainly pulled down both gold and silver prices.
The US currency weakened against major Asian currencies in global markets which lifted the rupee sentiment
Record equity divestment by the Reliance Group in its telecom and retail businesses garnering around $23 billion revved up the deal street in 2020, which otherwise would have gone down as one of the dullest on record, and dealmakers are seeing sunnier days in 2021 given the large scope for consolidation in a slew of sectors ravaged by the pandemic. With Jio Platforms alone garnering over $16 billion (Rs 1,18,318 crore) by selling 25.24 per cent stake and Reliance Retail notching up $6.4 billion (Rs 47,265 crore) by divesting around 9 per cent shareholding, the deal street signed off with $85 billion in the deal kitty across 1,270 transactions. This is higher by about 10 per cent over 2019. What is significant is that over a third of the total deal value came from Reliance transactions, say investment bankers.
The rupee on Tuesday recovered from its two-week low to end steady at 66.60 against the American currency, inching up by a paisa on the back of mild dollar selling.
'She delivers on promises, especially on security issues which is a core concern for India.'
The markets had touched their highest levels in a month.
A weak US dollar in overseas markets was the main reason for the rupee's rise even as losses in domestic stocks and some fag-end dollar demand from importers prevented further gains
The NSE Nifty settled at 10,234.65, down 225.45 points, or 2.16 per cent.
The Rupee is seen strengthening against the dollar.
The Indian rupee, which has depreciated 1.1 per cent so far in August, is expected to decline further on the back of a strengthening US dollar and a weakening Chinese yuan, according to a Business Standard poll of analysts. The Indian rupee hit an all-time low recently, closing at 83.15 per dollar. Five of the 10 respondents said the Indian currency might touch 83.5 per dollar in August itself, while others said the worst could be over.
Snapping its 3-day winning spree against the American currency, the rupee on Wednesday dropped by 21 paise to end at 66.64 on fag-end dollar demand from banks and importers despite a sharp rally in domestic equities.
Silver also traded lower by Rs 400 at Rs 37,600 per kg.
The Reserve Bank of India (RBI) has increased its gold purchases, as part of its foreign exchange (forex) reserves. In the first half (H1) of calendar year 2021 (CY21), the addition of gold to India's forex reserves has been the highest - on a half-yearly basis -at 29 tonnes. Now, the RBI's gold holding - as a proportion of its forex reserves - has for the first time crossed 700 tonnes.
At lower levels, a supportive buying in dollar forced rupee to depreciate since opening trade
Rupee hits 2-month low against dollar on US rate hike fears.
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