Although the current long-term bullish trend is intact, markets are awaiting clarity on the taper and the Assembly election results.
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 resumed lower at 63.65 per dollar as against previous closing of 63.58 at the Interbank Foreign Exchange (Forex) market.
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.
Even the persistent rise in equity market failed to restrict the rupee's fall.
After a a steep fall last week, the rupee has closed slightly stronger against the dollar.
Gold prices rebounded by Rs 190 to Rs 31,000 per ten grams in the national capital today on pick up in festive season demand.
The rupee had dropped 15 paise or 0.22 per cent yesterday.
The rupee continued to slide against the pound sterling and finished at 102.64 as against 102.25 previously.
Silver also rose sharply by Rs 640 to Rs 35,700 per kg.
Heavy dollar selling by banks and exporters alongside debt-related inflows largely supported the rupee
Given the stability of the rupee over the last 10 months, many companies have been tempted not to hedge their foreign currency risk.
Forex dealers will keenly watch, instead, if the central bank indicates more measures to stabilise the currency or gives a timeframe for its current action.
A weak dollar sentiment across the board alongside unwinding of long positions by speculative traders ahead of key US macro data release largely supported the rupee
Weakness in dollar in the overseas market also boosted the rupee value
The rupee ended marginally lower by three paise at 66.36 against the US dollar.
The rupee on Friday snapped its two-day gaining streak against the US dollar.
While the fiscal year has just begun, any windfall surplus will be welcomed by the government as it bids to meet the fiscal deficit target of 5.9 per cent of GDP, amidst lack of clarity on exactly to what extent will recession in the West impact India's trade and tax collections.
In order to contain Current Account Deficit and arrest value of declining rupee, the RBI last month had raised the cost of borrowing for banks and reduced availability of funds to curb speculation in the forex market.
'When the gold price rises rapidly, India's physical gold market remains on standby.'
Silver regained the Rs 35,000 per kg mark by gaining Rs 660.
Bucking a strong trend in share market, the Indian rupee on Monday gave up all its initial gains and slipped 18 paise to close at 61.94 against the Greenback on rising dollar demand from importers.
This is the biggest one-day fall in the rupee since August 3, 2016
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.
Unwinding of long-dollar positions by speculative traders and the currency's strong underlying fundamentals buoyed the home unit
The rupee weakened even as the dollar fell against major global currencies
After three sessions of weakness, the rupee strengthened by 50 paise against the dollar.
After a day's respite, the rupee on Wednesday fell by 29 paise, its biggest single day fall in a week, to end at 56.73 today due to heavy dollar demand from importers amid renewed concerns over withdrawal of US monetary stimulus.
Planning Commission deputy chairperson Montek Singh Ahluwalia talks about reorganising central loans to the states, in the second of a two-part interview with Mamata Singh.
Going ahead iGate will have to maintain a healthy order book to sustain growth.
Further outperformance hinges on pickup in industrial activity, buying by local investors.
In its first bi-monthly policy, the RBI, in order to enhance hedging facilities for foreign investors in debt instruments, proposed to allow them to hedge the coupon receipts falling due during the next 12 months.
Nifty continued to register successive new highs as it crossed the 9,200 mark on Friday
The headline inflation eased to a five-month low in December on lower vegetable prices, providing some relief to the ruling coalition before a national election and increasing the odds that interest rates will stay on hold this month.
The rupee recovered by 15 paise at 65.49 against the US dollar.
Frantic dollar demand from corporates along with an aggressive hedging strategy adopted by importers in the wake of the currency volatility predominately took a toll on the domestic unit despite moves by the central bank to stabilise the currency.
The domestic unit had recovered to 68.65 in early trade on Friday as against Thursday's closing of 68.72.
There was fresh selling of the American currency by banks and exporters
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
The rupee strengthened by 14 paise to close at 66.41 against the US dollar on Wednesday.
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