Dollar's strength against other currencies overseas capped the rupee's gain
Overseas investors have pulled out a net Rs 1,14,855.97 crore from the Indian markets in the current year so far, amid heightened geopolitical tensions and inflation concerns. Foreign portfolio investors have sold domestic equities worth Rs 48,261.65 crore so far this month, taking the year-to-date tally this year to a massive Rs 114,855.97 crore, according to depositories data. The exodus of foreign investors was largely owing to inflationary pressures and deepening global macroeconomic conditions following the Russia-Ukraine war, experts said.
The Indian rupee ended slightly lower at 64.01/02 per dollar compared with Tuesday's close of 63.98/99 per dollar due to month-end dollar demand by importers.
The rupee ended almost flat against the dollar.
Investors are trying to push ahead with dollar purchases, emboldened by improving market sentiments
The rupee ended the day stronger against the dollar.
The rupee on Tuesday weakened by 15 paise to close at 63.30 against the US currency
Reflecting nervousness over the prospect of the Federal Reserve tightening policy and event risk, traders stayed on the sidelines
The local currency had lost 119 paise in the past five sessions on rising worries over current account gap and fears that withdrawal of US stimulus will hit inflows from overseas.
Unwinding of long dollar positions by banks too aided the sentiment
The rupee weakened by 27 paise to trade at six-week low of 60.45 against the US dollar in early trade today at the Interbank Foreign Exchange market on high demand for the American currency from importers.
The domestic currency has already dropped 44 paise, or 0.67 per cent, in the previous two sessions.
In October, the contribution through SIPs rose to Rs 79.85 billion, up 42% compared to the same month last year.
State Bank of India (SBI) on Tuesday announced the launch of its first "state-of-the-art" dedicated branch for start-ups in the country here, to facilitate and support them. The branch launched by SBI chairman Dinesh Khara is located in Koramangala, which alongside neighbouring HSR Layout and Indiranagar are the biggest start-up hubs in the city. "...overall we are in a position to provide end-to-end services to start-ups, with that in mind this particular start-up branch is the first start-up branch we are starting, from the capital city of start-ups- Bengaluru.
The rupee on Wednesday snapped its two days of losses and edged up two paise to end at 59.27 against the dollar following late selling of the US currency by exporters.
The rising price of the precious metal has helped the central bank increase overall forex reserves despite currency reserves not rising, and sometimes even falling.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
India's sad export figure put pressure on the rupee
In overseas trade, the American currency traded lower against the yen and the euro in an Asian session as well as modest profit-taking after recent sharp gains
Fresh dollar demand from banks and importers amidst volatile equities triggered the fall
Rupee fell to its 9-month low of 62.03 against the dollar.
00 hours. The overall investors' wealth, measured in terms of valuation of all listed stocks, was down by nearly Rs 6 lakh crore in early morning trade, from nearly Rs 111.44 lakh crore at the end of Tuesday's trade.
In the global market, the US dollar index, which tracks the greenback against a basket of six major rivals, was up by 0.33 per cent.
Does intervention by central banks in the currency markets, with a view to keeping the home currency weak and help the exports, constitute a subsidy? Some US legislators think so.
The longest winning streak was the six years between 2002-2007 when the Nifty moved from around 1,000 to over 6,000.
Fresh dollar selling by banks and exporters largely helped the home currency to recover from early losses
Rupee was impacted by renewed dollar demand from banks and importers amid sharp falls in equity market
US dollar was firm against global currencies in overseas markets on rising prospects for a rate hike by US Federal Bank, which hit the rupee sentiment
RBI will take a cue from the Fed policy statement.
The domestic currency tumbled by 45 paise or 0.68 per cent in two days.
Move to shift powers from RBI without discussions baffles many
However, dealers said that most of the rupee's gains were lost on consistent dollar demand from state-run oil refiners and other importers.
The huge pressure on the currency market largely went unnoticed because of the demonetisation exercise.
Gold prices have surged nearly 18 per cent, so far, in the calendar year 2022 (CY22) to around $2,050 per ounce against the backdrop of the ongoing Russia-Ukraine war and there is more headroom over the next few months, believe analysts at Goldman Sachs who expect the yellow metal to become costlier by another 25 per cent to $2,500 an ounce by the year-end. Goldman Sachs, earlier, had raised its 12-month gold price forecast to $2,150 per ounce considering that an impending US growth slowdown would lead to increased concerns of a US recession and incentivise 300 tonnes of inflows into gold ETFs. At the beginning of the Russia-Ukraine tensions, Goldman Sachs had suggested the resultant rally in commodities could deteriorate the developed market (DM) growth-inflation mix, increase concerns of a American recession, and push gold ETF inflows to 600 tonnes and, in turn, lift gold prices to $2,350 an ounce in 12 months.
The rupee had recovered from its 29-month lows by rising 39 paise to close at 67.63 on Friday.
Keep exit plans handy, D-day could be the second week of August, writes Sonali Ranade in Market Notes.
Sri Lanka's state-owned petroleum corporation announced fuel rationing for vehicles with effect from Friday, as an unprecedented economic crisis roils the country.
Amidst bankers and industry crying foul over RBI's move to squeeze liquidity, Reserve Bank Governor D Subbarao on Friday met Finance Minister P Chidambaram ahead of first quarter policy review next week.
Tata Motors was the top gainer on better-than-expected June quarter revenues
The rupee appreciated by 29 paise to close at 63.38 against the greenback following fresh dollar selling by exporters.
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