The Indian Rupee is the fourth most depreciated currency in the world and most depreciated in Asian continent.
The 5-nation BRICS group on signed an agreement to create a $100 billion pool of foreign-exchange reserves to help each other.
IndusInd Bank was the top gainer in the Sensex pack, surging around 5 per cent, followed by Sun Pharma, Reliance Industries, Infosys, Kotak Bank and Tech Mahindra. On the other hand, HDFC, PowerGrid, Axis Bank, ICICI Bank, NTPC and L&T were among the laggards.
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
HDFC Bank was the top loser in the Sensex pack, shedding over 2 per cent, followed by Kotak Bank, Bajaj Finserv, Maruti, Titan, SBI, HUL, HDFC and Tata Steel. On the other hand, Bharti Airtel, M&M, NTPC, Tech Mahindra, Sun Pharma and PowerGrid were among the gainers.
A higher opening in the domestic equity market influenced uptrend.
It is the rupee's biggest single-day gain this year.
The rupee on Monday appreciated by 11 paise to 54.64 against the US dollar in early trade at the Interbank Foreign Exchange, aided by selling of the American currency by exporters and banks.
Shares of Reliance Industries climbed around 3 per cent to hit a record closing high of Rs 2,060.65. SBI, ICICI Bank, Tech Mahindra, ITC and Kotak Bank were among the other winners. NSE Nifty advanced 82.85 points, or 0.74 per cent, to close at 11,215.45.
The Indian currency had appreciated by a whopping 85 paise in three-day surge
Sustained rise in equity markets in view of progress in monsoon mainly boosted the rupee value against the dollar.
Rupee falls 5 paise against dollar, ends at 61.92.
China's foreign exchange reserves look set to create a new record at $1 trillion at the end of this month or early November, posing new problems how to best manage it, economists said.
ICICI Bank was the top gainer in the Sensex pack, jumping over 5 per cent, followed by Axis Bank, Nestle India, SBI, HDFC, ONGC and Kotak Bank. On the other hand, Bajaj Auto, TCS, Bharti Airtel, M&M and Maruti were among the laggards.
Cautious optimism over US-China trade talks after US President Trump said his trade negotiators had received two "very good calls" from Beijing also influenced the local currency, dealers said.
This is the highest closing level since May 11, 2016 when the rupee had finished at 66.56
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.
Extending losses for the third straight session, the rupee today lost 28 paise to end at an over one-week low of 53.50, due to sustained dollar demand from importers amid sluggish local stocks.
India's external firewalls were solid in the form of a healthy reserve position.
Firm equity markets and foreign capital inflows failed to restrict rupee's fall against the dollar
The rupee had gained 2 paise to close at 67.37 on Friday.
Equity benchmark Sensex tanked over 1,000 points in the opening session on Friday tracking losses in index majors ICICI Bank, HDFC twins and Reliance Industries amid a negative trend in global markets.
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 lost 8 paise to close at 66.52 against the US dollar on Thursday.
The RBI fixed the reference rate for the dollar at 65.2525 and for the euro at 72.1954.
SBI was the top gainer in the Sensex pack, spurting over 2 per cent, followed by TCS, Tech Mahindra, HUL, Bajaj Finance, Kotak Bank and Titan. On the other hand, IndusInd Bank, PowerGrid, Bharti Airtel, Asian Paints and HDFC Bank were among the laggards.
Dollar's weakness against some currencies overseas supported the rupee
The RBI recently met with a handful of foreign banks and asked them to stop acting as market-makers for rupee NDFs, according to three bankers involved in the discussions.
Dollar weakness was a major contributor to the rupee recovery as the skittish investors continued to lighten their long positions.
At the Interbank Foreign Exchange (Forex) market, the rupee resumed lower at 54.18 a dollar from previous close of 54.01.
The rupee fell by 34 paise to 55.99 against the US dollar in early trade at the Interbank Foreign Exchange market today as the American currency gained against other currencies overseas.
Foreign capital inflows also boosted the rupee value against the dollar
The rupee ended lower by six paise at 65.73 against the US dollar on Monday.
Extending losses for the second straight session, the rupee slipped by 11 paise at 66.54 against the US dollar.
Overseas, the US dollar took a breather against basket currencies
Appreciation of the dollar overseas amid a lower opening in the domestic equity market affected the rupee
Rupee weakened by 10 paise to end at 66.14 against the dollar due to month-end demand from importers and banks.
The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was sharply higher by 0.62 per cent at 93.96.
If you are travelling internationally in the next two months, it's a good time to exchange your currency.
Strength in the dollar against some other currencies overseas weighed on the rupee but a higher opening in the domestic equities cushioned the impact
