If there was one event that made the month of August stand out, it was a strengthening of the dollar index to levels last seen only 20 years ago, as the Federal Reserve dispelled all doubts about its intention to continue raising interest rates. Predictably, most currencies suffered against the US unit, with the bulk of the losers belonging to the emerging markets pack. Amid the volatility, the rupee, however, has displayed significant resilience and fared much better than most of its peer currencies.
Most Asian currencies are on a slide on worries about the withdrawal of US stimulus.
Indian rupee washed out initial losses against the greenback.
Last month saw DGCX record the highest volumes, as trades in futures contracts across the bourse crossed one million contracts.
At interactions last week with senior officials from the Reserve Bank of India, select banks gave feedback on two key bond market concerns, namely, recent volatility in the rupee-dollar exchange rate and heavy losses incurred on floating rate government bonds due to a demand-supply mismatch, sources told Business Standard. The discussions were held ahead of the RBI's next monetary policy statement, scheduled on August 5. Indian banks are large holders of government securities because of a regulatory mandate to set aside a certain percentage of deposits in sovereign bonds.
After declining for three consecutive quarters, the value of FPI investment in Indian equities rose 8 per cent quarter-on-quarter to $566 billion in the July-September period, according to a Morningstar report on Wednesday. A fast-changing global macroeconomic landscape, sentiments and opportunities that the Indian equity markets have to offer impacted the direction of flows by Foreign Portfolio Investors (FPIs). Through the quarter, the value of the FPI holdings in domestic equities surged by 8 per cent to $566 billion from $523 billion recorded in the previous quarter.
With the rupee crossing Rs 72/dollar in recent times, things suddenly don't look too good on several counts.
A weak rupee, though seemingly good for exporters, would push up input cost further for Indian companies.
The five-member jury set up to finalise symbol for the rupee is said to have selected the design presented by IIT-ian D Udaya Kumar, said The Indian Express.
Rupee hits 2-month low against dollar on US rate hike fears.
'Earlier, he was a bowler batters were looking to face because he hardly had any change of pace.' 'Now, he is the bowler batters do not want to face because they don't know what he is going to bowl.'
The dollar index recovered its early losses and was trading up by 0.11 per cent against a basket of six major rivals.
The Centre was seized of the issue of the continuing appreciation of the rupee against the dollar adversely affecting the exporting community, Union Commerce and Industry Minister Arun Jaitley said on Saturday.
On Bhagat Singh's 117th birth anniversary, Utkarsh Mishra recounts fascinating incidents from the legend's life.
Forex dealers said besides heavy selling of the American currency by banks and exporters, a higher opening in the domestic stock market, supported the rupee.
'...you evaluate three key factors before committing your money.'
US is not going to do the kind of sequential taper that was hinted in May, said FM.
The rupee shed 6 paise to hit a fresh 1-month low of 62.31 on Thursday.
Globally, the dollar index was trading up by 0.1 per cent against the basket of six major currencies on optimism that the US economy is improving.
'Their role model is Iran: high control of the citizens by the State.' In Iran it is Islamic control; in India, it will be Hindutva control.'
Bajaj Finserv, Infosys, Mahindra & Mahindra, Tech Mahindra, Hindustan Unilever, State Bank of India and HCL Technologies were the biggest gainers. On the contrary, Asian Paints, JSW Steel, NTPC and Adani Ports were among the laggards.
The flow of deposits from non-resident Indians (NRIs) hit a four-year low in the financial year 2020-21 mainly due to contraction in foreign currency deposits, latest data released by the Reserve Bank of India (RBI) shows. Total NRI deposits during FY21 were $7.3 billion as compared to $8.6 billion in FY20 - the lowest since 2016-17, when such deposits had contracted by $12.3 billion. Indian banks have three kinds of deposit accounts where NRIs or PIOs (persons of Indian origin) can park their funds: non-resident external-rupee account (NRE); non-resident ordinary rupee account (NRO); and foreign currency non-resident bank account (FCNR [B]).
The recent depreciation of the rupee against the US dollar is unlikely to ensure better margins for exporters as buyers in Europe and the US, facing lower demand in their countries, are asking for hefty discounts.
Rupee's misunderstood fall is far from over despite some near-term respite.
Software leaders are quite robust.
Rupee climbs further to fresh nine year high of 39.785 against the US dollar
Forex dealers attributed the fall to increased demand for the dollar.
Crude oil hit an all time high in rupee terms; Tuesday figures expected to be higher
Investors are anxious over the US-China trade tension, a sharp devaluation in yuan and uncertainty over Kashmir issue.
The depreciating Indian rupee creates new opportunities.
Rupee falls 5 paise against dollar, ends at 61.92.
As Kolkata marches towards modernity, it is hard to imagine its streets without these cabs, notes Air Commodore Nitin Sathe (retd).
The rupee will join the elite club of US dollar, British pound-sterling, Euro and Japanese yen to have its own symbol.
Foreign investors have bought around $2.4 billion in both debt and equity so far in October, pushing the total inflows to nearly $36 billion so far in the year.
Might earn around Rs 3,720 crore on export of 2 mt of wheat, despite dipping prices in international markets
The Indian rupee strengthened 12.9 per cent against US dollar during the year ended March, 2010, touching Rs 45.14, on the back of foreign capital inflows, Parliament was informed on Tuesday.
While all the four countries have seen a sharp rise in their currencies against the US dollar, the pace of rupee appreciation is only next to the Brazilian real since the beginning of this year.
The recent 'revelation' by TN fishers freed by Sri Lanka after they had paid up Lankan rupees 50,000 each in fines, that their hair was tonsured in prison and they were forced to remove their garments other than the underpants, and were also made to clean toilets, as if with vengeance, has touched a raw nerve this time, just as another issue or issues had done it ahead of the Jallikattu protests, observes N Sathiya Moorthy.
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