The Nifty IT index, data shows, has outperformed the markets in each of the last four election years post the result. announcement.
Forex dealers said strength in euro against the US dollar overseas and increased capital inflows supported the rupee.
A lower opening in the domestic equity market put pressure on the rupee.
The dollar index surged to multi-year high.
The butchering of the Indian Rupee need not come in the way of your dream international vacation says Anita Rao Kashi.
The rupee fell back sharply against the pound sterling at 83.28 from Monday's close of 82.49 and also reacted downwards against the euro to 71.59 from 71.29.
In addition, persistent dollar demand from banks and importers and a weak opening in the equity market also put pressure on the Indian rupee.
The rupee fell to an all-time low of 61.21 per dollar, forcing the Reserve Bank of India to intervene to stabilise the currency.
Asian stock, bond and currency markets took another big hit after a fresh spike in US interest rates re-ignited concerns about capital flows from the region and forced investors to pare back their Asian portfolios.
Global trends, macroeconomic data announcements and the start of the earnings season would be the major drivers for the equity markets in a holiday-shortened week, analysts said. Equity markets will remain closed on Thursday for Eid-Ul-Fitr. Trading activity of foreign investors, rupee-dollar trends and crude oil prices would also guide trends in markets.
The Indian rupee, which is partially convertible, will move toward fuller convertibility in a gradual and calibrated manner, Finance Minister P Chidambaram informed the Rajya Sabha on Tuesday.
Delhi-NCR and Mumbai are still the most preferred destinations for NRIs to buy property, say property brokers.
Forex dealers said besides continued demand for the American currency from importers, increased capital outflows by foreign funds kept pressure on the rupee.
The Indian rupee on Monday appreciated by 16 paise against the American currency in early trade on hopes of increased capital inflows from foreign funds boosted by last week's rally in the stock markets.
India's trade deficit with Russia continued to widen for the second consecutive year to $57 billion in the financial year 2023-24 (FY24), with Moscow becoming New Delhi's largest source of crude oil imports. All eyes will now be on Prime Minister Narendra Modi's visit to Russia during July 8-9, where he is set to meet President Vladimir Putin. This will be Modi's first visit to the Kremlin since the Russia-Ukraine conflict began over two years ago.
India's external debt rose marginally to $629.1 billion at June-end 2023, although the debt-GDP ratio declined, according to a Reserve Bank data released on Thursday. The debt rose by about $4.7 billion from $624.3 billion at March-end. "The external debt to GDP ratio declined to 18.6 per cent at end-June 2023 from 18.8 per cent at end-March 2023," RBI said.
India's exports are unlikely to get an immediate boost from a depreciating rupee, which touched an all-time low on Monday, driven by rising commodity prices. The rupee fell to 76.97 against the dollar earlier in the day, settling 1.05 per cent weaker than the previous close. Oil prices soared to their highest since 2008 on Monday at $139 per barrel, after the US and European allies explored a Russian oil import ban, while delays in the potential return of Iranian crude oil to global markets increased supply fears.
The Rupee is 3.7 per cent undervalued on trade related basis.
Analysts expect the central bank to remain watchful of inflation.
Leading index provider Standard & Poor's on Thursday announced the launch of currency indices - Indian Rupee index and Chinese Renminbi index. Global investors would get access to the currencies of the two emerging economic superpowers, it will also serve as a reliable and relative benchmark for currency performance. The indices will replicate the performance of the Chinese Renminbi & the Indian Rupee versus the US Dollar. The indices will also have an excess return version.
Weak dollar in the overseas market also boosted the rupee value against the dollar, a forex dealer said.
The Indian rupee today dipped to a two-year low of 46 against the US dollar following heavy demand from importers for the greenback.
'There is a huge constituency that upholds this ideology.' 'Hindutva will remain relevant in our public life in the near future as an ideology and in politics as well.'
This is rupee's lowest since 62.32 on January 9.
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.
Foreign portfolio investors' (FPIs') net investment in the domestic debt market in October was the third highest during the current calendar year as foreign investors rushed to lock in higher returns amid global uncertainty and geo-political tensions, market participants said. FPI inflows in debt stood at Rs 6, 322 crore in October against Rs 768 crore in September, according to data on the National Securities Depository Limited (NSDL). Market participants said that the majority of the inflows were channelled through corporate bonds.
The ballooning of crude prices has significantly increased the country's oil import bill and it can also lead to a worsening of the current account deficit and fiscal deficit for the domestic economy.
In a dazzling resurgence, foreign investors have graced the Indian equity markets with an influx of nearly Rs 1.5 lakh crore in 2023, fuelled by optimism over the country's resilient economic fundamentals amid shadows of a gloomy global scenario. Experts believe that the positive trend may continue in 2024. This follows Indian equities witnessing the worst-ever net outflow of Rs 1.21 lakh crore by FPIs in 2022 on aggressive rate hikes by the central banks globally after net inflows for three consecutive years.
Domestic air passenger traffic grew 5.1 per cent year-on-year to an estimated 138.9 million in May and was significantly higher by around 14 per cent than pre-Covid levels, credit ratings agency Icra said on Thursday. Icra also said the outlook on the Indian aviation industry is stable amid the continued recovery in domestic and international air passenger traffic with a relatively stable cost environment and expectations of the trend continuing in FY2025.
The global brokerage firm further said that BoP would be INR-supportive.
The rupee had closed at 64.83 last Friday.
The dollar index was down by 0.16 per cent against its six major global rivals.
The rupee depreciated further by 7 paise to 65.12.
Dealers said the sharp recovery of the rupee was because of restrictions imposed by the RBI on forward trading in the local currency by foreign institutional investors and traders, besides the cap fixed on banks' exposure to the forex market.
Rupee ends at 61.89 against the dollar, falls for second straight day.
But gains in the rupee were kept in check as domestic shares faltered, ending a five-session gain.
The rupee resumed lower at Rs 50.40/41 per dollar on the Interbank Foreign Exchange.
Citing various macroeconomic parameters that are doing pretty well, India's G20 Sherpa and former CEO of Niti Aayog Amitabh Kant projected that the country is all set to overtake Japan as 4th largest economy in the world by 2025. The size of India's GDP is currently ranked 5th, after the US, China, Germany, and Japan. It overtook the UK in 2022.
The Reserve Bank on Wednesday hiked key benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation.
Indian speedster Mohammed Siraj is celebrating his 30th birthday and marking the special day, the right-arm seamer took fans on a tour of his hometown.
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