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.
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.
The Indian rupee today dipped to a two-year low of 46 against the US dollar following heavy demand from importers for the greenback.
RBI interest rate decision, macroeconomic data and global trends would guide markets' movement this week, analysts said. Besides, trading activity of foreign investors and the last batch of Q1 earnings announcements would also guide trends in equities. HSBC PMI (Purchasing Managers' Index) for the services sector is scheduled to be announced on Monday.
Analysts expect the central bank to remain watchful of inflation.
The Rupee is 3.7 per cent undervalued on trade related basis.
Weak dollar in the overseas market also boosted the rupee value against the dollar, a forex dealer said.
This is rupee's lowest since 62.32 on January 9.
In a remarkable comeback, foreign portfolio investors (FPIs) have pumped Rs 1.7 lakh crore into the Indian equity markets in 2023, propelled by confidence in the country's robust economic fundamentals amid a challenging global landscape. The year 2023 has witnessed massive investment by FPIs, thanks to the sharp uptick in inflows of Rs 66,134 crore in December. Going forward, FPI flows are expected to be robust.
The global brokerage firm further said that BoP would be INR-supportive.
Have the markets already played out their dynamics before the economy has even properly taken off? Are we now destined for a period of mediocre returns despite a strong economy? asks Akash Prakash.
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.
The rupee depreciated further by 7 paise to 65.12.
The dollar index was down by 0.16 per cent against its six major global rivals.
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.
Rupee ends at 61.89 against the dollar, falls for second straight day.
When asked about the Uniform Civil Code, Gandhi said he would comment on it only after he knows what is BJP's proposal.
The rupee had closed at 64.83 last Friday.
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.
Among the 30 Sensex companies, Larsen & Toubro, Power Grid, NTPC, State Bank of India, Reliance Industries and HDFC Bank were the biggest laggards. Sun Pharma and Nestle were the only gainers.
As the value of rupee vis-a-vis the dollar rises, the cost of travelling abroad comes down.
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.
The rupee closed marginally stronger against the dollar on Wednesday.
Increased demand for the dollar from importers put pressure on the rupee.
The accused had obtained mobile phone SIM cards in fake names and used to take betting amounts from people through QR codes, the official said.
Analysts say that the rupee trajectory, going ahead, will be a function of flows.
In the global markets, the euro was under pressure against the US dollar yesterday, dragged lower as European monetary policy officials indicated willingness towards supporting more stimulus measures to aid the regional economy.
Data late on Wednesday showed consumer price inflation eased more than-expected to a 25-month low of 8.10 per cent in February, while industrial output unexpectedly expanded, albeit only by 0.1 per cent.
'With tuition fees for international students rising, education loans have become critical for bridging the gap between savings, scholarship, and full cost.'
The Indian rupee on Wednesday ended unchanged against the US dollar at 61.41 ahead of the outcome of US Federal Reserve's policy meeting.
'Investors looking at the next 6-12 months can be certain that the Fed will maintain its easing cycle, and we expect the overall environment to be conducive for fixed income investments for portfolio diversification.'
The rupee had eased by 2 paise to close at fresh 2-month low of 62.78.
Travel companies are reducing the number of days from packages to make it more affordable for globe trotters.
'Global investors expect the rupee to be more vulnerable in the downturns in the future than ever before,' notes Apoorva Javadekar.
Traders are now focussed on the upcoming November trade data, due sometime this week, for near-term direction, with consumer inflation data due out on Thursday, which will help set expectations ahead of the Reserve Bank of India's policy review on December 18.
The domestic currency moved in a range between Rs 53.03 and Rs 53.24 per dollar during morning deals.
The rupee had gained nine paise to close at nearly one- month high of 61.84 against the dollar in yesterday's trade after the government said in the interim Budget that fiscal deficit this financial year will be capped below target.
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