The rupee was hovering in a range of 66.65 and 66.89 in morning trade.
India's foreign exchange reserves jumped $1.23 billion to $596.28 billion in the week ended July 7, the Reserve Bank of India said on Friday. In the previous reporting week, the overall forex reserves increased $1.85 billion to $595.05 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
While high interest rates, huge inventory of unsold stock is making one feel the prices of homes would come down, a fall in the Indian rupee over the past four months is making your dream homes expensive. Here's how.
Need for much more investment; sector would like govt help
Credit rating agency Crisil on Wednesday said depreciation in the rupee will shave off up to Rs 4,000 crore (Rs 40 billion) from the profits of Nifty companies in the December quarter.
The rupee has had a volatile run in the past one week.
Recent measures by the Reserve Bank of India and the Securities and Exchange Board of India are being seen by observers as an attempt to reverse the inexorable decline of the rupee.
Following the 11.4 per cent decline in the dollar value of the rupee over barely a quarter, the sharp slump of last week has further complicated an already tricky situation for the Reserve Bank of India (RBI).
Month end dollar demand from oil importers has forced rupee to trade weak.
India's foreign exchange reserves rose by $1.85 billion to $595.05 billion in the week ended on June 30, the Reserve Bank of India said on Friday. The overall reserve had dropped by $2.90 billion to $593.20 billion in the previous reporting week. In October 2021, the country's forex reserve had reached an all-time high of $645 billion.
The Rajya Sabha chairman asked him to authenticate his assertions and refused to accept newspaper clippings that the Congress leader showed to buttress his points.
The recent currency volatility - rupee's depreciation against international currencies - may have given heartburns to automakers that rely on imports or pay royalty to parent companies abroad. But for Maruti Suzuki India, favourable movement of the yen - the currency that matters the most - against the Indian rupee, has given it reasons to cheer. The yen's sharp fall against the rupee and the rupee's depreciation against the US dollar, which in turn will bump up export realisations, are set to give a margin boost to the maker of Baleno and Brezza, said analysts. The softening of commodity prices and slew of new SUV launches in the coming months will also aid margins, they said.
India's forex reserves dropped $2.901 billion to $593.19 billion in the week ended June 23, the Reserve Bank said on Friday. The overall reserves increased by $2.35 billion to $596 in the previous reporting week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The Indian stock market benchmark Sensex, which was down till afternoon session, recovered later and closed up by 38.37 points or 0.21 per cent after Europe opened higher.
US interest rate normalisation policy is likely to keep global FX markets volatile.
The domestic electronic product manufacturers depend heavily on imports for hardware components like hard drive and displays.
The steep depreciation of rupee will not give an immediate advantage to the country's exporters.
The Indian currency has depreciated 6.86 per cent since April.
HDFC bank has national distribution network of 3,119 branches across the country as on June 30, 2013.
Though exports to Hong Kong, a major destination for India's polished diamonds, have resumed, the industry is currently sitting on an inventory worth around $2.3 billion.
For all the worries among investors and policymakers over the rupee's sudden plunge to record lows, the Indian economy is in better shape to handle a depreciation than it was when the currency last hit the buffers a year ago.
Escalation of the conflict in West Asia between Israel and Iran has had a direct impact on the energy markets, and more broadly on the financial markets as well as the global economy.
After oscillating over 486 points, the 30-share Sensex settled 38.44 points, or 0.10 per cent, lower at 39,020.39. It hit an intra-day low of 38,840.76 and a high of 39,327.15.
Chartered flights may increase 34% from last year as more Russian tourists come calling.
The domestic currency had lost 10 paise to close at 59.03 against the dollar in Thursday's trade amid capital outflows linked to fall in equities.
A quick look at the Q1FY23 performance of top-tier IT services players shows that they are still far away from getting a grip on managing attrition. Talent retention has eroded not only their margins but also any gains they may have made from rupee depreciation. Despite robust growth numbers and strong deal pipelines, margins for all the players -- TCS, Infosys, HCL Technologies and Wipro -- have continued to shrink at a pace that has had the street surprised.
After swinging 439 points during the day, the 30-share Sensex ended 141.33 points, or 0.38 per cent, lower at 37,531.98. It hit an intra-day low of 37,480.53 and a high of 37,919.47.
Forex dealers said besides strong demand for the American currency from importers, capital outflows mainly weighed on the domestic currency.
Panasonic India is set to increase the prices of its products by up to 7 per cent, while some others players have already increased it.
Dealers attributed the fall to the dollar's gains after China devalued yuan, which pushed up demand from importers for the US currency.
Companies shipping to Europe to see rupee revenues coming under pressure.
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.
Data on the real value of the currency against other currencies tells a different story.
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The Indian rupee touched record low of 65.52/dollar on Thursday and is down 16 per cent so far this year despite efforts by policymakers to prop it up.
India's foreign exchange reserves declined $1.15 billion to $571.56 billion for the week ended July 22, according to RBI data. The reserves has been declining amid continuing volatility in the rupee which has also significantly depreciated against the US dollar. In the previous reporting week, the overall reserves had declined by $7.54 billion to $572.71 billion.
Forex traders said a stronger dollar also dragged the rupee down.
India's forex reserves increased by $2.35 billion to $596.098 billion for the week ended June 16, the Reserve Bank said on Friday. The overall reserves had dropped by $1.32 billion to $593.75 billion in the previous reporting week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
India's foreign exchange reserves jumped $4.53 billion to $588.78 billion for the week ended April 28, the Reserve Bank of India said on Friday. The overall reserves had dropped $2.16 billion to $584.25 billion in the previous reporting week. In October 2021, the country's forex reserves had touched an all-time high of $645 billion.
If the market starts getting nervous about the political risk factor, currency depreciation could be a lot more severe and movement's jerky.
