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Global stock sell-off pushes Indian rupee to another record low

VCCircle

VCCircle · 1y ago

Global stock sell-off pushes Indian rupee to another record low

The Indian rupee has reached another record low, as concerns of a global stock sell-off and geopolitical tensions in the Middle East continue to impact markets. The rupee slipped to 83.7525 to the US dollar, surpassing its previous low of 83.7450. Despite expectations of economic growth and a lower fiscal deficit, the rupee has weakened by 0.7% since India's recent elections. The country's central bank has been buying dollars to prevent appreciation of the rupee, aiming to correct an overvaluation of the currency.

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Equities slide 2% on US growth fears

VCCircle

VCCircle · 1y ago

Equities slide 2% on US growth fears

Indian shares experienced a steep intra-day drop of about 2%, the largest in two months. However, they fared slightly better than other Asian markets amidst a global sell-off, driven by concerns over a slowdown in US economic growth. The US jobs growth for July was lower than expected, with revised lower numbers from the previous month and an increase in the unemployment rate. While Indian stocks performed relatively well, the rupee reached a record low and bond yields dropped to their lowest point in two years.

Rupee logs 9th straight week of losses, analysts expect more weakness

VCCircle

VCCircle · 7m ago

Rupee logs 9th straight week of losses, analysts expect more weakness

The Indian rupee ended at a record low, marking its ninth consecutive week of decline, driven by the rising U.S. dollar and a weakening Chinese yuan. The rupee closed at 85.77 to the dollar, down 0.2% for the week. The Reserve Bank of India's interventions have prevented further decline. The ongoing pressure is due to global dollar strength, fewer expected Federal Reserve rate cuts, and better U.S. economic performance. Analysts predict further rupee weakness.

Rupee drops to all-time low on India growth worries, dollar strength

VCCircle

VCCircle · 8m ago

Rupee drops to all-time low on India growth worries, dollar strength

The Indian rupee has reached an all-time low due to concerns over the country's slowing growth and the strength of the US dollar. The rupee dropped to a record low of 84.7425 against the dollar, surpassing the previous all-time low of 84.7050. The decline has raised worries among traders and bankers, as they believe the Reserve Bank of India's intervention has been comparatively mild. India's weak GDP growth and declining foreign exchange reserves further suggest a weakening path for the rupee.

Rupee ends at fresh record low as free fall continues for sixth straight day

VCCircle

VCCircle · 8m ago

Rupee ends at fresh record low as free fall continues for sixth straight day

The Indian rupee hit a new record low for the sixth consecutive trading session as a result of a rise in US bond yields and increased demand for the dollar from importers. The rupee reached 85.2075 against the US dollar, surpassing the previous record low of 85.12 set the day before. The Reserve Bank of India has intervened in an effort to limit the rupee's losses but is not currently defending a specific level, suggesting that a steady decline in the currency may continue.

Rohatyn makes another exit move from legacy portfolio firm

VCCircle

VCCircle · 1y ago

Rohatyn makes another exit move from legacy portfolio firm

Rohatyn Group, an emerging markets-focused private equity firm, has decided to sell off another Indian portfolio company in order to capitalize on the current bull run in the stock market. This move is part of a broader trend among private equity and venture capital firms to monetize their investments. Rohatyn Group had previously acquired Citigroup's private equity practice.

Rupee ends at fresh record low, stays above 84/$ mark

VCCircle

VCCircle · 10m ago

Rupee ends at fresh record low, stays above 84/$ mark

The Indian rupee hit a new record low against the US dollar, closing at 84.0650 amidst equity outflows. However, it managed to avoid a steep decline due to continued dollar sales from state-run banks, possibly on behalf of the Reserve Bank of India. The rupee's depreciation comes as foreign investors withdraw $8.4 billion from Indian stocks this month, surpassing the previous record monthly outflow. Despite the rupee not benefitting from the positive trend in Asian currencies, benchmark Indian equity indices ended the day higher, but with a third consecutive weekly decline.

Rupee slips to record low as equity sentiment sours after tax hike

VCCircle

VCCircle · 1y ago

Rupee slips to record low as equity sentiment sours after tax hike

The Indian rupee reached a new all-time low against the US dollar as concerns about outflows from local equities weighed on the currency. However, the Reserve Bank of India's intervention helped ease the pressure. The rupee hit a record low of 83.72 against the dollar before closing at 83.7175. Sentiment surrounding local equities has been dampened by the government's decision to raise taxes on profits from equity investments and derivatives trades. The RBI's routine interventions have helped to limit volatility expectations for the rupee.

Rupee log best week in 19 months on heavy RBI intervention

VCCircle

VCCircle · 6m ago

Rupee log best week in 19 months on heavy RBI intervention

The Indian rupee experienced its largest weekly rise in 19 months, driven by the Reserve Bank of India's heavy intervention in the foreign exchange market, deterring speculators. The rupee rose 0.7% through the week, closing at 86.8225 per U.S. dollar. Though it previously hit a record low of 87.95, RBI's dollar sales stabilized it. Market analysts estimate the central bank sold $10-$11 billion. The rupee is predicted to trade between 86.60 and 87.20 in the near term.

Rupee breaches 83.58/$ level, ends at fresh record low

VCCircle

VCCircle · 1y ago

Rupee breaches 83.58/$ level, ends at fresh record low

The Indian rupee hit a new record low against the US dollar on Thursday, reaching 83.6650 before closing at 83.6425. The currency has been under pressure due to expected outflows and strong demand for dollars from local importers. In addition, a stronger dollar and weakness in the Chinese yuan also contributed to the rupee's decline. Despite strong economic growth in India, the rupee has been hovering around record lows due to equity outflows and corporate dollar demand. The central bank has been attempting to support the currency within a tight range but was absent from the market on Thursday, allowing the rupee to fall.

Rupee hits record low as equities slide, bearish tilt persists

VCCircle

VCCircle · 7m ago

Rupee hits record low as equities slide, bearish tilt persists

The Indian rupee reached a record low against the U.S. dollar, attributed to a strong dollar and weak capital flows due to slowed economic growth. It fell to 85.84 per dollar, surpassing a previous low, and ended the session at 85.8275. The Reserve Bank of India intervened to curb further decline. Despite a slight dip in the dollar index, strong dollar demand persisted. Indian equity indices Sensex and Nifty also dropped by 1.6% each.

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