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Indian rupee refuses to budge despite multiple headwinds

Reuters · 1y ago

Indian rupee refuses to budge despite multiple headwinds

The Indian rupee has remained stable despite various challenges such as oil prices, U.S. yields, and portfolio outflows. The currency has been trading in a narrow range throughout October, with volatility at its lowest level in years. The Reserve Bank of India has played a crucial role in keeping the volatility under control by intervening regularly in spot, non-deliverable forwards, and futures markets. Factors like higher U.S. yields and the ongoing Middle East conflict have negatively impacted risk sentiment, leading to foreign investors withdrawing funds from Indian equities. This week, the focus will be on the policy decisions of the Bank of Japan, the Federal Reserve, and the Bank of England.

Related News

Rupee sees worst month since March as dollar rises

VCCircle

VCCircle · 8m ago

Rupee sees worst month since March as dollar rises

The Indian rupee had its worst month in eight as the US dollar and bond yields increased following Donald Trump's election win. Despite closing at 84.4825 against the dollar on Friday, which is slightly up from last week's lifetime low of 84.5075, the rupee fell by almost 0.5% in November. The dollar has been performing well and US yields have increased following Trump's win, which has hurt emerging market assets. Despite this, the rupee has performed relatively well compared to its regional counterparts, due to frequent interventions by the Reserve Bank of India.

Strong dollar demand by banks weakens rupee by 28 paise

Economic Times

Economic Times · 29d ago

Strong dollar demand by banks weakens rupee by 28 paise

The Indian rupee weakened by 28 paise to 85.75 per dollar due to strong dollar demand from foreign and domestic banks, despite other Asian currencies strengthening. The Reserve Bank of India likely intervened by purchasing dollars through state-run banks, as the rupee traded between 85.44/$1 to 85.78/$1. Demand from nationalized banks, oil companies, and importers constrained the rupee, while the dollar index traded near a three-year low.

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

VCCircle

VCCircle · 12m 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.

Valuation worries rattle Indian markets amid global jitters

Inshorts · 1m ago

Valuation worries rattle Indian markets amid global jitters

Indian stock markets witnessed sharp swings as concerns over high valuations and global uncertainties-especially around Donald Trump's proposed state tariffs-weighed on investor sentiment. The Sensex fell 636 points while the Nifty 50 dropped 174. Analysts warn of persistent headwinds in consumption, investment, and global demand, despite some tailwinds from low rates and commodity prices.

Rupee buckles under position unwinding; dollar demand builds

VCCircle

VCCircle · 1m ago

Rupee buckles under position unwinding; dollar demand builds

The Indian rupee weakened for the sixth time in seven sessions, briefly falling past 86 to the U.S. dollar due to position unwinding and high dollar demand. Ending 0.4% lower at 85.90, the rupee has declined nearly 1.5% from last week. Despite a marginally higher dollar index, speculators are cautious, with forex advisors urging protective measures for dollar payables. Persistent dollar demand from corporates continues to pressure the rupee, suggesting further losses.

Rupee inches up tracking regional peers, spotlight stays on tariffs

Economic Times

Economic Times · 22d ago

Rupee inches up tracking regional peers, spotlight stays on tariffs

The Indian rupee gained modestly, rising 0.2% to 85.6950 against the U.S. dollar, influenced by strength in regional currencies and market optimism over extended tariff deadlines from the White House. Despite President Trump’s tariff announcements, market reactions were muted. Most regional equities and currencies, including South Korea’s won, appreciated. Traders predict the rupee will remain range-bound unless a U.S. trade deal signals further appreciation opportunities. Meanwhile, dollar-rupee forward premiums retreated.

Rupee posts best week in over two years as dollar's struggles

Economic Times

Economic Times · 1m ago

Rupee posts best week in over two years as dollar's struggles

The Indian rupee experienced its best week since January 2023, appreciating 1.3% due to an Iran-Israel ceasefire that lowered oil prices and reduced demand for the U.S. dollar. The dollar index fell by 1.5% amid concerns about the Federal Reserve's independence. While the rupee lags behind Asian currencies, a weaker dollar and increased foreign investment in Indian bonds suggest potential support. Analysts note the rupee's underperformance may persist despite these factors.

Rupee ends flat, unable to benefit from rise in Asian peers

VCCircle

VCCircle · 11m ago

Rupee ends flat, unable to benefit from rise in Asian peers

The Indian rupee closed flat against the US dollar on Monday, failing to benefit from the rise in other Asian currencies. The rupee closed at 83.90 against the dollar, almost unchanged from the previous session's close of 83.89. Despite the dollar's slump in August, the rupee has struggled to make gains due to increased dollar demand from importers and outflows from equities. Additionally, the recent comments by Federal Reserve Chair Jerome Powell indicate an imminent rate cut, further limiting the rupee's potential gains. Analysts expect the rupee to trade between 83.75 and 84 in the near-term.

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

VCCircle

VCCircle · 9m 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.

Why KKR’s Henry McVey remains optimistic about 2025 despite headwinds

VCCircle

VCCircle · 7m ago

Why KKR’s Henry McVey remains optimistic about 2025 despite headwinds

Henry McVey, Partner and Head of Global Macro, Balance Sheet and Risk at KKR, remains optimistic about the investment outlook for 2025, despite challenges such as geopolitical tensions, uneven global growth, and rising inequality. McVey believes that despite these headwinds, there are still positive opportunities for investment.

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