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Rupee bleeds red to a new low on greenback demand, slumps against Chinese yuan too

Economic Times

Economic Times · 3m ago

Rupee bleeds red to a new low on greenback demand, slumps against Chinese yuan too

The Indian rupee reached a historic low, surpassing 88 per dollar due to concerns over U.S. tariffs, weak inflows, and limited support from the Reserve Bank of India (RBI). The RBI’s limited intervention contributed to the depreciation, with importers further pressurizing the currency. The rupee also hit a record low against the Chinese yuan, affecting India’s trade competitiveness. Experts suggest the RBI might be allowing the rupee’s depreciation to enhance export stimulus.

Related News

Rupee slumps to record low, logs worst day in nearly 7 months as dollar bids spike

VCCircle

VCCircle · 11m ago

Rupee slumps to record low, logs worst day in nearly 7 months as dollar bids spike

The Indian rupee reached a new low against the US dollar as dollar demand increased due to maturing non-deliverable forwards and currency futures. The rupee weakened to a new all-time low of 85.8075 against the dollar, before recovering slightly after intervention by the central bank. The rupee has been hit by concerns over India's slowing growth and widening trade deficit, as well as the strengthening US dollar.

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 nears 84/$ mark as Asian currencies weaken, dollar gains

VCCircle

VCCircle · 1y ago

Rupee nears 84/$ mark as Asian currencies weaken, dollar gains

The Indian rupee reached its weakest ever level against the US dollar on Tuesday due to weakening Asian currencies and increased demand for dollars. The rupee closed at a record low of 83.9525 per US dollar, down 0.1% from the previous session. The Reserve Bank of India's interventions in various markets have helped to stabilise volatility. However, concerns about a US economic slowdown and the unwinding of carry trades involving the Chinese yuan and the rupee have put pressure on the currency.

Rupee falls to record low, RBI likely steps in

VCCircle

VCCircle · 1y ago

Rupee falls to record low, RBI likely steps in

The Indian rupee hit a new record low on Wednesday due to increased demand for dollars by local oil companies, importers, and equity-related outflows. The Reserve Bank of India (RBI) intervened by selling dollars through state-run banks to prevent further losses. The rupee closed at 83.3725 against the U.S. dollar, down 0.1% compared to the previous session's close. The RBI also likely intervened in the non-deliverable forwards market to prevent further depreciation. Weakness in the offshore Chinese yuan and the Japanese yen also contributed to the rupee's decline.

Indian rupee sinks to record low of 12.33 versus offshore yuan in likely boost to competitiveness

Economic Times

Economic Times · 3m ago

Indian rupee sinks to record low of 12.33 versus offshore yuan in likely boost to competitiveness

The Indian rupee has dropped to a record low against the offshore Chinese yuan, driven by U.S. tariffs on Indian goods. The rupee's decline may boost competitiveness for Indian exporters against Chinese rivals in key markets. With a weaker rupee, Indian products become cheaper, potentially narrowing India’s trade deficit with China. This development is being closely monitored by the Reserve Bank of India, which might find the rupee's movement beneficial within certain limits.

Rupee hits record low, posts steepest weekly fall in seven months

VCCircle

VCCircle · 1y ago

Rupee hits record low, posts steepest weekly fall in seven months

The Indian rupee hit a record low against the US dollar, experiencing its steepest weekly decline in seven months. Factors such as a drop in the offshore Chinese yuan, lack of substantial dollar inflows, and dollar strength contributed to the rupee's fall. A foreign exchange trader noted an "artificial dollar scarcity" in the market, while the Reserve Bank of India appeared absent from the session near its closure. The Korean won and offshore Chinese yuan also experienced losses. Analysts suggest the coming days will be critical for the rupee's performance.

Rupee ends at record low, logs fourth consecutive weekly decline

VCCircle

VCCircle · 1y ago

Rupee ends at record low, logs fourth consecutive weekly decline

The Indian rupee closed at its lowest ever level against the US dollar, marking its fourth consecutive weekly decline. The currency was pressured by strong dollar demand from local oil companies and other factors such as volatility in the Chinese yuan and outflows from local equities. Some analysts expect the rupee to weaken further in the coming weeks. The dollar index remained steady, while Asian currencies were mixed. Investors are now awaiting the release of US personal consumption expenditure price index data.

Rupee falls 35 paise to hit all-time low of 83.48 against US dollar

Money Control

Money Control · 1y ago

Rupee falls 35 paise to hit all-time low of 83.48 against US dollar

The Indian rupee depreciated to a record low of 83.48 against the US dollar as the greenback strengthened against major currencies. The decline was driven by the surprising interest rate cut by the Swiss National Bank, which increased the likelihood of a rate cut by the European Central Bank. Foreign fund outflows also impacted the rupee. However, the domestic equity market showed gains, with the Sensex rising by 0.26% and the Nifty by 0.39%. Overall, the rupee is expected to have a negative bias due to the strong US dollar and potential rebound in crude oil prices.

Rupee ends a tad lower, month-end importer dollar bids weigh

Economic Times

Economic Times · 5m ago

Rupee ends a tad lower, month-end importer dollar bids weigh

The Indian rupee closed slightly weaker at 86.0775 against the U.S. dollar, down 0.1% from the previous session, due to month-end importer dollar demand and slight weakness in the offshore Chinese yuan. Despite pressure, local equities gained, buoyed by a ceasefire between Iran and Israel which improved risk sentiment. The dollar index increased by 0.1%, while Brent crude oil futures rose about 1% to $67.8 per barrel.

Rupee hits over two-week low hurt by weaker Chinese yuan, importer hedging

VCCircle

VCCircle · 8m ago

Rupee hits over two-week low hurt by weaker Chinese yuan, importer hedging

The Indian rupee dropped to its lowest point in over two weeks, affected by a weaker Chinese yuan and importer hedging. It closed at 86.2650 against the U.S. dollar, a decline of 0.5%. The onshore Chinese yuan declined, impacting Asian currencies. Indian importer dollar bids were strong, contributing to the rupee's weakness. Global and Indian equities saw gains despite ongoing tariff-related volatility, and investors anticipate the Reserve Bank of India's policy decision amid declining forward premiums.

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