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Rupee ends at fresh record low but fares better than regional peers

VCCircle

VCCircle · 10m ago

Rupee ends at fresh record low but fares better than regional peers

The Indian rupee hit a new all-time low against the US dollar, but performed better than other Asian currencies due to dollar sales from state-run banks. The rupee closed at 84.08 against the dollar, slightly down from the previous session. The US dollar has been strengthened by rising bets on a Donald Trump victory in the US presidential election and expectations of interest rate cuts by the Federal Reserve. While other Asian currencies saw declines, the rupee is not expected to experience significant volatility as the Reserve Bank of India is likely to limit large moves.

Related News

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 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 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.

Rupee ends at record low as US growth worries spill over, spur outflows

VCCircle

VCCircle · 1y ago

Rupee ends at record low as US growth worries spill over, spur outflows

The Indian rupee closed at a record low on Monday due to concerns over possible outflows from local equities and the unwinding of carry trades. The rupee ended the session at 83.8450 against the US dollar, its weakest level ever. The fear of an economic slowdown in the US also contributed to the rupee's decline. The Reserve Bank of India intervened to limit the losses, but traders expect further pressure on the currency. Investors are awaiting US services PMI data to gauge the health of the US economy.

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 ends month and quarter a tad lower, trails most Asian peers

Economic Times

Economic Times · 1m ago

Rupee ends month and quarter a tad lower, trails most Asian peers

The Indian rupee ended the month and quarter slightly lower against the U.S. dollar, underperforming most Asian peers due to muted portfolio inflows and an external investment deficit. The rupee closed at 85.7550 against the dollar, with losses of 0.2% and 0.3% for the month and quarter. While Asian currencies like the Taiwanese dollar and Korean won rose, India’s external investment deficit remained a key factor in the rupee's underperformance.

Rupee falls for seventh year in a row, ends 2024 at record closing low

VCCircle

VCCircle · 8m ago

Rupee falls for seventh year in a row, ends 2024 at record closing low

The Indian rupee declined for the seventh consecutive year in 2024, ending at a record low of 85.6150 per U.S. dollar, down 2.8% for the year. It was affected by domestic challenges such as slowing growth and a widening trade deficit, and international factors like the surge in the U.S. dollar following Donald Trump's election victory. Despite India's forex reserves hitting a high, the Reserve Bank of India's interventions struggled to stabilize the currency amid volatile market conditions.

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.

Indian rupee under pressure but avoids record low on possible RBI support

Money Control

Money Control · 1y ago

Indian rupee under pressure but avoids record low on possible RBI support

The Indian rupee faced downward pressure due to concerns over a potential conflict in the Middle East, but it managed to avoid reaching a record low. The country's central bank is believed to have intervened to limit losses, selling dollars to stabilize the rupee. The rupee currently stands at 83.4350 against the US dollar, slightly higher than the previous session. Despite vulnerability, the anticipation of further intervention by the Reserve Bank of India is helping to prevent significant losses in the rupee. Asian currencies overall struggled, risk appetite declined, and the dollar index remained strong following Iran's attack on Israel. The rupee is also keeping an eye on oil prices, which have remained stable thus far after the attack. Additionally, Asian currencies will be influenced by US Treasury yields, which have risen recently due to evolving Federal Reserve policy expectations.

Indian rupee drops to fresh 10-month low

Reuters · 1y ago

Indian rupee drops to fresh 10-month low

The Indian rupee dropped to the lowest in more than 10 months, tracking broad losses on Asian peers and on oil price worries.

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