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Rupee extends slide on foreign outflows, dollar demand from oil firms

Economic Times

Economic Times · 22d ago

Rupee extends slide on foreign outflows, dollar demand from oil firms

The Indian rupee continued its decline against the U.S. dollar due to ongoing foreign outflows and strong dollar demand from importers, especially state-run oil companies. The rupee closed at 87.6550 to the dollar, weakened by dollar buying throughout the day. Foreign investors sold $2 billion in Indian equities in July, maintaining pressure on the rupee. The Reserve Bank of India's upcoming monetary policy decision may impact the currency's future trajectory. Other Asian currencies showed gains.

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Rupee ends a tad lower, hurt by corporate dollar bids, outflows

Economic Times

Economic Times · 2m ago

Rupee ends a tad lower, hurt by corporate dollar bids, outflows

The Indian rupee slightly weakened, closing at 85.60 against the U.S. dollar due to corporate dollar demand and likely portfolio outflows, despite a global dollar dip. Asian currencies benefitted from the weaker dollar, with the Taiwanese dollar rising by 1.6%. Crude oil prices and Middle East tensions also influenced the market, while predictions of a U.S. Federal Reserve rate cut saw a rise in dollar-rupee forward premiums. India's equity indices fell by about 1%.

Rupee hits record low of 87.59/$ on tariff, outflow worries

Economic Times

Economic Times · 25d ago

Rupee hits record low of 87.59/$ on tariff, outflow worries

The Indian rupee hit a record low of 87.59 per US dollar due to U.S. tariff concerns, outflows from local equities, and a strong dollar. It briefly touched 87.74/$1 before closing slightly stronger, likely aided by the Reserve Bank of India's intervention. The rupee was pressured by constant dollar demand from oil companies and local institutions, with the central bank actively defending its value. Importers began hedging, fearing further depreciation.

Strong dollar demand by banks weakens rupee by 28 paise

Economic Times

Economic Times · 1m 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.

Rupee steadies to cap rough week dominated by Trump's tariff jolt

Economic Times

Economic Times · 25d ago

Rupee steadies to cap rough week dominated by Trump's tariff jolt

The Indian rupee steadied on Friday, aided by potential Reserve Bank of India intervention, though it recorded its most significant weekly decline since late 2022. Concerns were driven by U.S. tariffs and continuous foreign portfolio outflows. The rupee closed at 87.5300 against the U.S. dollar, down 1.2% for the week. President Trump's announcement of a 25% tariff on Indian imports exacerbated pressure on the rupee, which faced additional pressure from consistent foreign equity outflows.

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 drops below 84 per dollar on equity outflows, oil prices

VCCircle

VCCircle · 10m ago

Rupee drops below 84 per dollar on equity outflows, oil prices

- Indian rupee falls below 84 per dollar for the first time on concerns of oil prices and foreign outflows from equity market. - The Reserve Bank of India (RBI) had defended the 84 level, but the rupee breached it on Friday. - RBI intervened by instructing state-run banks to sell dollars to prevent a sharp fall in the rupee. - The rupee may face further pressure, but the RBI is expected to only allow marginal depreciation to maintain stability. - Factors contributing to the rupee's decline include rising oil prices, foreign selling of Indian shares, and a widening trade deficit leading to a shrinking balance of payments surplus. - Asian currencies have performed better than the rupee recently, while expectations rise for the Indian central bank to cut rates.

Rupee logs worst single-day fall in almost two months

VCCircle

VCCircle · 1y ago

Rupee logs worst single-day fall in almost two months

The Indian rupee experienced its worst single-day decline in almost two months amidst increased dollar demand from importers and foreign banks. The rupee closed at 83.9225 against the U.S. dollar, marking a 0.16% decline from the previous session. The currency had touched a two-week high earlier in the week before shedding gains due to the strong dollar demand and outflows from equities. Additionally, exporters refrained from selling dollars, contributing to the overall shortage of dollars in the market. Traders are now awaiting the release of the Federal Reserve's meeting minutes and U.S. payroll data revisions for further market direction.

RBI intervention shields rupee from record low after Trump tariff threat

Economic Times

Economic Times · 21d ago

RBI intervention shields rupee from record low after Trump tariff threat

The Indian rupee fell on escalating U.S. trade tensions, nearing a record low, but likely RBI intervention helped stabilize it. The currency closed at 87.8000 to the U.S. dollar, declining 0.2% from the previous day's close. President Trump's tariff threats raised economic concerns, prompting India to vow protective actions. The Reserve Bank of India intervened via state-run banks to cushion the rupee, amid fears of increased foreign outflows and geopolitical tensions affecting crude oil prices.

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 snaps six-session losing streak, gains limited by lingering outflows

Economic Times

Economic Times · 1m ago

Rupee snaps six-session losing streak, gains limited by lingering outflows

The Indian rupee halted its six-session losing streak but remained steady against the U.S. dollar, closing at 86.4050 despite the recovery of Asian currencies. Persistent dollar demand from foreign banks, possibly from foreign portfolio outflows, limited the rupee's gains. Simultaneously, Indian equity benchmarks Sensex and Nifty 50 fell by 0.6% due to losses in major technology stocks. Meanwhile, global equity markets reached record highs amid optimism over trade agreements between the U.S. and European countries.

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