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Rupee falls to record low, RBI likely steps in
VCCircle
·
1y ago
Medial
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.
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RBI intervention shields rupee from record low after Trump tariff threat
Economic Times
·
25d ago
Medial
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.
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Rupee bleeds red to a new low on greenback demand, slumps against Chinese yuan too
Economic Times
·
12h ago
Medial
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.
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Rupee slips to fresh record low, in line with other Asian currencies
VCCircle
·
1y ago
Medial
The Indian rupee reached a record low on Monday, influenced by the decline in other Asian currencies. The rupee closed at 83.9725 against the U.S. dollar, with the Reserve Bank of India likely stepping in to prevent further depreciation. Traders expect the rupee to remain rangebound until the release of U.S. consumer inflation data later in the week. Interest rate futures currently anticipate rate cuts in 2024, starting in September. The dollar-rupee forward premiums slipped, with the 1-year implied yield down 2 basis points at 2.02%.
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Rupee hits record low of 87.59/$ on tariff, outflow worries
Economic Times
·
29d ago
Medial
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.
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Rupee falls 35 paise to hit all-time low of 83.48 against US dollar
Money Control
·
1y ago
Medial
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.
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Rupee falls for seventh week in a row, hits record low
VCCircle
·
8m ago
Medial
The Indian rupee experienced its seventh consecutive week of decline, reaching a record low before ending slightly higher. The rupee closed at 85.0150 against the US dollar, slightly up from its previous session. The Reserve Bank of India intervened to support the currency, and strong dollar offers from foreign banks also aided its recovery. The rupee's depreciation is attributed to tepid capital flows and concerns about India's slowing economic growth, as well as the Federal Reserve's hawkish shift in policy outlook. The US dollar remains positive in the short-term due to perceived resilience in the US economy.
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Rupee falls for seventh year in a row, ends 2024 at record closing low
VCCircle
·
8m ago
Medial
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.
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Rupee ends at fresh record low as free fall continues for sixth straight day
VCCircle
·
8m ago
Medial
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.
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Global stock sell-off pushes Indian rupee to another record low
VCCircle
·
1y ago
Medial
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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Rupee drops to all-time low on India growth worries, dollar strength
VCCircle
·
9m ago
Medial
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.
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