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Rupee likely to decline on yuan-led weakness in Asia fx

Reuters · 1y ago

Rupee likely to decline on yuan-led weakness in Asia fx

The Indian rupee recovered against the US dollar in the offshore NDF market due to the Reserve Bank of India's intervention and the Chinese yuan's rebound. The USD/INR one-month NDF improved to 83.24/83.26 from an earlier high of 83.54. The offshore yuan also rose against the dollar, aiding the rupee's recovery. Although the Indian rupee is expected to drop at the opening on Monday, tracking losses in Asian peers and on persisting worries over U.S. yields.

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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.

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

VCCircle

VCCircle · 4m 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.

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 a tad lower, month-end importer dollar bids weigh

Economic Times

Economic Times · 1m 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 weakens slightly, broad dollar softness cushions pressure

Economic Times

Economic Times · 19d ago

Rupee weakens slightly, broad dollar softness cushions pressure

The Indian rupee experienced a slight decline against the U.S. dollar, with local and foreign banks contributing to the pressure through dollar bids. However, overall dollar weakness mitigated larger losses. The rupee ended at 86.2925 per dollar, slipping 0.2% for the day. Analysts attributed the rupee's ongoing underperformance to factors like muted portfolio flows, India’s external investment deficit, and potential reserve accumulation by the Reserve Bank of India.

Rupee logs biggest slide in two years on dollar's surge, limited RBI presence

VCCircle

VCCircle · 6m ago

Rupee logs biggest slide in two years on dollar's surge, limited RBI presence

The Indian rupee experienced its largest single-day decline in nearly two years, reaching an all-time low due to a surging U.S. dollar, potential equity outflows, and limited Reserve Bank of India (RBI) intervention. The currency fell to 86.5825, marking a 0.7% drop, with expectations of further decline unless RBI enacts measures. Despite selling dollars to slow the decline, the rupee's weakness aligns with Asian currencies, impacted by robust U.S. economic data and investor exits from Indian markets.

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 hits over two-month low, hurt by geopolitical worries, Trump tariff remark

Economic Times

Economic Times · 1m ago

Rupee hits over two-month low, hurt by geopolitical worries, Trump tariff remark

The Indian rupee reached a two-month low, falling to 86.24 against the US dollar, due to escalating geopolitical tensions in the Middle East and U.S. President Donald Trump's announcement of impending pharmaceutical tariffs. This decline comes as Indian pharmaceutical companies, significantly reliant on U.S. revenue, face potential impacts. Additionally, a trader mentioned that ongoing dollar demand from state-run banks contributed to the rupee's weakness. Market focus remains on Federal Reserve decisions and Middle East developments.

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