Rupee up vs dollar; 25 bps repo cut likely - The Economic Times

Rupee up vs dollar; 25 bps repo cut likely - The Economic Times

The rupee was up in a trading day that has seen 54.21-54.40 range so far. The rupee was trading at 54.29/30, off 54.21 highs, vs 54.41/42 last close.

The rupee fell from high after high CPI pared some rate cut hopes.

The euro also struggled against a broadly firmer dollar, weighed down by political uncertainty in Italy and the contrast between a brightening US economic outlook and faltering growth in the euro zone.

Most respondents in a RBI poll expect the central bank to cut repo rate by 25 bps on March 19.

Source : The Economic Times

Rupee off highs as rate cut hopes scaled back - The Economic Times

Rupee off highs as rate cut hopes scaled back - The Economic Times

Rupee off highs as rate cut hopes scaled back

The rupee off highs, at 54.27/28 after rising to 54.21 post better-than-expected factory data, 54.41/42 last close.

"The market anticipated a further high of 54.15, but that did not happen. So that's why the pair bounced back," said a private bank dealer.

The dealer added forwards will get paid as some rate cut hopes may be pared back after better IIP, high consumer inflation.

January industrial production came in at a firmer 2.4 per cent on year, while CPI rose 10.91 per cent.

Source : The Economic Times

Rupee continues firm vs dollar in late morning deals - The Economic Times

Rupee continues firm vs dollar in late morning deals - The Economic Times

The rupee continued to rule firm in late morning trade today on sustained selling of the US currency by banks and exporters amid weakness of dollar overseas.

Persistent foreign capital inflows into equity market also boosted the rupee value against the dollar, a forex dealer said.

The Indian rupee today resumed higher at 54.52 per dollar against the last closing level of 54.56 at the Interbank Foreign Exchange (Forex) Market.

It hovered in a range of 54.42 and 54.56 per dollar before quoting at 54.47 at 1045 hrs.

In New York market, the euro surged against the US dollar yesterday with remarks by the European Central Bank's president appearing to indicate a rate cut for the euro zone.

Source : The Economic Times

Rupee at near 1-week high; good dollar inflows seen - The Economic Times

Rupee at near 1-week high; good dollar inflows seen - The Economic Times

The rupee was trading to 54.54/55 versus its previous close of 54.7150/7250 after hitting 54.52, its highest since March 1.

Traders said good dollar inflows have been seen in the market, while stop losses in the rupee also triggered after the pair inched up to 54.63.

Domestic shares were also up 0.3 per cent after a choppy morning session, helping the pair.

Source : The Economic Times

Rupee down 3 paise vs dollar in late morning deals

Rupee down 3 paise vs dollar in late morning deals - The Economic Times

The rupee recovered from initial losses but was still quoting lower by three paise to 54.75 in the late morning deals on mild dollar demand from banks and importers on the back of firm global cues.

The local currency resumed lower at 54.87 per dollar as against the last closing level of 54.72 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 54.91 before quoting at 54.75 a dollar at 1040 hours.

It moved in a range of 54.74-54.91 in the morning deals. Good dollar demand from banks and importers in view of firm dollar overseas market mainly affected the rupee value against the dollar, a forex dealer said.

In New York market, the US dollar rose against most major rivals yesterday, finding underlying support as data showed stronger-than-expected private-sector jobs growth in February.

Source : The Economic Times

Rupee off highs as oil firms step in to buy

Rupee off highs as oil firms step in to buy - The Economic Times

Rupee off the day's high of 54.6150 and currently trading at 54.78/79 versus its previous close of 54.92/93 as oil firms step in to buy dollars.

The pair dropped sharply earlier in the session on the back of gains in regional risk assets.

Some traders say buying was also seen ahead of RBI's reference rate fixing, though gains are unlikely to sustain for too long.

All Asian currencies trading stronger compared to the dollar.

Source : The Economic Times

Rupee falls in late trade on euro losses; current a/c deficit concern remains

Rupee falls in late trade on euro losses; current a/c deficit concern remains - The Economic Times

The rupee gave up early gains to end lower on Tuesday, driven by a late fall in the euro, with concerns over the country's current account deficit expected to remain a major drag for the currency.

The government's top economic adviser, Raghuram Rajan, named the record-high current account deficit as the main worry for the country, reiterating the stance from Finance Minister Palaniappan Chidambaram in his budget speech last week.

The Reserve Bank of India has also named the current account deficit as a factor in its policy decisions, adding to these concerns.

"The short-term view is USD/INR should consolidate in the 54.30-55.00 area for an upmove towards 56.00 and higher by the end of March 2013," said Ashis Barua, a senior forex dealer at IndusInd BankBSE 2.40 %, citing the current account gap as a key reason for his view.

The partially convertible rupee closed at 54.92/93 per dollar versus its previous close of 54.86/87 on Monday. The unit had touched an intraday high of 54.61, primarily driven by sharp gains in stocks.

Indian shares posted their biggest daily gains in three months as global investors bet major central banks will keep monetary policy loose at meetings this week. The rupee was also helped by the euro which rose versus the dollar in early trade, helped by slightly better-than-expected euro zone data.

The failure of USD/INR to break its 55-55.15 resistance zone also helped expectations the rupee could see some support in the near term.

However, a late fall in the euro on reported selling by a macro fund and oil-related USD demand wiped out the rupee's early gains.

Concerns about the current account deficit are also expected to linger, although some investors expect the RBI will still cut interest rates later this month given the sharp slowdown in growth and the government's commitment to meet its fiscal deficit targets.

In the offshore non-deliverable forwards, the one-month contract was at 55.35 and the three-month was at 55.97.

In the currency futures market, the most-traded near-month dollar/rupee contracts on the National Stock Exchange, the MCX-SX and the National Stock Exchange all closed at 55.15 with a total traded volume of $4.9 billion.

Source : The Economic Times

Rupee hits near 2-month low; ends marginally stronger - The Economic Times

Rupee hits near 2-month low; ends marginally stronger - The Economic Times

The rupee hit the lowest level in nearly two months on Monday before closing marginally stronger with exporter and corporate dollar sales aiding the recovery, though sentiment continues to remain bearish in the near term.

Traders said disappointment over the budget last week is likely to hurt the rupee in the near term with fundamentals such as a record current account deficit likely to keep the downward pressure on the currency.

On Thursday, India unveiled a surge in government spending despite expectations of an austerity budget to shore up its finances, while failing to announce any measures that would significantly boost investments.

"Initial weakness in the rupee was due to the budget disappointment. The flows helped the rupee recover despite euro and share weakness, but we may target 55.50 later this week," said Subramanian Sharma, director at Greenback Forex.

"Any small corrections will be seen as an opportunity to buy with importers rushing in to cover. I am broadly expecting a range of 54.60 to 55.50 till March-end with the bias on the weaker side," he added.

The partially convertible rupee closed at 54.86/87 per dollar versus its previous close of 54.90/91 on Friday. The unit dropped earlier to a low of 55.15, the weakest since Jan. 8.

Traders said the pair opened sharply below the 55 mark, having closed above the 200-day moving average on Friday and after breaking the 61.8 percent Fibonacci retracement of the November to February decline at 54.74.

However, USD/INR should see good technical resistance at around 55.15, ahead of the 55.89 peak in November.

Traders said the weakness in the euro and domestic shares also hurt the rupee though good dollar selling by exporters and a corporate helped it recover.

The euro fell to a session low on Monday and not far from a 2-1/2 month trough after eurozone sentiment tumbled in March and added to speculation that the European Central Bank may lower rates in the near term.

Indian shares fell to near 3-month lows as global risk aversion sparked broad-based selling in domestic blue chips.

In the offshore non-deliverable forwards, the one-month contract was at 55.30 and the three-month was at 55.92.

In the currency futures market, the most-traded near-month dollar/rupee contracts on the National Stock Exchange, the MCX-SX and the National Stock Exchange all closed at 55.13 with a total traded volume of $5.9 billion.

Source : The Economic Times

Rupee hits over 1-1/2 month low; more losses in store

Rupee hits over 1-1/2 month low; more losses in store - The Economic Times

Rupee hits over 1-1/2 month low; more losses in store

The rupee dropped for a second session on Friday, hiting its lowest level in over a month-and-half as stop-losses were triggered in the dollar after rumours of a possible downgrade by Fitch Ratings and the follow-on breach of a key techinical level.

The rupee's fall continued a day after India unveiled a surge in government spending despite expectations of an austerity budget to shore up its finances.

Fitch Ratings sovereign analyst Art Woo had told Reuters post-budget on Thursday that it would not impact India's sovereign ratings, though the country could find it challenging to meet its fiscal deficit target of 4.8 percent for the next fiscal year.

Traders, however, said there were rumors that Fitch was more than likely to downgrade India following Woo's interview to some local television channels earlier on Friday.

"The euro came down, there were some rumours regarding Fitch talking of an India downgrade -- these together led to triggering of several stops," said A. Ajith Kumar, a senior foreign exchange dealer at Federal Bank

The Economic Times

Rupee drops by 15 paise against dollar in late morning trade

Rupee drops by 15 paise against dollar in late morning trade - The Economic Times

The Indian rupee dropped by 15 paise to Rs 54.51 against the US dollar in the late morning trade on persistent dollar demand from banks and importers on the back of higher dollar overseas.

The rupee resumed lower at Rs 54.65 per dollar against the last closing level of Rs 54.36 per dollar at the Interbank Foreign Exchange ( Forex) and dropped further to Rs 54.67 per dollar before quoting at Rs 54.51 per dollar at 1050 hrs.

It moved in a range of Rs 54.51 per dollar and Rs 54.67 per dollar in the morning deals.

Sustained dollar demand from banks and importers in view of firm dollar in the overseas market mainly affected the rupee value against the dollar, a foerx dealer said.

In the New York market, the US dollar rose against the euro yesterday, extending its advance after the release of generally positive readings on the world's largest economy.

Source : The Economic Times

Budget 2013: Rupee at 3-week high; GDP data awaited - The Economic Times

Budget 2013: Rupee at 3-week high; GDP data awaited - The Economic Times

Rupee rose to 53.59/60 in opening trade, its highest since February 8 and stronger compared with its close of 53.86/87 on Wednesday.

Traders say a risk-on mood globally pushing the dollar lower, while market is also hopeful for a fiscally disciplined budget.

Asian shares and other risk assets rise as sentiment improves after US Federal Reserve Chairman Ben Bernanke reaffirms his commitment to strong stimulus, while a smooth debt sale calms fears over Italy's political turmoil.

Traders expect good support for the dollar around 53.55 levels, while month-end dollar demand from oil firms may also aid. * The December quarter GDP data due around 0530 GMT will also be watched for direction.

Source : The Economic Times

Rupee extends gains; share gains hurt

Rupee extends gains; share gains hurt - The Economic Times

Rupee extends gains to 53.84/85 as gains in the domestic sharemarket on optimism ahead of the budget hurt. It closed at 54.09/10 on Tuesday.

Traders say market hopeful of more pro-investment measures which will boost inflows into the country.

Dollar demand from oil companies, however, is expected to limit the downside. Traders do not expect the pair to drop below 53.75 during the session.

Local shares are up 0.5 per cent while Asian shares also rise following solid data in the US and Federal Reserve's affirmation of its commitment to monetary stimulus.

Source : Economic Times

Rupee continues to decline against dollar in late morning

Rupee continues to decline against dollar in late morning - The Economic Times

The Indian rupee continued to fall against the American currency in the late morning trade by slipping 16 paise to Rs 54.02 per dollar on month-end dollar demand from importers amid firm dollar overseas.

The rupee resumed lower at Rs 54.03 per dollar against the last closing level of Rs 53.86 per dollar at the Interbank Foreign Exchange (Forex) Market and moved in a range of Rs 54 per dollar and Rs 54.09 per dollar before quoting at Rs 54.02 per dollar at 1040hrs.

Month-end dollar demand from importers mainly oil refiners mainly affected the rupee value against the dollar, a forex dealer said.

Source : The Economic Times

US dollar ends cheaper against the rupee - The Times of India

US dollar ends cheaper against the rupee - The Times of India

The US dollar ended cheaper against the rupee at 53.86/87 a unit, and Pound Sterling also finished lower at Rs 81.58/60 per pound at the close of the Interbank Foreign Exchange Market (Forex) today.

Following are the Interbank Forex and RBI rates: (In Rs Per Unit) Unit Interbank RBI Reference US Dollar 53.86/87 US Dollar Rs 54.0415 Pound Sterling 81.58/60 Euro Rs 71.4130 Euro 71.47/49 Japanese Yen (100) 57.44/46.

Source : Times of India

Rupee gains most in two weeks; debt auction inflows help

Rupee gains most in two weeks; debt auction inflows help - The Economic Times

The rupee gained its most in two weeks on Wednesday, largely aided by inflows related to a debt auction, with volumes remaining low as most state-run banks were thinly staffed due to a strike.

The rupee has seen a small bounce since it hit a one-month low in Monday's trading. Foreign investors have been jittery ahead of the federal budget on Feb. 28, waiting to see whether Finance Minister Palaniappan Chidambaram puts fiscal discipline over election largess.

Capital inflows have been supportive of the rupee, but the economy's weak fundamentals will continue to weigh.

Trade Minister Anand Sharma said India was likely to miss its $350 billion exports aim for the fiscal year.

Dealers said state-run banks had thin attendance due the strike, which hurt market volumes.

The partially convertible rupee closed at 54.075/085 per dollar versus its previous close of 54.185/195, a second session of gain. It rose 0.2 per cent in trade, it biggest daily rise since Feb 5.

In the offshore non-deliverable forwards, the one-month contract was at 54.38, while the three-month was at 55.00.

In the currency futures market, the most-traded near-month dollar/rupee contract on the National Stock Exchange, the MCX-SX and the United Stock Exchange all closed at around 54.18 with a total traded volume of $4.6 billion.

Source : Economic Times

Rupee up 8 paise vs dollar in early trade - The Times of India

Rupee up 8 paise vs dollar in early trade - The Times of India

Rupee today appreciated by eight paise to 54.10 against the US dollar on the Interbank Foreign Exchange (Forex) market in early trade on increased foreign fund flows amid firm local equities.
Forex dealers said euro's gains against the American currency in the overseas market also supported the rupee.

Market Pulse - Nov 23, 2012

Fri, Nov 23, 2012 at 14:00PM
Markets closes flat.
Markets closed on a flat note with a negative bias with the Sensex down 11 points at 18,505 and the Nifty slipped five points at 5,623. (provisional)on recovery.

Fri, Nov 23, 2012 at 14:00PM
Markets on recovery.
Markets on recovery, Sensex, which declined to 18,402.49, sliding more than 150 points from the day's high of 18,556.50, is now at 18,437.99, down 79.35 points or 0.43% from its previous closing mark. Nifty index of the National Stock Exchange is down 23.60 points or 0.4% at 5604.15, around 10 points off the day's low of 5594.65.

GAIL India, Cipla, ITC, Sterlite Industries, Wipro, Bharti Airtel, NTPC, Larsen & Toubro, Infosys, Jindal Steel & Power and Tata Steel are the prominent losers in the Sensex, besides the three heavyweights from the banking space.

Fri, Nov 23, 2012 at 13:00PM
Markets extends losses.
Markets have extended the losses led by weakness among financials, PSU shares and index heavyweight Infosys. Meanwhile, investors remain cautious on expectation of reforms announcement during the ongoing winter session of the Parliament. At 13:00 AM, the Bombay Stock Exchange's Sensex index was down 84 points at 18,433 while the National Stock Exchange's 50-share Nifty fell 25 points to 5,602.

Fri, Nov 23, 2012 at 12:30PM
Markets turns negative.
Markets break narrow range of trades and plunges into red. Sensex down by 39.44 to 18478.20 and Nifty down by 13.25 to 5614.75.

Fri, Nov 23, 2012 at 11:00AM
Markets trading flat.
Sensex and the Nifty are trading flat, as investors wait for announcements regarding proposed bills to open up the insurance, pension and banking sectors in the ongoing winter session of parliament.Nifty that gained 1.78 percent outperforming the 50 share NSE index in the last three trading sessions was trading lower, ICICI Bank down 0.4 percent. Hindustan Copper Ltd down 12.46 percent, after government set the base price at 155 rupees a share for its 4 percents stake sale, way below Thursday's closing price of 266.15 rupees.

Fri, Nov 23, 2012 at 10:30AM
Market pares gains.
Market pares gains and traded flat in early morning trades on uncertainty over government's ability to push through key reforms in the winter session of the Parliament but hopes of global growth recovery prevented a sharp decline in shares. At 10:30AM, Sensex has declined 8.55 points to 18,508.79 and the 50-share Nifty down by 1.75 points to 5,625.