Indian rupee recovers 16 paise against US dollar, at 61.33

The Indian rupee improved by 16 paise to deal at 61.33 against the US dollar in untimely deal at the Interbank Foreign Exchange market, tracking optimistic sentiments after the government liberalized foreign direct investment (FDI) in protection and railways sectors.

Indian rupee down 2 paise against US dollar, at 60.14

The Indian rupee fell slightly by two paise to 60.14 alongside the dollar in premature deal on augmented require for the US money from banks and importers.
The exchange had wrecked flat at 60.12 alongside the Greenback in Wednesday's deal on exchange bouts of demand and bring.
Dealers said amplified command for dollar from importers chiefly put strain on the local unit but a superior opening in the familial fairness market and gains in other currencies abroad near the dollar capped the losses.
The BSE Sensex rose 60.75 points, or 0.23 per cent, to 25,610.47 in premature operate on Thursday.

Indian rupee behind 12 paise vs US dough in untimely operate

 

The Indian rupee weakened by 12 paise to 61.91touching the US dollar in early do business at the Interbank Foreign Exchange market due to order for the US currency from importers.

Forex dealers said besides dollar's gains in opposition to other currencies overseas, improved demand from importers for the American currency also put anxiety on the rupee. However, a higher opening of the familial equity market capped the fall, they said.

FLASHBACK 2013: Indian rupee in the midst of the pits performing arts currencies

The rupee had gained 16 paise to seal at over one-week high of 61.79 aligned with the US dollar on Tuesday after exporters sold the American currency as the forex and money markets remained closed on Wednesday for "Christmas".

Temporarily, the BSE Sensex improved by 54.38 points, or 0.25 per cent, to 21,087.09 in near the beginning trade on Thursday.

Indian rupee up 16 paise against US dollar, at 62.28

 
The Indian rupee rose by 16 paise to 62.28 against the US dollar in early trade at the Interbank Foreign Exchange after the economy grew by a higher-than-expected 4.8 per cent in the September quarter.

The domestic currency had lost three paise to close at 62.44 against the dollar on Friday amid demand for the US currency from oil refiners.

Forex dealers on Monday said increased selling of the US currency by exporters, a higher opening in the domestic equity market and strengthening of euro and yen against the dollar overseas also supported the rupee.

The BSE Sensex rose 70.67 points, or 0.34 per cent, to 20,862.60 in early trade on Monday.

Indian rupee up 6 paise against US dollar, at 62.44

 
The Indian rupee appreciated by six paise to 62.44 against the US dollar in early trade at the Interbank Foreign Exchange market on selling of the US currency by exporters.

The rupee had gained 37 paise to end at 62.50 on Monday after global crude oil prices dropped following a nuclear deal between Iran and world powers.

Forex dealers said strength in other currencies against the Greenback overseas, after fresh figures showed pending US home sales slowed for the fifth straight month in October, also supported the rupee. They said, however, a lower opening in the domestic equity market capped the gains on Tuesday.

Meanwhile, the BSE Sensex fell by 66.06 points, or 0.32 per cent, to 20,539.02 in early trade on Tuesday.

Rupee will settle down, assures Chidambaram

 
Finance Minister P Chidambaram took to reassuring investors and traders after the rupee declined to a two-month low of 63 to a dollar, saying the currency will stabilise.

In early trade on Monday, the rupee fell to 63.33 a dollar, its weakest since September 18.

"Rupee will settle down," the finance minister told reporters in the national capital.

The Indian currency started weakening again last week after the dollar purchase by oil companies was partly shifted to the market.

The PSU oil companies are the biggest buyers of dollars, requiring $8-8.5 billion every month for the import of an average 7.5 million tonne of crude oil.

"Rupee weakness is due to OMC forex demand being moved to market... 30-40 per cent of OMC demand has moved to market," Economic Affairs Secretary Arvind Mayaram had said last week.

The rupee has recovered over 8 per cent since August 28, when it fell to a record low of 68.85 to the dollar.

The Reserve Bank of India had in August opened a special window to help the three state-owned oil marketing companies - Indian Oil, Hindustan Petroleum and Bharat Petroleum - to meet daily foreign exchange requirements and buy dollars directly from the central bank.

The gain in the rupee's value had also followed optimism that the US Federal Reserve would delay the tapering of its bond buying programme.

Global central banks unlikely to fight dollar: Poll

London: Global central banks are unlikely to take steps to make their currencies more competitive against the US dollar whose current weakness should prove to be temporary, a Reuters poll found.

The monthly survey of more than 60 foreign exchange analysts and economists showed the euro - which soared above USD 1.38 before shock low inflation data last week - will ease gradually over the next 12 months from here.

That view reflects expectations the US Federal Reserve will start cutting its monthly bond purchase stimulus early next year, probably by March.

After the Fed surprised markets by refraining from doing that this September, major global currencies have strengthened against the dollar. That has caused problems for export-reliant countries, both in Europe and emerging markets.

Still, 28 out of 35 analysts who answered an extra question said the dollar`s weakness would not push world central banks to ease policy to help regain a competitive edge against the greenback.

"(That`s) unlikely, because Fed tapering is inevitable and thus most emerging market currencies will be vulnerable over the medium term," said Barclays analyst Mike Keenan.

But the dollar probably won`t rally soon. The poll showed the dollar index relative to a basket of major currencies closing the year at 81, compared with 80.5 on Wednesday.

Into next year, that should change.

For one thing, the euro`s strength will gradually dissipate next year. That will be at least some relief for the European Central Bank, which meets on Thursday to set policy and is under pressure to act against very weak inflation and boost fragile growth.

The poll`s median outlook showed the euro - which was trading around USD 1.35 on Wednesday - holding around that level in a month`s time, before slipping to USD 1.33 in three months, USD 1.30 in six and USD 1.27 in a year from now.

"We expect a near-term euro appreciation against the dollar given the likely continued U.S. fiscal uncertainties, followed by retrenchment in 2014 as the focus returns to growth and interest rate differentials," said Ric Deverell, head of global foreign exchange at Credit Suisse.

Against sterling, the euro looks set to keep its value for the most part, holding at 84 pence on Wednesday and forecast at 83 pence in a year`s time.