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The rupee gained 6 paise to 86.06 against the US dollar on Friday, supported by softer crude prices and a weaker dollar. However, continued foreign fund outflows limited further gains. Equity markets also opened lower amid trade deal uncertainties.
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Traders are focused on the July 5 OPEC+ meeting, where a third consecutive production hike of 4,11,000 barrels per day is expected to be approved for August
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The rupee gained 6 paise to 85.44 against the US dollar in early trade on Monday, supported by lower crude prices and a weaker dollar index. A ceasefire in the Middle East and strong FII inflows boosted investor sentiment.
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The rupee appreciated 13 paise to 85.92 against the US dollar amid optimism over a US-brokered ceasefire between Iran and Israel and a strong start in domestic equities. Gains were capped by rising crude oil prices and FII outflows.
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The rupee declined by 17 paise to 86.72 against the US dollar as global crude oil prices spiked after US strikes on Iran. A strong dollar and weak equities added pressure, though FII inflows and forex reserves offered some cushion.
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Crude oil prices hit a five-month high amid rising US-Iran tensions and threats to shut the Strait of Hormuz. However, India has assured there will be no supply disruption, thanks to diversified sourcing and adequate reserves.
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The rupee rose 13 paise to 86.60 against the US dollar on Friday, supported by weaker crude oil prices and a softer dollar. Market experts expect further movement based on geopolitical developments and foreign investor activity in Indian equities.
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The Indian rupee fell 6 paise to 86.17 against the US dollar in early trade Monday amid rising crude prices and geopolitical tensions. FII outflows also weighed on the rupee, despite gains in equities and rising forex reserves.
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The rupee appreciated by 7 paise to 85.46 against the US dollar, supported by a weak dollar index, falling crude oil prices, and positive equities. However, FII outflows and anticipation of CPI data capped further gains, traders said.
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The Indian rupee strengthened by 6 paise to 85.51 against the US dollar on Wednesday, aided by foreign fund inflows and easing global crude prices. Traders expect range-bound movement amid demand from oil firms and government-related payments.
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The rupee weakened by 25 paise to 85.86 against the US dollar in early trade on Wednesday amid FII outflows. The decline was cushioned by positive equities and soft crude prices. Markets await RBI's policy announcement later this week.
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Forex traders noted that the broad-based weakness in the dollar, with the DXY slipping to the 99 level, is likely to support the rupee in the short term. However, the shrinking yield gap between India and the US is diminishing the appeal of Indian assets.
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According to forex traders, elevated global crude oil prices added to the downward pressure on the USD/INR pair. In early trade at the interbank foreign exchange market, the rupee opened at 85.65 and slipped to 85.67 against the US dollar, marking a decline of 9 paise from its previous close.
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The news comes days after there was a buzz around prices of petrol and diesel being slashed owing to the falling crude oil prices.
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Forex traders said the Indian rupee touched new all-time lows weighed down by negative domestic markets which fell nearly 1.18 per cent.
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The rise in the country's foreign exchange reserves to a record high of USD 704.88 billion on Friday has further strengthened the domestic currency, according to forex traders.
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Forex traders noted that foreign institutional inflows, along with notable corrections in asset classes such as the dollar index and crude oil prices, supported the rupee. Additionally, the Reserve Bank's active intervention helped maintain the rupee within a narrow range.
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Opens at 83.52, gains further to trade at 83.45 against the greenback in initial deals, registering an increase of 12 paise
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Forex traders noted that despite the continuous influx of foreign capital, the local unit initially resisted the decline but eventually succumbed to pressure, influenced by a subdued domestic equity market trend.