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The rupee pared its initial losses and settled for the day on an almost flat note at 83.50 (provisional) against the U.S. dollar on July 4, resisting pressure from elevated crude oil prices.

Forex traders said a positive trend in domestic equities, wherein benchmark indices touched all-time high levels, and significant foreign fund inflows supported the rupee and restricted the fall.

At the interbank foreign exchange market, the local unit opened at 83.52 and hit the intraday high of 83.48 and a low of 83.56 against the American currency during the session.

It finally settled at 83.50 (provisional) against the dollar, 1 paisa lower than its previous close.

On Wednesday, the rupee settled 1 paisa lower at 83.49 against the U.S. dollar.

“We expect the rupee to trade with a slight positive bias on softness in the US dollar amid weak economic data and rise in risk appetite in global markets,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

“However, elevated crude oil prices may limit the gains. Investors may remain cautious ahead of the U.S. non-farm payrolls report tomorrow,” Mr. Choudhary said, adding that $-₹ spot price is expected to trade in a range of ₹83.20 to ₹83.80.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.15% lower at 105.24.

Brent crude futures, the global oil benchmark, were trading 0.47% lower at $86.93 per barrel.

In the domestic equity market, Sensex breached the historic 80,000-mark and Nifty scaled a fresh lifetime high. The 30-share BSE Sensex ended the day 62.87 points, or 0.08%, up at its all-time high of 80,049.67 points. The broader NSE Nifty settled 15.65 points, or 0.06%, higher at a fresh peak of 24,302.15 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday, as they purchased shares worth ₹5,483.63 crore, according to exchange data.

Meanwhile, according to an official of S&P Global Ratings, a sovereign rating upgrade for India in the next 24 months is possible if the central government is able to prudently manage its finances and bring down the fiscal deficit to 4% of GDP.

S&P Global Ratings Director, Sovereign Ratings, YeeFarn Phua, said the trigger for an upgrade would be the government (Centre + states) deficit falling below 7 per cent of the GDP, and a lot of this would have to be driven by the central government.

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The rupee appreciated by 7 paise to 83.24 against the U.S. dollar on Wednesday amid softening crude oil prices in the international market.

Forex traders said the local unit faced some resistance due to subdued sentiment in the domestic equity market and foreign fund outflows.

At the interbank foreign exchange market, the local unit opened at 83.29 and inched up further to trade at 83.24 against the greenback, registering a gain of 7 paise from its previous closing level.

On Tuesday, the rupee appreciated 6 paise to close at 83.31 against the U.S. dollar.

“As the rupee seems to have started aligning with its fundamentals, in the short term, one can expect the Rupee to approach levels of 83.00 to 83.10, while the medium-term target is projected to range between 82.80 to 82.50 levels,” CR Forex Advisors MD Amit Pabari said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 104.63, lower by 0.02%.

Brent crude futures, the global oil benchmark, declined 0.65% to $82.34 per barrel.

On the domestic equity market, the 30-share BSE Sensex was trading 37.12 points, or 0.05% lower at 73,916.19 points. The broader NSE Nifty was down 30.40 points, or 0.13%, to 22,498.65 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth ₹1,874.54 crore, according to exchange data.

On the macroeconomic front, according to an article in the RBI’s May Bulletin released on Tuesday, India is likely to grow by 7.5% in the first quarter of the current financial year, driven by rising aggregate demand and non-food spending in the rural economy.

Representational image of the Securities and Exchange Board of India (SEBI) head office in Mumbai
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Markets regulator SEBI has revamped the method for calculating the market capitalisation of listed companies under the Listing Obligations and Disclosure Requirements (LODR) rules.

Instead of using the market capitalisation of a single day (currently March 31), listed companies will now use the “average market capitalisation” for a six-month period.

Market experts believe the market capitalisation of a listed entity keeps fluctuating on a daily basis based on market dynamics and, therefore, an average of market capitalisation figures over a reasonable period of time (six months) would more accurately reflect the market size of the listed entity and consequently the ranking, vis-a-vis its peers.

The changes came after a recommendation of an expert committee chaired by SEBI’s former whole-time member S.K. Mohanty in a bid to promote ease of doing business. The amendment aims to specify a defined period for calculating average market capitalisation.

The new amendment would come into force with effect from December 31, 2024, the Securities and Exchange Board of India (SEBI) said in a notification on May 17.

The ranking of compliance would be based on average market capitalisation from July 1 to December 31, with December 31 as the cut-off date.

After determining the market capitalisation on December 31, there would be a three-month transition period, or from the beginning of the immediate next financial year, whichever is later, before the relevant provisions become applicable.

Amending LODR norms, SEBI said, “Every recognised stock exchange shall, at the end of the calendar year i.e., December 31, prepare a list of entities that have listed their specified securities ranking such entities on the basis of their average market capitalisation from July 1 to December 31 of that calendar year”.

In case ranking of an entity changes for three consecutive years, the new provisions would cease to be applicable for the listed entity, providing relief to entities experiencing fluctuations in market capitalisation.

In addition, SEBI has given relaxation pertaining to filling up vacancies of key managerial personnel (KMP) with increasing the time limit to six months in certain cases from the current three months.

In cases where the listed entity is required to obtain approval of regulatory, government or statutory authorities to fill up such vacancies, these should be filled up by the listed entity at the earliest and in any case not later than six months from the date of vacancy, SEBI said.

In order to maintain uniformity, the timeline for prior intimation of board meetings has been harmonised to two working days for al types of events.

Current LODR regulations require a listed company to intimate stock exchanges about board meetings for certain proposals such as financial results, share buyback, fundraising, etc, within 2-11 working days.

Representational image of a traffic signal in the foreground of the Bombay Stock Exchange on Dalal Street. File

Equity benchmark indices declined in early trade on Tuesday in line with weak trends from Asian markets and fresh foreign fund outflows.

The BSE Sensex declined 218.11 points to 73,787.83. The NSE Nifty dipped 97.45 points to 22,404.55.

Among the Sensex components, Nestle, Mahindra & Mahindra, Bajaj Finserv, Axis Bank, Hindustan Unilever and ICICI Bank were the major laggards.

Tata Steel, Power Grid, Tata Steel and Asian Paints were among the gainers.

In Asian markets, Seoul, Shanghai and Hong Kong were trading lower while Tokyo quoted in the positive territory.

Wall Street ended mostly higher on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 92.95 crore on Saturday, according to exchange data.

Global oil benchmark Brent crude declined 0.56% to $83.24 a barrel.

The BSE benchmark climbed 88.91 points or 0.12% to end at 74,005.94 in a special trading session on Saturday. The NSE Nifty advanced 35.90 points or 0.16% to 22,502.

The National Stock Exchange (NSE) and BSE conducted a special trading session in the equity and equity derivative segments on May 18 to check their preparedness for handling major disruptions or failures at the primary site.

Among individual stocks, Nestle India fell over 2%, walking back gains made in the previous session, as the shareholders of the local arm voted against a royalty hike to Swiss parent Nestle SA.

The KitKat chocolate maker was the top loser on the benchmark Nifty.

Bharat Electronics rose 9% to a record high after reporting a 30% jump in March-quarter profit.

Oil India rose about 4% to an all-time high after reporting a rise in fourth-quarter profit.

Markets were closed on May 20 due to the fifth phase of the Lok Sabha elections in Mumbai.

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| Photo Credit: Reuters

The rupee appreciated 3 paise to 83.42 against the U.S. dollar in early trade on May 6, supported by a firm trend in domestic equities.

Forex traders said the strength of the American currency in the overseas market and foreign fund outflows weighed on the local unit and restricted the up move.

At the interbank foreign exchange market, the local unit opened at 83.43 against the greenback. It later touched 83.42 in initial trade, registering a rise of 3 paise from its previous close.

On Friday, the rupee inched up 1 paisa to settle at 83.45 against the U.S. dollar.

Indian rupee has not been able to make a dent against the dollar as FPIs and oil companies continue to buy U.S. dollars and ensure it remains range bound, as RBI protects it from depreciation beyond 83.50, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 105.16, higher by 0.13%.

“The dollar was broadly steady as a soft U.S. jobs report boosted traders that the U.S. may still cut rates twice in 2024,” Mr. Bhansali said.

Brent crude futures, the global oil benchmark, rose 0.23% to $83.15 per barrel.

On the domestic equity market front, the 30-share BSE Sensex climbed 434.04 points or 0.59% to 74,312.19 in early trade. The NSE Nifty advanced 91.60 points or 0.41% to 22,567.45 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth ₹2,391.98 crore, according to exchange data.

Meanwhile, India’s forex reserves dropped $2.412 billion to $637.922 billion as on April 26, in the third consecutive weekly decline in the reserves, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, the overall reserves had declined $2.28 billion to $640.33 billion.

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The rupee depreciated 3 paise to 83.48 against the U.S. dollar in early trade on April 30 amid a strong American currency against major Asian rivals and an upward movement in the crude oil prices.

However, positive sentiment in the domestic equity markets and some inflow of foreign capital in the Indian equities capped the fall in the Indian currency, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 83.46 against the greenback and then slipped further to 83.48, registering a loss of 3 paise compared to its previous closing level.

On Monday, the rupee had settled 7 paise lower at 83.45 against the U.S. dollar.

Gaurang Somaiya, Forex and bullion analyst, Motilal Oswal Financial Services Ltd, said the rupee weakened amidst rising concerns that the U.S. Federal Reserve could delay interest rate cuts as the country’s inflation stayed above the Central bank’s 2% target.

“U.S. economy remains resilient and with a hawkish stance from the Fed, the dollar remains well supported at lower levels,” he said, adding that the USD-INR (Spot) is expected “to trade sideways with positive bias in a range of 83.20-83.50”.

The Federal Open Market Committee (FOMC) meeting begins on Tuesday and the interest rate decision is expected to be announced on Wednesday.

Besides, market participants are expected to take cues from the U.S. consumer confidence index to be announced on Tuesday and the domestic manufacturing PMI data on Wednesday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.27% to 105.73.

Brent crude futures, the global oil benchmark, inched up 0.06% to $88.45 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 135.59 points or 0.18% higher at 74,806.87. The broader NSE Nifty advanced 47.65 points or 0.21% to 22,691.05.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Monday, as they purchased shares worth ₹169.09 crore on a net basis, according to exchange data.

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The rupee appreciated by 9 paise to 83.19 against the U.S. dollar in early trade on November 2, tracking its Asian peers as risk-on sentiments prevailed in the market as the U.S. Fed was a bit dovish in its policy meeting.

A weak U.S. dollar overseas and positive domestic equities supported the local unit in early trade, forex traders said.

The U.S. Fed kept interest rates on hold, and its chairman looked content with the economy’s soft landing. Following the decision, the dollar index softened, and the 10-year bond yield fell to 4.70.

At the interbank foreign exchange, the domestic unit opened at 83.23 against the dollar and then touched an early high of 83.19, registering a gain of 9 paise over its previous close.

On Wednesday, the rupee settled at 83.28 against the U.S. dollar. The local unit hit all-time low level of 83.35 against the American currency during intra-day.

“Asian currencies all gained against the dollar after the dovish FED as risk-on sentiments prevailed in the market. Brent oil rose slightly to $85.45 per barrel,” said Anil Kumar Bhansali, Head of Treasury and Executive Director of Finrex Treasury Advisors LLP.

Mr. Bhansali noted that the rupee made a new closing low of 83.29/30 on demand from importers, FPI outflows and ECB redemptions.

“However, today’s opening is higher at 83.22 as FED was a bit dovish in its policy meeting,” he said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.51% lower at 106.34.

Brent crude futures, the global oil benchmark, rose 1.05% to $85.52 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 568.23 points or 0.89% higher at 64,159.56. The broader NSE Nifty advanced 155.80 points or 0.82% to 19,144.95.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they sold shares worth ₹1,816.91 crore, according to exchange data.

Image used for representational purpose. V. Sudershan
| Photo Credit: V. Sudershan

The rupee paused its three-day downward move and settled flat at 83.25 (provisional) against the U.S. dollar on October 27, as the support from positive domestic equities was negated by surging crude oil prices.

Forex traders said the rupee consolidated in a narrow range as selling pressure from foreign equity investors continued to weigh on the Indian currency.

At the interbank foreign exchange market, the local unit opened at 83.24 and traded in a narrow range of 83.22 to 83.25 before settling flat at Thursday’s closing level of 83.25 (provisional) against the greenback.

The rupee has dropped 8 paise against the dollar on Thursday, the third consecutive day of fall. It had declined 4 paise on Monday, followed by a dip of 1 paisa on Wednesday.

Forex markets were closed on Tuesday on account of Dussehra.

According to analysts, the dollar retreated as the U.S. Treasury yields dropped from its record levels after the U.S. GDP data, durable goods sales orders as well as home sales numbers exceeded the estimated growth.

Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the dollar gained on robust economic data from the U.S.

“Dollar may strengthen on safe-haven demand on media reports that the U.S. military struck Iranian targets in Syria.

“However, the rise in risk appetite in global markets may support the rupee at lower levels. Traders may remain cautious ahead of core PCE price index and personal income data from the U.S. USD-INR spot price is expected to trade in a range of ₹82.90 to ₹83.60,” Mr. Choudhary added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06% lower at 106.54 on Friday.

Global oil price benchmark Brent crude witnessed a sharp rise of 2.39% to $90.03 per barrel.

On the domestic equity market front, Sensex surged 634.65 points or 1.01% to settle at 63,782.80. The Nifty climbed 190.00 points or 1.01% to 19,047.25.

Foreign Institutional Investors sold equities worth ₹7,702.53 crore on Thursday, according to exchange data.

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| Photo Credit: Reuters

The rupee appreciated by 38 paise to 82.75 against the U.S. dollar in early trade on September 22, as the inclusion of India in the JPMorgan bond index boosted investor sentiment.

Forex traders said the decision of JPMorgan Chase & Co to include Indian government bonds in its benchmark emerging-market index, is expected to have far-reaching implications for India’s debt market and global investors.

At the interbank foreign exchange, the domestic unit opened strong at 82.75, registering a gain of 38 paise from its previous close.

On Thursday, the rupee consolidated in a narrow range to settle 2 paise lower at 83.13 against the dollar.

India’s inclusion in a major global bond index will open doors to increased foreign investment in the nation’s debt market, traders said.

“The inclusion of India in the JPMorgan bond index has had a favourable effect on the rupee, with the currency showing strength by appreciating around 0.42% in the NDF markets and reaching levels around 82.80,” CR Forex Advisors MD-Amit Pabari said.

This positive momentum is anticipated to carry over to the onshore market, with a potential to move towards 82.50 in the next few sessions once 82.80 levels are taken out. The upside is likely to remain capped between 83.25-83.30 zone amid strong RBI intervention, Mr. Pabari added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.12% to 105.48.

Brent crude futures, the global oil benchmark, was trading 0.61% higher at $93.87 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 22.14 points or 0.03% higher at 66,252.38 points. The broader NSE Nifty declined 3.65 points or 0.02% to 19,738.70.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Thursday as they offloaded shares worth ₹3,007.36 crore, according to exchange data.

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| Photo Credit: PTI

The rupee consolidated in a narrow range and settled 5 paise higher at 83.06 (provisional) against the U.S. dollar on September 21 as crude oil price receded from its elevated level.

The rupee was also weighed down by a rising dollar index, following hawkish comments from U.S. Federal Reserve officials, forex traders said.

Moreover, investors remained cautious ahead of the Bank of England and Bank of Japan policy decisions, they added.

At the interbank foreign exchange market, the rupee opened at 83.16 against the U.S. dollar and settled at 83.06 (provisional), registering a rise of 5 paise from its previous close.

During the session, the domestic unit witnessed an intra-day high of 83.02 and a low of 83.17.

In the previous session, the rupee staged a sharp rebound from its lifetime low levels and surged by 21 paise to close at 83.11 against the U.S. dollar.

“Indian rupee headed south after a flat opening amid a hawkish signal from FOMC, which dragged the global risk-assets lower,” said Dilip Parmar, Research Analyst, HDFC Securities.

However, the rupee managed to end the session with minor losses supported by the retracement in the crude oil prices and probable central bank interventions, Mr. Parmar added.

Market participants are in a wait-and-watch mode ahead of the Bank of England and Bank of Japan policy decision, he said.

“The dollar is expected to bode well amid policy divergence and a better U.S. macro environment compared to other developing nations,” he said.

The trend for $/₹remains bullish, following broad-based strength in the greenback. The pair has resistance at 83.30 and support at 82.90, he added.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.18% to 105.51.

Brent crude futures, the global oil benchmark, fell 1.05% to $92.55 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 570.60 points or 0.85% lower at 66,230.24. The broader NSE Nifty declined 159.05 points or 0.8% to 19,742.35.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth ₹3,110.69 crore, according to exchange data.