The rupee depreciated 15 paise to close at 83.21 (provisional) against the U.S. dollar on Tuesday (October 3), as a strong U.S. dollar and weak domestic equities dented investor sentiments.

Forex traders said muted domestic macroeconomic data and sustained FII outflows also mounted downside pressure on rupee.

At the interbank foreign exchange market, the local unit opened at 83.21 against the U.S. dollar and moved in a range of 83.23 to 83.17.

The rupee finally settled at 83.21 (provisional) against the U.S. dollar, down 15 paise from its previous close.

On Friday, the rupee appreciated 13 paise to settle at 83.06 against the U.S. dollar.

On Monday, the domestic forex market was closed on account of Mahatma Gandhi Jayanti.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.14% to 104.05.

Brent crude futures, the global oil benchmark, declined 0.02% to #90.69 per barrel.

“We expect the rupee to trade with a negative bias as the hawkish Fed speak and a strong dollar may continue to put downward pressure on the rupee. Risk aversion in global markets may further weigh on the domestic currency,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

Mr. Choudhary further said that decline in crude oil prices and any selling of dollars by RBI may support rupee at lower levels.

“Traders may take cues from JOLTS job openings data from the U.S. Investors may remain cautious ahead of the RBI’s monetary policy meeting later this week. USD-INR spot price is expected to trade in a range of ₹82.80 to ₹83.70,” Mr. Choudhary said.

On the domestic equity market front, the 30-share BSE Sensex closed 316.31 points or 0.48% lower at 65,512.10. The broader NSE Nifty declined 109.55 points or 0.56% to 19,528.75.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth ₹1,685.70 crore, according to exchange data.

Manufacturing activities in India fell to a five-month low in September as new orders rose at a softer pace, which tempered production growth, a monthly survey said on Tuesday.

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) fell to 57.5 in September, down from 58.6 in August — the lowest in five months.

At the interbank foreign exchange, the rupee opened at 83.23 and traded in a narrow range of 83.18 to 83.24 against the U.S. dollar. It finally settled at 83.22 (provisional). File
| Photo Credit: The Hindu

The rupee on Wednesday staged a recovery after two days of steep losses to end 6 paise higher at 83.22 (provisional) against the U.S. dollar on positive cues from domestic equity markets.

However, selling pressure from foreign equity investors amid elevated levels of American currency and surging crude oil prices weighed on the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 83.23 and traded in a narrow range of 83.18 to 83.24 against the greenback. It finally settled at 83.22 (provisional), registering a gain of 6 paise from its previous close.

The rupee lost 34 paise in the past two sessions. It closed 15 paise lower at 83.28 against the dollar on Tuesday, a day after registering a decline of 19 paise.

The downward movement of the rupee was attributed to a strengthening dollar amid a record rise in U.S. Treasury yields. Also, the U.S. dollar surged to a ten-month high level after a Federal Reserve policymaker hinted at a prolonged interest rate hike cycle.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.05% to 106.28.

Brent crude futures, the global oil benchmark, were trading 0.87% higher at $94.78 per barrel.

On the domestic equity market front, the BSE Sensex closed 173.22 points or 0.26% higher at 66,118.69. The broader NSE Nifty advanced 51.75 points or 0.26% to settle at 19,716.45.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth ₹693.47 crore, according to exchange data.

Image used for representational purpose only.

The rupee appreciated 9 paise to close at 82.94 (provisional) against the U.S. dollar on Tuesday (September 12) amid fresh foreign fund inflows and expectations of better macroeconomic data.

Forex traders said the Indian rupee appreciated on Tuesday as domestic markets hit fresh record highs after Nifty breached the 20,000-mark for the first time on Monday.

At the interbank foreign exchange market, the local unit opened at 82.93 against the U.S. dollar and moved in a range of 82.86 to 83.01 in the day trade.

The rupee finally settled 9 paise higher at 82.94 (provisional) against the previous close.

On Monday, the rupee closed on a flat note at 83.03 against the American currency.

“Indian rupee outperforms among the Asian currencies on the central bank’s dollar selling ahead of the inflation data. The expectation of ease in India’s inflation numbers and better industrial output, which will be released after the market closes, supported the rupee,” Dilip Parmar, Research Analyst at HDFC Securities, said.

Spot USD-INR has support at 82.80 and resistance at 83.15. In the short term, the pair is likely to consolidate in a narrow range before heading higher while the medium-term trend remains bullish, Mr. Parmar said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.18% to 104.76.

“The greenback is a marginally better bid as the market sits and waits for tomorrow’s August U.S. CPI release and ECB monetary policy decision. A hawkish tone from the U.S. CPI data and a hike from the ECB could push the greenback further higher,” Mr. Parmar added.

Brent crude futures, the global oil benchmark, advanced 0.81% to % 91.37 per barrel.

On the domestic equity market front, the BSE Sensex closed 94.05 points or 0.14% higher at 67,221.13 points. The broader NSE Nifty declined 3.15 points or 0.02% to 19,993.20

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they purchased shares worth ₹1,473.09 crore, according to exchange data.

Image used for representational purpose only.
| Photo Credit: Reuters

The rupee settled 1 paisa lower at 83.03 (provisional) against the U.S. dollar on Monday (September 11), as positive cues from domestic equity markets failed to allay investors’ concerns over elevated crude prices.

A weak American currency against major rivals overseas, however, supported the domestic unit and restricted the fall, forex traders said.

At the interbank foreign exchange market, the local unit opened at 82.93 against the U.S. dollar and moved between the peak of 82.83 and the lowest level of 83.06.

The rupee finally settled 1 paisa lower at 83.03 (provisional) against the American currency.

On Friday, the Indian unit had appreciated 21 paise to close at 83.02 against the greenback.

“We expect the rupee to trade with a slight positive bias on the soft U.S. dollar, positive domestic markets and a correction in crude oil prices. However, concerns over global economic slowdown and rising expectations of a rate hike by FOMC amid strong economic data from the US may cap sharp gains,” Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.

Mr. Choudhary said that traders may remain cautious ahead of inflation data from India and the U.S. later this week. “USD/INR spot price is expected to trade in a range of ₹82.40 to ₹83.30.”

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.42% to 104.65.

Brent crude futures, the global oil benchmark, were trading 0.30% lower at $90.38 per barrel.

On the domestic equity market front, the BSE Sensex regained the 67,000-level and closed 528.17 points or 0.79% higher at 67,127.08. The broader NSE Nifty advanced 176.40 points or 0.89% to 19,996.35.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth ₹224.22 crore, according to exchange data.

Image used for representational purpose only.
| Photo Credit: Reuters

The rupee reversed its three-day rally and depreciated by 13 paise to settle at 82.69 (provisional) against the U.S. dollar on Friday (August 25), tracking strong American currency and negative equity markets.

Rising crude oil prices also weighed on the domestic unit even as foreign fund inflows restricted losses, forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 82.60 and touched the intra-day low of 82.72 against the greenback. It finally settled at 82.69 (provisional) against the dollar, registering a fall of 13 paise over its previous close.

On Thursday, the rupee appreciated by 16 paise to settle at 82.56 against the U.S. dollar, making it the third straight day of gain.

“Indian rupee depreciated on Friday on strong dollar and weak domestic markets. However, FII inflows cushioned the downside. The dollar rose on mixed to positive economic data from the U.S.,” Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.

The latest U.S. government data showed a dip in weekly unemployment claims and an increase in core durable goods orders in July over the preceding month, raising expectations of a further rate hike by the U.S. Federal Reserve.

Investors are awaiting cues on the U.S. Fed’s monetary policy from Chairman Jerome Powell’s speech at the Jackson Hole Symposium on Friday.

“We expect the rupee to trade with a slight negative bias on risk aversion in global markets and a strong U.S. dollar. However, weakness in crude oil prices and inflows by foreign investors may support the rupee at lower levels,” Mr. Chaudhary said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.18% to 104.17.

Global oil benchmark Brent crude futures climbed 1.39% to $84.52 per barrel.

On the domestic equity market front, the BSE Sensex closed 365.83 points or 0.56% lower at 64,886.51. The broader NSE Nifty declined 120.90 points or 0.62% to 19,265.80.

Foreign institutional investors (FIIs) were net buyers in equities on Thursday as they purchased shares worth ₹1,524.87 crore, according to exchange data.

On August 8, the rupee had settled at more than 8-month low level of 82.91 against the dollar. Image for representation purpose only. File
| Photo Credit: PTI

The rupee appreciated by 10 paise to 82.81 against the U.S. dollar in early trade on August 9 gaining ground from the 8-month low level amid weakening American currency against major rivals overseas.

However, weak equity markets, outflow of foreign funds and crude prices breaching $85 per barrel weighed on the local unit, said analysts.

Participants were trading cautiously awaiting the U.S. inflation data, the U.K.’s GDP number and RBI’s monetary policy decision to be announced on Thursday.

At the interbank foreign exchange, the domestic unit opened stronger at 82.83 against the dollar and touched a peak of 82.80.

The rupee later traded at 82.81, registering a gain of 10 paise over its previous close.

On Tuesday, the rupee had settled at more than 8-month low level of 82.91 against the dollar.

“Upside attempts lingered on, but momentum continued to be absent. While we continue to play for 82.90, dips to 82.65 may be expected,” Anand James, Chief Market Strategist at Geojit Financial Services, said in his USD-INR outlook.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.07 per cent to 102.45.

Global oil benchmark Brent crude was trading 0.21% lower at $85.99 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 120.66 points or 0.18% lower at 65,725.84. The broader NSE Nifty declined 19.90 points or 0.10% to 19,550.95.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth ₹711.34 crore, according to exchange data.

Foreign currency traders work inside a trading firm behind the signs of various world currencies, in Mumbai.
| Photo Credit: REUTERS

The rupee witnessed a range-bound trading against the U.S. dollar in early trade on Friday, as the support from positive domestic equities was negated by firm crude oil prices.

Forex traders said the rupee opened on a flat note as losses in dollar index, and positive Asian currencies supported sentiments, while rise in crude oil prices dented investors.

At the interbank foreign exchange, the rupee was trading in a narrow range. It opened at 82.73 against the dollar, and touched a low of 82.77 and a high of 82.72.

On Thursday, the rupee closed at 82.74 against the U.S. currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14% to 102.40.

Brent crude futures, the global oil benchmark, was trading 0.16% higher at $85.28 per barrel.

Finrex Treasury Advisors LLP Head of Treasury Anil Kumar Bhansali said the rupee opened flat “due to losses in dollar index and small gains in Asian currencies while a rise in oil prices. RBI was seen at 82.80 and could be seen again selling USD to keep rupee in a range given the amount of reserves it has accumulated.”

In the domestic equity market, the 30-share BSE Sensex advanced 207.71 points or 0.32% to 65,448.39. The broader NSE Nifty was up 70.20 points or 0.36% to 19,451.85.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Thursday as they offloaded shares worth ₹317.46 crore, according to exchange data.