Rupee trades lower at 69.40 against US Dollar

The 10-year bond yield was at 6.907%, compared with Tuesday's close of 6.88%.

The Indian currency opened lower on Wednesday against the US dollar amid some buying in American currency by banks and importers.

The rupee is trading lower by 5 paise at 69.40 against US Dollar. The 10-year bond yield was at 6.907%, compared with Tuesday's close of 6.88%.

On the international front, Federal Reserve Bank of St. Louis President James Bullard said while a pre-emptive rate cut would protect against a sharper-than-expected slowdown, the situation doesn’t warrant a 50bps reduction.

On Tuesday, the local unit settled at 69.36/$, marginally down by 1 paisa.

On the economy front, the Reserve Bank of India (RBI) on Tuesday issued a report of the expert committee on Micro, Small and Medium Enterprises (MSME). The panel recommended setting up a distressed asset fund of Rs5,000cr to assist units in clusters where a change in the external environment has led to a large number of MSMEs becoming non-performing assets (NPA).

Meanwhile, the Sensex rose 108 points at 39,543, with the Nifty gaining 28 points to trade at 11,824 levels.

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Rupee up 13 paise against US Dollar

Currently, the local unit is up 13 paise at 69.26/$. The 10-year government bond yield was at 6.836% vs. Monday's close of 6.85%.

The Indian rupee opened higher against the US dollar on Tuesday due to weakening of the greenback against major currencies. The local unit opened 3 paise higher at 69.32/$.

Currently, the local unit is up 13 paise at 69.26/$. The 10-year government bond yield was at 6.836% vs. Monday's close of 6.85%.

Investors await US-China trade talks at the G20 meeting later this week. Rising geopolitical tensions between the US and Iran has also made investors cautious.

On Monday, the rupee settled 23 paise higher at 69.35 to the US dollar amid a weakening of the greenback against major currencies.

Meanwhile, equity benchmark indices were trading in the positive zone with the Sensex up 10 points at 39,129 levels. The Nifty is slightly up 4 points at 11,704 levels.

Further, crude oil prices were firm, supported by worries over the conflict between Iran and the US but pressured by concerns about a potential decline in demand for crude. 

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Rupee opens lower at 69.61 against dollar

The domestic unit was under pressure after a media report surfaced that Viral Acharya has quit as RBI deputy governor.

The Indian rupee opened lower on Monday at 69.61 against the US dollar amid rising crude oil prices and foreign fund outflows. The domestic unit was under pressure after a media report surfaced that Viral Acharya has quit as RBI deputy governor.

The local currency on Friday fell 14 paise to close at 69.58 against the US dollar.

Meanwhile, the RBI minutes were released last week wherein members broadly suggested that inflation is expected to stay within the MPC’s mandated medium-term target of 4% despite the upside risks.

Further, crude oil prices extended rally on Monday as rising US-Iran tensions fuelled supply concerns ahead of a crunch meeting between Donald Trump and Xi Jinping this week. Both main crude contracts are up almost 10% since Tehran last week shot down a US "spy drone" for breaching its airspace, ratcheting up fears of a conflict between the old foes. As per Bloomberg data, Brent crude was up 0.46% at $65.50/barrel and US West Texas Intermediate (WTI) crude was up 0.73% at $57.85/barrel.

Meanwhile, equity benchmark indices were trading in the red with the Sensex declining 58 points at 39,136 levels. The Nifty dropped 16 points at 11,708 levels.

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Rupee depreciates 32 paise at 69.76/$

On Thursday, the domestic unit had appreciated 24 paise at 69.44/$.

The Indian rupee declined 32 paise on Friday to trade at day’s low level of 69.76 against the American currency. The currency has opened 31 paise higher at 69.75/$.

On Thursday, the domestic unit had appreciated 24 paise at 69.44/$. At 10:05 AM, IST the currency was trading 25 paise lower at 69.69/$.

The depreciation could be attributed to increased crude oil prices in the global markets. As per Bloomberg data, Brent crude was up 0.1% at $64.56/barrel and US West Texas Intermediate (WTI) crude was up 5.38% at $56.65/barrel.

Crude oil prices rallied after President Donald Trump warned that Iran made “a very big mistake” after it boasted of downing a US spy drone. As per media reports, Iran shot down the drone near the Strait of Hormuz, a major choke point for world crude shipments, spurring market fears of a confrontation that could badly constrain supplies.

Meanwhile, equity benchmark indices were trading in the red on Friday with the Sensex declining 206 points at 39,395 levels. The Nifty dropped 54 points at 11,778 levels.

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Rupee gains 21 paise at 69.47/$

On Wednesday, the currency had ended on a flat note at 69.68/$.

The Indian rupee gained on Thursday and appreciated 21 paise to trade at day’s high level of 69.47 against the dollar.

On Wednesday, the currency had ended on a flat note at 69.68/$.

At 10:00 AM, IST, the unit was trading 5 paise higher at 69.64/$.

The appreciation could be attributed to weakness in the greenback against its major peers in the global markets. The American currency dropped to a one-week low level after Federal Reserve slashed their rate outlook for the rest of the year by roughly half a percentage point.

The US Federal Bank in its two-day policy meeting ended on Wednesday left rates on hold, however, the policy makers said uncertainties about the economic outlook could force its hand.

Chairman Jerome Powell said others agree the case for lower rates is building.

The stance has disappointed investors, who were expecting the Fed to cut rates as soon as next month.

Meanwhile, equity benchmark indices were trading in the green in Thursday’s morning session with the Sensex rising 80 points at 39,193 levels. The Nifty also rose 21 points at 11,712 levels, well above its key level of 11,700.

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Rupee gains ~20 paise at ~69.49/$

On Tuesday, the domestic unit had appreciated 21 paise to close at 69.70/$.

The Indian rupee extended its gain for the second consecutive trading session on Wednesday and rose ~20 paise to trade at day’s high level of `69.49 against the dollar. The currency has opened 13 paise higher at `69.57/$.

At 10:35, AM, IST, the currency was trading 5 paise higher at 69.64/$. On Tuesday, the domestic unit had appreciated 21 paise to close at 69.70/$.

The appreciation in the currency could be attributed to the rally in the domestic equity market. Equity benchmark indices opened higher for the second consecutive session on Wednesday on the back of positive trades in global markets over hopes of dovish stance from the US Federal Reserve.

The global equity markets turned positive after European Central Bank's President Mario Draghi said that the ECB will ease policy again if inflation fails to accelerate, also US President Donald Trump would meet China's president to talk about trade boost today.

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Rupee opens higher at 69.83 per dollar

Today, USD-INR pair is expected to quote in the range of 69.40 and 70.05-70.20, says Motilal Oswal.

The Indian rupee opened higher at 69.83 per dollar on Tuesday versus previous close 69.90.

On June 17 local currency fell 11 paise to end at 69.91 against US dollar on the back of sell-off in the domestic equity market amid concerns over trade worries.

The rupee came under pressure but consolidated in a narrow range ahead of the important major central bank policy statements that will be released later this week. Most Asian currencies are consolidating ahead of the important FOMC policy statement and that could provide a trigger to major crosses as well as to the rupee, said Motilal Oswal.

The expectation is that the central bank could remain dovish and any hints towards rate cut by the Fed could put the greenback under pressure.

Today, USDINR pair is expected to quote in the range of 69.40 and 70.05-70.20, it added.

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