Rupee rises 13 paise to 69.72 against the dollar

The rupee extended its gain on Friday on the back of easing global oil prices and a steady US dollar.

The Indian rupee extended its gain on Friday on the back of easing global oil prices and a steady US dollar. The rupee was trading by 13 paise at 69.72 a dollar from Thursday’s close of 69.85. It has touched a high and a low of 69.67 and 69.74/$ today.

The yields on the 10-year government bonds rose 0.22% to 7.63%.

On the economy front, India's GDP data, Fiscal Deficit for April-October period, India Eight Infrastructure Industries Index for October, RBI monetary policy meeting, OPEC meeting, and outcome of state election results will be on investors' radar.

Reserve Bank of India (RBI) on Thursday halved the minimum holding period of their loans of above five years. As per the revised norms, loans of original maturity of more than five years can be securitized after receiving the repayment of six-month instalments or two quarterly instalments.

RBI's reference rate for the dollar stood at Rs69.91, while for the euro, it was at Rs79.58. Further, its reference rate for the yen stood at Rs61.71, while that for the British pound sterling, it was at Rs89.73.

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Rupee opens at 3-month high; slips below 70/$

The rupee was trading at 70.09/$, up 53 paise from Wednesday’s close of 70.62/$.

The Indian rupee opened at a three-month high on Thursday as global crude oil prices slipped below the $60/barrel mark amid a smart recovery in domestic equity markets. The rupee was trading at 70.09/$, up 53 paise from Wednesday’s close of 70.62/$.

Today, the local currency breached the 70-mark since August this year. The currency has hit 69.95 high level against US Dollar early morning trade.

The bond yields were at its lowest levels since early May as most Asian markets rallied following the US Federal Reserve’s comments. The yields on the 10-year government bonds fell 0.4% to 7.61% after closing at 7.64% on Wednesday.

On the international front, the dollar struggled in today’s session and US Treasury yields dipped after Jerome Powell said that US policy rates were "just below" neutral, less than two months after saying rates were probably "a long way" from that point.

RBI's reference rate for the dollar stood at Rs70.68, while for the euro, it was at Rs79.87. Further, its reference rate for the yen stood at Rs62.08, while that for the British pound sterling, it was at Rs90.13.

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Rupee extends losses; trades at 70.96/$

On Monday, the currency depreciated 18 paise to 70.87 against the American currency.

The Indian rupee extended its losses for the second consecutive trading session on Tuesday. The domestic currency opened 4 paise down at 70.91 against the American currency vs. its previous close of 70.87 per dollar.

On Monday, the currency depreciated by 18 paise to 70.87 against the American unit. Meanwhile, over the past seven days of winning streak, the currency has gained 220 paise against the dollar.

The fall is probably on the back of a rebound in crude oil prices. Also, a recent comment from the United States president Donald Trump that his government may opt for further China tariff hikes in the absence of a trade deal may have had an impact.

Meanwhile, the 10-year government bond yield stood at 7.747% from its previous close of 7.727%. Bond yields and prices move in opposite directions.

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Rupee erases all gains, trades flat at 70.69 per dollar

USD-INR pair is expected to quote in the range of 70.20 and 70.80, says Motilal Oswal.

After a strong start the Indian rupee has pared all its gain and it is trading flat at 70.69 per dollar versus Thursday's close 70.67.

During the day it touched a level of 70.30 per dollar.

Rahul Kalantri, VP Commodities at Mehta Commodities believes that the rupee may not slip further in the coming days. There is a major support of USDINR at 69.40 and it will respect this level and bounce back to the levels of 71.80 and 72.56.

INR has underperformed most of its EM peers in the last six months. This underperformance can be attributed to a concoction of worsening

global and domestic factors.

Next three months will see a lot of event-driven uncertainty for the currency. Starting with upcoming OPEC and RBI policy meet in the first

week of December, followed by US Fed meet and locally state election and union budget next year, he added.

Oil prices slumped up to nearly 8 percent to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output. In the recent past, increased supply of oil by US producers but expectation of trimming supply by OPEC nations in the scheduled meeting kept losses restricted for the commodity. On the domestic front, India’s central bank continued to intervene to restrict major volatility for the currency, said Motilal Oswal.

Latest data for the week ended Nov 16 showed reserves increased by USD 568.9 million to USD 393.58 billion suggesting that the central bank is building up its reserves at lower levels. Today, USD-INR pair is expected to quote in the range of 70.20 and 70.80, it added.

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Rupee extends gain; trades at 71.18 against US Dollar

The rupee opened 32 paise higher after selling by exporters was witnessed in the greenback and crude oil prices softened.

Extending gains for the seventh consecutive session, the Indian currency opened at opened at 71.14 per US dollar. This is the longest winning streak since February 2017 against the greenback after falling crude oil prices reduced fears of fiscal slippage and higher inflation.

The rupee opened 32 paise higher following selling in the greenback by exporters and softening crude oil prices.

The 10-year government bond yields fell 0.41% to 7.76% after closing at 7.79% on Tuesday.

The money market was closed on Wednesday on account of Id-E-Milad.

Currently, the local unit trading is higher by 27 paise at 71.18/$.

RBI's reference rate for the dollar, meanwhile, stood at Rs71.32, while for the euro it was at Rs81.68. Further, its reference rate for the yen stood at Rs63.40, while that for the British pound sterling it was at Rs91.71.

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Rupee extends rally, gains 31 paise against US Dollar

The rupee gained its highest since September 4, while the benchmark 10-year bond yield fell to 7.76% from Monday's close of 7.79%.

Rising for the sixth day, the Indian rupee opened higher by 20 paise at 71.47/$ on Tuesday. The local unit got support after the outcome from a central bank board meeting late Monday removed uncertainty over a growing rift over policy decisions between the government and the Reserve Bank of India.

The rupee gained its highest since September 4, while the benchmark 10-year bond yield fell to 7.76% from Monday's close of 7.79%.

Meanwhile, the rupee is trading higher by 31 paise at 71.34/$.

On Monday, the local currency closed at 71.65 against the dollar on Monday.

RBI's reference rate for the dollar, meanwhile, stood at Rs71.80, while for the euro it was at Rs81.46. Further, its reference rate for the yen stood at Rs63.37, while that for the British pound sterling it was at Rs91.92.

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Rupee snaps 4-day gain against US Dollar

The local unit is trading 14 paise lower at 72.02/$.

The Indian rupee on Monday snapped a four-day gain against the US dollar as oil prices resumed their rally on expected production cut from the OPEC and ahead of RBI’s board meet. The local unit is trading 14 paise lower at 72.02/$.

The rupee depreciated by 9 paise to 72.02/$ in the opening trade. Also, fresh demand for the American currency from importers amid rise in crude prices weighed on the local currency.

On Friday, the rupee ended higher by 4 paise to close at a fresh two-month high 71.93/$.

RBI's reference rate for the dollar, meanwhile, stood at Rs71.80, while for the euro it was at Rs81.46. Further, its reference rate for the yen stood at Rs63.37, while that for the British pound sterling it was at Rs91.92.

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US dollar falls against most major currencies

The US dollar slid against most other major currencies as investors were concerned over the volatility for global markets that brought about by the US midterm elections scheduled on Tuesday.

In late New York trading on Monday, the euro rose to $1.1417 from $1.1392 in the previous session, and the British pound was up to $1.3048 from $1.2964 in the previous session, Xinhua news agency reported. 

The Australian dollar was up to $0.7216 from $0.7192.

The U.S. dollar bought 113.22 Japanese yen, lower than 113.27 Japanese yen of the previous session. The US dollar decreased to 1.0039 Swiss franc from 1.0043 Swiss franc, and it decreased to 1.3108 Canadian dollars from 1.3112 Canadian dollars. 

Yet such uncertainty was softened by Friday's upbeat jobs report that showed employment rose drastically in October, with average earnings up 3.1 per cent year-on-year and unemployment rate unchanged. 

Such signs of a robust domestic economy boosted US Treasury yields on ten-year maturities up to 3.191 per cent on Monday.

US citizens will cast their vote on Tuesday. So far, Democrats have garnered a high chance of regaining control of the US House of Representatives, while Republicans may keep their Senate majority.

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