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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Rupee opens flat at 69.80 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 flat at 69.80 per dollar on Monday versus Friday's close 69.80.

On June 14 the domestic currency slipped 30 paise to end at 69.80 against US dollar on strengthening greenback and increasing crude oil prices kept the investors cautious.

The rupee continued to consolidate in a narrow range for the whole week but today in the Asian session came under pressure following broad-based strength in the dollar. This week, on the domestic front, no major economic numbers are expected to release and that could keep the volatility low for the currency. Today, USD-INR pair is expected to quote in the range of 69.40 and 70.05-70.20, said Motilal Oswal.

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Rupee opens flat at 69.51 per dollar

The yen rallied as fading hopes of a US-China trade deal at this month's G20 meeting and massive street protests in Hong Kong drove investors into safe-haven assets, says Motilal Oswal.

The Indian rupee opened flat at 69.51 per dollar on Friday versus previous close 69.51.

On June 13 the domestic currency ended 16 paise lower at 69.51 against the US dollar despite a sharp rise in crude oil prices.

Rupee in this week has been consolidating in a narrow range of 69.20 and 69.80 despite volatility in major crosses and is expected to open little changed against the dollar with traders eyeing crude oil prices and prospects of an interest rate cut by the Federal Reserve at next week’s meeting, said Motilal Oswal.

The other major catalyst for the dollar in the near term is whether the United States and China will renew trade negotiations at the G20 summit on June 28-29. Uncertainty over Brexit and the Conservative party leadership contest are keeping the pound under pressure.

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Rupee opens flat at 69.34 per dollar

Utilize the downsides in the pair to initiate long positions, says ICICIdirect.

The Indian rupee opened flat at 69.34 per dollar on Thursday against previous close 69.34.

On June 12 the rupee ended 10 paise higher at 69.34 which is the second straight session of gains on the back of easing crude prices.

The rupee extended gains for another session to end almost 10-paise higher versus the USD amidst weakness in oil prices and domestic yields cool off. It is expected to open mildly weaker today while moves in the CNY remain a crucial trigger for EM currencies in the backdrop of consolidation seen in the dollar said ICICIdirect.

The Dollar Index was slightly higher against major currencies tracking higher real average earnings growth. However, US May CPI fell to 1.8% v/s expectation of 1.9% which weighed on yields. For EM currencies, Chinese Yuan moves remains a key factor. Currently, it is trading near 6.9180. However, as trade tensions continue to simmer, a move towards 7 cannot be ruled out.

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Rupee trades flat at 69.43 per dollar

USD-INR pair is expected to quote in the range of 69.20 and 69.90, Motilal Oswal.

The Indian rupee is trading flat at 69.43 per dollar against previous close 69.44.

In line with strong Asian currencies and rally in the domestic equity market, the Indian currency ended 21 paise higher at 69.44 per dollar on June 11.
Volatility for the rupee in the last couple of sessions has remained low as market participants remain cautious ahead of inflation and IIP number that will be released today. The expectation is that inflation could inch higher as compared to the previous month and at the same time industrial production could witness slower growth in April, thereby keeping gains restricted for the currency, said Motilal Oswal.

Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, it added.

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Rupee opens 19 paise up at 69.46 against dollar

The local currency on Monday closed 19 paise down at 69.65 against the American currency.

The rupee on Tuesday opened 19 paise higher at 69.46 against the US dollar on account of some selling in American currency by banks and exporters. 

The local currency on Monday closed 19 paise down at 69.65 against the American currency. 

“For the day, volatility could remain low as market participants will be cautious ahead of the important economic numbers including inflation and industrial production number that will be released tomorrow. USDINR pair is expected to quote in the range of 69.20 and 69.90,” brokerage firm Motilal Oswal Financial Services said. 

The Dollar Index was slightly higher against major currencies on the back of profit booking as well as some recovery in US yields. For emerging market currencies, Chinese Yuan move remains a key factor. Currently, it is trading near 6.91. 

According to ICICI Securities, moves in the Chinese yuan remain crucial triggers for emerging market currencies in the backdrop of consolidation seen in the dollar. “As trade tensions continue to simmer, a move towards 7 cannot be ruled out. In that scenario, all EM currencies, including the rupee, may see some depreciation,” the brokerage house said.

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Rupee opens higher at 69.45 per dollar

USDINR pair is expected to quote in the range of 69.20 and 69.90, says, Motilal Oswal.

The Indian rupee opened higher at 69.45 per dollar on Monday versus Friday's close 69.47.

On May 7 the domestic currency declined 18 paise to end at 69.47 against the US currency on the back of rising crude oil prices and strengthening greenback in the overseas markets.

In the last few sessions rupee has been consolidating in a narrow range and despite the RBI deciding to cut rates and changing its stance reaction on the rupee was muted, said Motilal Oswal.

Ahead of the important inflation and industrial production number that will be released later this week rupee could consolidate in a range. The expectation is that inflation could inch higher and industrial production could show slower growth and that could keep the rupee under pressure.

Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, it added.

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Rupee trades flat at 69.25 per dollar

Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, says Motilal Oswal.

The Indian rupee is trading flat at 69.25 per dollar against previous close 69.27.

On May 6 the Indian currency ended marginally lower at 69.29 against US dollar after the Reserve Bank of India cut the key interest rates by 0.25 basis points to a nine-year low of 5.75 percent and also changed its monetary policy stance to accommodative.

Rupee consolidated in a narrow range ahead of the important RBI policy statement that was released yesterday. In line with expectation, the RBI cuts repo rates by 25bps and changed its stance to accommodative. The MPC said a sharp slowdown in investment activity along with a continuing moderation in private consumption growth is a matter of concern, said Motilal Oswal.

The central bank lowered its growth forecast to 7% from 7.2% for FY20. It also lowered its inflation forecast to 3-3.1% for the first half of 2019-20 and to 3.4-3.7% for the second half of 2019-20. Overall the commentary was dovish but the reaction on the rupee was quite muted. Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90, it added.

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Rupee drops 19 paise at 69.47/$ ahead of RBI MPC decision

The Indian bonds and money markets were closed on Wednesday on account of Id-Ul-Fitr

The Indian currency snapped two days’ rally on the strong dollar against its major peers. The rupee fell by 19 paise to 69.45/$ in opening trade ahead of the Reserve Bank of India's monetary policy decision. The Indian bonds and money markets were closed on Wednesday on account of Id-Ul-Fitr.

The bond yield fell as crude oil continued to slide on easing concerns about inflation and government's finances. The 10-year bond yield was at 7.002% compared with Tuesday's close of 7.02%.

On the economy front, the seasonally adjusted Nikkei India Services Business Activity Index fell to 50.2 in May, from 51 in April. Indian services activity increased to a weaker extent in May, as disruptions arising from the elections in the earlier part of the month hampered the growth of new work intakes.

Meanwhile, equity benchmark indices slipped sharply in the opening trades as Nifty cracks below the 12,000 psychological mark. The Sensex declining 148 points at 39,935 levels and the Nifty also dropped 60 points to trade at 11,961 levels.

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Rupee trades higher at 69.13 per dollar

Today, USD-INR pair is expected to quote in the range of 69.05 and 69.60, says Motilal Oswal.

The Indian rupee is trading higher by 13 paise at 69.13 per dollar on Tuesday versus previous close 69.26.

On June 3, the domestic currency rose 44 paise to end at 69.26 against the US dollar amid hopes of rate cut by the Reserve Bank in the upcoming meeting and rally in domestic equities.

Rupee appreciated for the second successive session following weakness in the dollar against its major crosses and as global crude oil prices in the past few sessions have remained under pressure, said Motilal Oswal.

After a disappointing GDP number, rupee reaction has been limited; data showed the India economy grew at 6.8% compared to estimates of 7%. On the domestic front, market participants will be keeping an eye on the RBI policy statement and expectation is that the central bank could consider cutting rates. The expectation is that policymakers would also look to find a way to boost banks’ liquidity to ensure they drop their lending rates too.

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Rupee gains 31 paise at 69.39/$

The currency opened 22 paise higher at 69.48/$.

The Indian rupee gained 31 paise on Monday to trade at day’s high level of 69.39 against the greenback. The currency opened 22 paise higher at 69.48/$.

At 11:15 AM, IST, the domestic unit was trading 26 paise higher at 69.44/$.

The appreciation in the currency could be attributed to a sharp fall in global crude oil prices and a rally in the domestic equity markets.

As per Bloomberg data, the international benchmark for crude oil prices Brent and WTI, slumped 1% each to trade at $61.24/bbl and $53.03/bbl, respectively.

Crude oil price in the global markets declined on demand growth worries, which was influenced by the escalating trade war between the US and China. Demand concerns escalated after the US President Donald Trump stoked global trade tensions by threatening tariffs on Mexico.

Additionally, increasing the oil supply in the US also kept oil prices under pressure. On Friday, data released by Baker Hughes showed US energy firms in the week ended on May 31 increased the number of oil rigs operating by 3 to 800. The total active US rig count, meanwhile, edged up by 1 to 984, according to Baker Hughes.

Meanwhile, equity benchmark indices were trading on a positive note on Monday with the Sensex trading 245 points higher at 39,958 levels. The Nifty climbed 70 points at 11,993 levels.

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