The domestic equity indices opened in the green on Friday. The exchange companies were making huge profits with this wild depreciation of dollars. According to forex dealers, the US dollar braced on hopes that US inflation will pick up.
Petrol and diesel prices were on Friday raised by around 50 paise per litre across Delhi, Kolkata, Mumbai and Chennai, marking the steepest increase in more than 14 months.
A combination of declining domestic macro stability and growing prospects of interest rate hike largely weighed on trade during the day. Most of Asian currencies were in the depreciating mode today. The market was full of dollar sellers while the buyers were not more than 10pc, mostly those who were buying dollars and Saudi riyals for performing haj.
When asked was there any justification for last devaluation of 5. However, the greenback has lost over 11 per cent in the kerb market since the general elections held on July The spike in retail inflation was due to costlier fuel, despite easing food prices.
Four years back former finance minister Ishaq Dar forcibly brought back the dollar rate from Rs to Rs98, a depreciation of over 12pc. It initially plunged to hit a low of The RBI intervenes anonymously in the forex market through banks, and publishes its forex reserves numbers with a time lag of a week.
According to forex dealers, a higher opening in the domestic equity indices and sustained selling of the American currency by exporters as well as banks led to a rise in Indian rupee. The rise in the rupee is amid the easing food prices and continued selling of the greenback by banks and exporters.
The US dollar was traded as low as Rs in the interbank market while some said the banks bought at Rs during the day. The surge was due to steep fall in crude prices and a strong rally in equity markets on Thursday. Retail inflation accelerated to a five-month high of 5 per cent in June, from 4.
Typically traders can only estimate the intervention number from the weekly data. Just after the general elections, the exchange rate quickly changed in favour of the rupee which sharply appreciated against the dollar on a day-to-day basis.
Analysts say that crude imports are fuelling worries on the current account deficit front amid mild intervention from the central bank. The rupee retreated from a near two-week high and ended lower by 4 paise at Panic in open currency market compelled the banks to devalue US dollar by 3.
Also, weekend data released by the CSO showed retail inflation spiked to a five-month high of 5 per cent in June, while industrial production growth slipped to a seven-month low of 3.
India meets more than 80 per cent of oil requirements through imports. The central bank has likely been selling dollars through both private and state-run banks on the anonymous forex trading platform throughout on Friday, underscoring its intent to staunch losses in the rupee, news agency Reuters cited traders as saying.MUMBAI: The rupee retreated from a near two-week high and ended lower by 4 paise at against the US currency, snapping a three-session recovery trend due to renewed dollar demand.
A combination of declining domestic macro stability and growing prospects of interest rate hike largely weighed on. Dollar to Rupee forecast on Monday, September, exchange rate Rupees, maximum Rs, minimum Rs.
USD to INR. Alas, the dollar now fetches less than 40 rupees (see left-hand chart). India's currency has strengthened by about 15% against the greenback in. Mumbai: Non-resident Indians are betting big on the rupee’s rise against the dollar. Non- resident rupee deposits have risen by over 15 per cent in the past year at a time when dollar deposits contracted 20 per cent.
These could be a durable source of reserves, a cushion against sudden outflows.
Dollar Vs Rupee. U.S. Dollar. Indian Rupee (INR) Foreign Exchange Market. Currencies. Is Indian currency going to rise or fall with respect to US dollars by ? Update Cancel. ad by Zenefits. Download the employee handbook and streamline your workplace.
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