archiverupee

The rupee rose 8 paise to 85.58 against the US dollar in early trade on Tuesday (June 10) amid a positive opening in the domestic equity markets and robust foreign capital inflows.However, rising global crude oil prices and a strengthening US dollar against overseas currencies capped sharp gains in the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened at 85.62 against the greenback before rising further to 85.58, higher by 8 paise against its previous close. The local unit appreciated 2 paise to close...

The Reserve Bank of India (RBI) wants Indian banks to give loans to foreigners in rupees .The RBI has approached the Centre asking for permission to do so.The central bank’s move is the latest step towards the internationalisation of the rupee.But what happened? Why is the RBI making this move?Let’s take a closer lookWhat happened?The RBI wants to allow domestic banks to make loans to overseas borrowers in Indian currency.This would be a historic first for the nation.The central bank has already asked the government to allow domestic banks to...

The Indian rupee opened stronger at 85.05 per US dollar on Monday (May 26), extending gains from Friday (May 23) amid broad weakness in the dollar and firm domestic equities.The currency began the session at 85.02 and briefly touched 84.85 in early trade, supported by the dollar’s slide and a rally in Asian currencies, especially the Chinese yuan which hit a seven-month high.What’s driving the rupee? The dollar index slipped 0.34% to 98.67, weighed down by global fiscal concerns and softer US trade rhetoric.Asian currencies gained across the board. The...

A proposed 5% US tax on remittances sent abroad by non-citizens is causing significant concern in India, as experts warn it could adversely affect Indian households and the rupee's value. Economic think tank Global Trade Research Initiative (GTRI) shared these concerns on Sunday.The tax forms part of 'The One Big Beautiful Bill,' introduced in the US House of Representatives, targeting money transfers by non-citizens, including green card holders and temporary visa workers. However, the levy exempts US citizens.India, receiving USD 120 billion in remittances in 2023-24, with 28% of...

Rupee gained 1 paisa to settle at 85.53 (provisional) against the US dollar on Friday, helped by strong foreign institutional investor (FII) inflows and a slight drop in the dollar index. However, the rupee’s rise was limited due to higher Brent crude prices, weak domestic equity markets, and data showing India’s trade deficit widening in April, forex traders said. At the interbank foreign exchange, the rupee started strong at 85.28 and moved between 85.28 and 85.70 during the day. It finally closed at 85.53, up just 1 paisa from Thursday’s...

Rupee pared most of its initial gains to end 3 paise higher at 85.33 (provisional) against the US dollar on Tuesday, supported by rising risk appetite amid easing trade tensions. However, gains were capped by the impact of rising crude oil prices, a strong US dollar, and profit booking in domestic equities, traders said. At the interbank foreign exchange market, the rupee opened at 84.70 and fluctuated between an intra-day high of 84.62 and a low of 85.48 against the greenback. It ultimately closed the session at 85.33 (provisional), marking...

The Indian rupee extended its fall on Friday, declining by 30 paise against the US dollar, as intensifying geopolitical tensions between India and Pakistan sparked risk-off sentiment in the market. Increased demand for the US dollar also dented investor sentiments.Rupee depreciated 30 paise to open at 85.88 against the greenback on Friday. The local currency saw its steepest single-day fall in more than two-and-a-half years in the previous session and settled 81 paise lower at 85.58 against the US dollar on.The India-Pakistan conflict, stronger dollar, rise in crude oil prices...

The rupee depreciated 30 paise to 85.88 against the US dollar in early trade on Friday, weighed down by intensifying geopolitical tensions between India and Pakistan.Forex traders said geopolitical tensions between India and Pakistan have sparked risk-off sentiment in the market leading to the rupee weakness. Besides, increased demand for the US dollar further dented investor sentiments. At the interbank foreign exchange, the domestic unit opened at 85.88 against the greenback, registering a fall of 30 paise over its previous close. On Thursday, the rupee saw its steepest single-day fall...

Rupee fell sharply by 84 paise to close at 85.61 (provisional) against the US dollar on Thursday, as escalating geopolitical tensions between India and Pakistan triggered risk aversion among investors. Forex traders said the domestic currency came under pressure after Pakistan attempted to target several Indian military sites using drones and missiles—a move thwarted by India's defence systems. The geopolitical stress, coupled with a stronger US dollar and rising crude oil prices, further weighed on sentiment. The rupee opened at 84.61 at the interbank foreign exchange and swung between a...

Rupee traded in a narrow range on Tuesday, slipping 8 paise to 84.38 against the US dollar in early trade amid a stronger dollar index, weakness in Asian currencies, and lingering geopolitical tensions between India and Pakistan. At the interbank foreign exchange, the rupee opened at 84.28 and moved between an early high of 84.26 and a low of 84.38 against the greenback. The domestic currency had closed at 84.30 on Monday, registering a 27 paise gain. Forex traders said that while the USD/INR pair remained under pressure from global...