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☆ Indian rupee falls to record low, next week crucial to gauge new range
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Nov 10 (Reuters) - The Indian rupee dropped to a record low against the U.S. dollar on Friday, which alongside the outage of the interbank order matching system, prompted the central bank to step in. The rupee dropped to a record low of 83.42 to the dollar and was last at 83.3925. "On why the RBI today decided that (allow rupee to drop below 83.30), it's impossible to say," a forex trader at a bank said. Next week will be very important to see if a new range has been made." He, however, said that the range in the USD/INR has now shifted higher.

Persons: Alok Sharma, Arnob Biswas, Nimesh Vora, Sonia Cheema Organizations: U.S, Reserve Bank of India, SMC Global Securities, Thomson Locations: MUMBAI, ICBC

☆ Rupee records worst week since mid March as dollar regains strength
▼ + stars: | 2023-05-12 | by ( Sethuraman N R | ) www.reuters.com time to read: +1 min

MUMBAI, May 12 (Reuters) - The Indian rupee fell to a three-week low on Friday and registered its worst week in eight, dragged down by a broader strength in the dollar index. The rupee closed at 82.1625 per U.S. dollar compared with 82.09 in the previous session. "We are seeing a lot of variations in the economic data, notably in the U.S. and across the Eurozone ... So based on the scenario globally, dollar is looking bit more positive," said Arnob Biswas, head FX research at SMC Global Securities. The U.S. dollar edged higher on Friday and was heading for its biggest weekly gain since February, while the dollar index gained nearly 0.8% so far this week.

MUMBAI, Jan 23 (Reuters) - The Indian rupee is expected to extend its gains this week, while government bond yields may move marginally higher due to worries about yet another year of elevated borrowing. The local unit is likely to add to its momentum and trade in a broad 80.50-81.50 range this week, analysts said. Despite the corporate flows in the market, steady foreign investment into equities is more important, so it seems appropriate for the rupee to trade around those levels, Biswas added. Market participants expect the benchmark bond yield to trade in the 7.30%-7.40% band this week. The Reserve Bank of India will auction 40 billion rupees each of five- and 10-year green bonds on Wednesday.

☆ Rupee gains on speculators bets, lack of cash dollar demand
▼ + stars: | 2023-01-02 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Jan 2 (Reuters) - The Indian rupee was trading higher against the U.S. dollar on Monday, helped by likely position building and lack of cash dollar demand, traders said. The rupee was at 82.5750 per U.S. dollar by 10:50 a.m. IST, compared with 82.72 in the previous session. The U.S. holiday means there is no cash dollar demand and then our (dollar) sell-side order book is a bit active, said a spot trader at a private bank. The rupee, this week, will take cues from the response of the dollar and Treasury yields to a string of U.S. data. The USD/INR forward premiums extended their recent slide, with the 1-year implied yield falling to near 2%.

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