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☆ Indian shares set for cautious start; all eyes on Fed meeting
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Bengaluru, Sept 18 (Reuters) - Indian shares are set to begin a holiday-truncated week on a cautious note as investors digested economic data from China and looked ahead to the U.S. Federal Reserve's policy meeting this week. India's GIFT Nifty (.GIFc1) on the NSE International Exchange was up 0.1% to 20,186.5 by 0755 IST. Separately, foreign investors bought 1.64 billion rupees ($19.74 million) worth of shares on a net basis on Friday, while their domestic peers bought 19.39 billion rupees worth of equity, according to stock exchange data. STOCKS TO WATCH** Bharat Electronics (BAJE.NS): Bharat Electronics receives orders worth 30 billion rupees** Axis Bank (AXBK.NS): Investment banking unit co-CEO Chirag Negandhi resigns** HFCL Ltd (HFCL.NS): HFCL received order worth 10.15 billion rupees. ** Tata Steel (TISC.NS): Reaches deal with UK government for investment in the UK steel industry.

Persons: Chirag Negandhi, HFCL, Sridhar Kalyanasundaram, Archishma Iyer, Sonia Cheema Organizations: U.S, NSE, Exchange, Bharat Electronics, Axis, Investment, Tata Steel, Dhanlaxmi, Thomson Locations: Bengaluru, China, U.S . Federal

☆ India rupee to not react much to above expectations US inflation
▼ + stars: | 2023-09-14 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

An attendant at a fuel station arranges Indian rupee notes in Kolkata, India, August 16, 2018. Non-deliverable forwards indicate the rupee will open around the same level as its previous close of 82.9850. The dollar index was at 104.78, roughly at the same level it was prior to the U.S. inflation data. U.S. Treasury yields jumped following the data, but retreated and are now at levels lower than before the inflation reading. FEDWATCHANZ said that the August inflation was not sufficient to prompt a re-pricing in Fed expectations.

Persons: Goldman Sachs, Nimesh Vora, Mrigank Organizations: REUTERS, Rights, Treasury, U.S . Federal, FEDWATCH ANZ, ANZ, European Central Bank, Brent, Thomson Locations: Kolkata, India, Rights MUMBAI, U.S, Asia

☆ Rupee to see some relief on pullback in US yields, dollar index
▼ + stars: | 2023-09-08 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Sept 8 (Reuters) - The Indian rupee is expected to open higher on Friday on the back of a pullback in U.S. Treasury yields and a broadly softer dollar. Non-deliverable forwards indicate the rupee will open at around 83.12-83.14 to the U.S. dollar compared with 83.21 in the previous session. The rupee has been flirting with the record low of 83.29 and has largely avoided it, thanks to the Reserve Bank of India's (RBI) intervention. The dollar index retreated in the Asia session to 104.86, having reached a six-month high of 105.15 in the New York session. Another round of losses in the yuan suggest that upside on the rupee following the open "will not be much", the forex traders said.

Persons: Nimesh Vora, Sonia Cheema Organizations: Treasury, U.S, Reserve Bank of India's, New, ANZ, Brent, Thomson Locations: MUMBAI, Mumbai, Asia, New York, U.S

MUMBAI, Sept 4 (Reuters) - The Indian rupee is likely to open little changed on Monday after a soft U.S. jobs report reinforced expectations that the Federal Reserve will not hike interest rates anymore, but the dollar still managed to rally. Non-deliverable forwards (NDF) indicate rupee will open at around Friday's level of 82.7150. Following the report, futures indicated almost no chance of a September rate hike and about a 35% chance of a hike in November. The dollar and U.S. yields initially dropped following the report but recovered later. The dollar index reached a high of 104.26 on Friday and the 10-year U.S. Treasury yields reached 4.17%.

Persons: Goldman Sachs, Nimesh, Eileen Soreng Organizations: Federal Reserve, U.S, ING Bank, Treasury, Labor, Brent, Thomson Locations: MUMBAI, U.S

☆ Rupee to rise as dollar extends losses on US GDP growth revision
▼ + stars: | 2023-08-31 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 31 (Reuters) - The Indian rupee is expected to open higher on Thursday after the dollar index extended losses following a downward revision to U.S. economic growth in the second quarter. Non-deliverable forwards indicate the rupee will open at around 82.62-82.64 to the U.S. dollar, compared with its close of 82.7325 in the previous session. Asian currencies were up 0.1% to 0.2% after the dollar index fell for the third straight day on Wednesday to reach a two-week low. The dollar index dropped to near 103 and U.S. Treasury retreated after weaker-than-expected growth and labour market data lowered expectations that the Federal Reserve will raise interest rates further. "The GDP data is not going to have much of an impact on the rupee," the fx trader said.

Persons: Nimesh Vora, Savio D'Souza Organizations: U.S ., . Treasury, Federal Reserve, ING Bank, Treasury, Brent, Thomson Locations: MUMBAI, Mumbai, U.S

☆ Rupee caught between further rise in US yields, yuan recovery
▼ + stars: | 2023-08-22 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsMUMBAI, Aug 22 (Reuters) - The Indian rupee is likely to open little changed on Tuesday on the back of a recovery in the Chinese yuan and other Asian currencies despite a further rise in U.S. yields. Asian currencies managed a recovery on Tuesday, despite the U.S. Treasury yields. The offshore yuan was back below 7.30 to the dollar on bets of tightening up of offshore yuan liquidity. China's major state-owned banks were seen actively mopping up the offshore yuan on Monday.

Persons: Francis Mascarenhas, Jerome Powell's, Powell, Nimesh Vora, Dhanya Ann Thoppil Organizations: REUTERS, Rights, Reserve Bank of, Treasury, Federal Reserve, ING Bank, ING, U.S, Brent, Thomson Locations: Mumbai, India, Reserve Bank of India

☆ Rupee likely to decline on yuan-led weakness in Asia fx
▼ + stars: | 2023-08-21 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 21 (Reuters) - The Indian rupee is expected to drop at the opening on Monday, tracking losses in Asian peers and on persisting worries over U.S. yields. Non-deliverable forwards indicate rupee will open at around 83.18-83.20 to the U.S. dollar, compared with 83.1025 in the previous session. The offshore Chinese yuan dropped to near 7.32 to the dollar on Monday despite a smaller-than-expected interest rate cut. More than 90% of the economists had predicted a 15 bps rate cut. Investors expect Chair Jerome Powell to give clarity on the interest rate path.

Persons: Fed's, Jerome Powell, Powell, Nimesh Vora, Dhanya Ann Thoppil Organizations: U.S ., Reserve Bank of India, Reuters, Federal Reserve, ANZ, Brent, Thomson Locations: MUMBAI, Mumbai, China

☆ Rupee at risk of falling to record low on surging US yields
▼ + stars: | 2023-08-17 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 17 (Reuters) - The Indian rupee on Thursday is expected to open just shy of its record low in the wake of a further rise in U.S yields on bets that interest rates are likely to say higher for longer. Non-deliverable forwards indicate the rupee will open at around 83.20-83.22 to the U.S. dollar compared with 82.95 in the previous session. The rupee's record low is 83.29, reached in October 2022. A decline below 83.30 for the rupee "would trigger a new round" of dollar buying and "you can expect a sizeable move", he said. Resilient U.S. economic data and worries over supply have been among the reasons cited by analysts for the jump in U.S. yields.

Persons: Nimesh Vora, Nivedita Organizations: U.S, NDF, Reserve Bank of, U.S . Federal, Fed, DBS Research, Brent, Thomson Locations: MUMBAI, India, Reserve Bank of India, Asia

☆ Indian shares set to open lower; domestic inflation data in focus
▼ + stars: | 2023-08-14 | by ( Manvi Pant | ) www.reuters.com time to read: +2 min

A security guard walks past the logo of the National Stock Exchange (NSE) inside its building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas/File PhotoBENGALURU, Aug 14 (Reuters) - Indian shares on Monday are expected to start on a slightly weaker note in the holiday-truncated week as earnings season draws to a close, ahead of domestic retail inflation data due later in the day. India's GIFT Nifty on the NSE International Exchange was down 0.28% at 19,432 at 7.58 a.m. IST. Foreign investors sold shares worth 30.73 billion Indian rupees ($370.80 million) on Friday, according to provisional data from the National Stock Exchange (NSE). ($1 = 82.8740 Indian rupees)Reporting by Manvi Pant in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Manvi, Eileen Soreng Organizations: National Stock Exchange, REUTERS, NSE, Reserve Bank of India's, ITC, Vodafone, BSE, Associates, Deloitte, Natural Gas Corporation, Jindal Steel, Thomson Locations: Mumbai, India, BENGALURU, China, Beijing, Manvi Pant, Bengaluru

☆ Rupee to fall on bets Fed to remain restrictive despite moderating inflation
▼ + stars: | 2023-08-11 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 11 (Reuters) - The Indian rupee will likely weaken on Friday on expectations that the U.S. Federal Reserve will keep interest rates high despite signs that price pressures are moderating. U.S. equities rallied, the dollar index dropped and U.S. yields declined after data showed that headline and core inflation rose less than expected. San Francisco Fed President Mary Daly said that while recent inflation data is moving in the right direction, more progress is needed before she would feel comfortable that the Fed has done enough. The dollar index , which dropped to 101.76 post the inflation data, was back near 102.50. Investors are cautious that while the Fed will pause in September, rates "will remain restrictive for some time", ANZ said in note.

Persons: it's, Mary Daly, Nimesh Vora, Sonia Cheema Organizations: U.S . Federal Reserve, U.S ., NDF, San Francisco Fed, ANZ, Brent, Thomson Locations: MUMBAI, Mumbai, U.S, San

☆ Rupee to weaken on dollar rally, RBI likely to intervene
▼ + stars: | 2023-08-08 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 8 (Reuters) - The Indian rupee is expected to open lower on Tuesday, weighed down by the recovery in the dollar index and a decline in Asian peers. Non-deliverable forwards indicate rupee will open at around 82.85 to the U.S. dollar, down from 82.7425 on Monday. The dollar index rose in Asia, and has now recovered a large part of its losses suffered post the U.S. jobs data. Asian currencies were down between 0.2% and 0.6%, with the offshore Chinese yuan slipping to 7.2250 to the dollar. The U.S. inflation data due Thursday is seen key to the Fed's outlook.

Persons: Michelle Bowman, Nimesh Vora, Rashmi Organizations: U.S ., Reserve Bank of India, U.S, U.S . Federal, Reuters, ANZ, Brent, Thomson Locations: MUMBAI, Asia, U.S ., U.S

☆ Rupee to recover on pullback in US yields after jobs data
▼ + stars: | 2023-08-07 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 7 (Reuters) - The Indian rupee is expected to recover on Monday on the back of a pullback in U.S. yields and the decline in the dollar after the U.S. economy added fewer jobs than was forecast. We now move on to the U.S. inflation data and the RBI (Reserve Bank of India)." The 2-year U.S. yield declined while the already low odds of Federal Reserve rate hike in September dropped further. The unemployment rate dropped and wage growth surprised on the upside, suggesting that the U.S. labour market remained resilient. Meanwhile, U.S. consumer inflation data and the RBI policy decision are due Thursday.

Persons: payrolls, Nimesh Vora, Dhanya Ann Thoppil Organizations: U.S ., Reserve Bank of India, Federal, Federal Reserve, ING Bank, Brent, Thomson Locations: MUMBAI, U.S

☆ Rupee likely to remain under pressure on rising US yields
▼ + stars: | 2023-08-04 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

FILE PHOTO-A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas/File PhotoMUMBAI, Aug 4 (Reuters) - The Indian rupee is expected to remain under pressure on Friday after longer maturity U.S. yields reached the highest level this year. Non-deliverable forwards indicate the rupee will open slightly weaker to the U.S. dollar from 82.7225 in the previous session. "The rupee and the whole EM complex will not see any sort of relief if the volatility in U.S. yields remains high." The Fitch downgrade of the U.S. credit rating, broadly resilient U.S. data and rising U.S. inflation expectations have contributed to the selloff in Treasuries.

Persons: Francis Mascarenhas, Fitch, Nimesh Vora, Sonia Cheema Organizations: REUTERS, U.S, Reserve Bank of India, U.S ., Reuters, NFP, DBS Research, Brent, Thomson Locations: Mumbai, India, MUMBAI, Treasuries, U.S

☆ Rupee may struggle on dollar move, support seen near
▼ + stars: | 2023-08-01 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 1 (Reuters) - The Indian rupee is likely to decline on Tuesday, pressured by the dollar's move higher versus its major peers and Asian currencies. Non-deliverable forwards indicate rupee will open slightly weaker to U.S. dollar from 82.2450 in the previous session. The dollar index rose above 102 in the Asia session, hovering near the highest in three weeks. Weakness on the Japanese yen contributed to dollar index reaching 102. Surging crude oil prices and the move higher on the dollar index to boost USD/INR, Kunal Sodhani, vice president at Shinhan Bank, said.

Persons: Kunal Sodhani, Nimesh Vora, Nivedita Organizations: U.S, Korean, U.S . Federal Reserve, Brent, Shinhan Bank, Thomson Locations: MUMBAI, Asia, China

☆ Rupee hopeful of recovery on back of uptick on Asia FX
▼ + stars: | 2023-07-31 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, July 31 (Reuters) - The Indian rupee will be looking to recover on Monday, tracking the move higher in Asian peers on better-than-expected China data. Non-deliverable forwards indicate the rupee will inch up to the U.S. dollar at open from 82.2475 in the previous session. With Asian currencies doing well to begin the week and risk holding up, the rupee "will be hoping for a mini recovery", a forex trader at a bank said. The data comes after Federal Reserve Chair Jerome Powell left the door open for a rate hike at the September meeting. Data out on Friday supported investor expectations that the Fed rate hike cycle is over.

Persons: Kunal Kurani, Jerome Powell, Nimesh Vora, Sonia Cheema Organizations: U.S, Mecklai, China PMI, People's Bank of, Reuters, Brent, Thomson Locations: MUMBAI, China, U.S, People's Bank of China

☆ India lets firms list on Modi's flagship finance hub to draw foreign capital
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: +1 min

Listed and unlisted companies can list their shares in the International Financial Services Centre (IFSC) housed in the Gujarat International Financial Tech City (GIFT), which is Prime Minister Narendra Modi's flagship project. "I'm pleased to announce that the government has taken a decision to enable direct listing of listed and unlisted companies on the IFSC exchanges," Sitharaman said. Indian companies can currently only list on foreign exchanges through instruments such as depository receipts. The government had announced plans in 2020 to allow firms to have their primary listings on foreign exchanges. The government has said companies can use the IFSC route to access similar benefits of foreign capital.

Persons: Nirmala Sitharaman, Narendra Modi's, I'm, Sitharaman, Manch, Aftab Ahmed, Muralikumar Organizations: International Financial Services, Gujarat International Financial Tech City, Singapore, International Exchange, Thomson Locations: DELHI, India, Gujarat, Singapore, City, New Delhi

☆ Rupee to weaken after dollar jumps on upbeat US data, dovish ECB
▼ + stars: | 2023-07-28 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, July 28 (Reuters) - The Indian rupee is poised to decline on Friday after a better-than-expected reading on U.S. gross domestic product and a slump in the euro prompted the biggest rally on the dollar index in more than four months. Non-deliverable forwards indicate rupee will open at around 82.25 to the U.S. dollar compared with 81.93 on Thursday. Asian currencies were lower, pressured by the biggest advance dollar index since mid-March. The dollar index climbed 0.6% on Thursday, helped the euro's plunge following the European Central Bank outcome. The ECB raised rates by 25 basis points, along expected lines, while leaving its options open for the September meeting.

Persons: Christine Lagarde, Nimesh Vora, Nivedita Organizations: U.S, European Central Bank, ECB, ING Bank, Reuters, U.S . Federal Reserve, Bank of Japan, Brent, Thomson Locations: MUMBAI, Mumbai

☆ Rupee to fall on dollar recovery on signs US job market remains robust
▼ + stars: | 2023-07-21 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

Non-deliverable forwards indicate the rupee will open at around 82.06-82.08 to the U.S. dollar, compared with 81.9850 in the previous session. "Just when there was a slight downside momentum (on USD/INR), the dollar is on its way up," a forex trader at a bank said. The rupee through the week has been in a narrow 25 paisa range. The dollar index and U.S. yields rose after data indicated the U.S. labour market remained resilient, which increased the probability that the Federal Reserve may deliver a rate hike beyond its July meeting. The Fed next week is widely expected to deliver a 25 basis points rate hike.

Persons: Srinivas Puni, Nimesh Vora, Sonia Cheema Organizations: U.S ., Federal Reserve, Reuters, QuantArt, Solutions, Fed, Brent, Thomson Locations: MUMBAI

☆ Reliance - Jio Financial Services demerger: what you need to know
▼ + stars: | 2023-07-19 | by ( Chris Thomas | ) www.reuters.com time to read: +3 min

Five analysts estimate that Reliance's Jio Financial Services will be valued at 160-190 rupees per share. However, Jio Financial Services' stock will be included in the indexes, including the blue-chip Nifty 50 (.NSEI), but will not trade until it is listed. Jio Financial Services' listing date is widely expected to be announced at Reliance's forthcoming annual general meeting. THE DEMERGERReliance announced last October that it would demerge and list its financial services business - Reliance Strategic Investments - which will be renamed Jio Financial Services (JFS). Reliance shareholders would get one share of Jio Financial Services for holding one share of Reliance.

Persons: Mukesh, Hitesh Sethia, Chris Thomas, Anil D'Silva Organizations: Reliance Industries, Jio Financial, Reliance, National Stock Exchange, Bombay, Exchange, Jio Financial Services, NSE, DEMERGER Reliance, Reliance Strategic Investments, Kamath, ICICI Bank, Macquarie Research, AAA, Thomson Locations: BENGALURU, Bengaluru

☆ India's Angel One Q1 profit rises 22% as orders surge
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 13 (Reuters) - Indian stockbroker Angel One Ltd (ANGO.NS) said on Thursday its first-quarter profit jumped almost 22%, led by surging client additions and orders. Consolidated profit was 2.21 billion rupees ($27 million) for the quarter ended June 30, compared with 1.82 billion rupees a year ago. Total revenue from operations climbed nearly 18% to 8.08 billion rupees. The company, which offers various trading apps, said its total client base rose about 45% to 15.1 million, while the total number of orders advanced more than 20%. Angel One held a 12.5% share in the number of demat accounts in India in the June quarter, up from 10.8% last year.

Persons: Angel, Manvi Pant, Kashish Tandon, Dhanya Ann Thoppil Organizations: Angel One, Consolidated, NSE, BSE, Angel, Thomson Locations: BENGALURU, India, Bengaluru

☆ Rupee to climb near 82/USD on bets Fed will end rate hikes
▼ + stars: | 2023-07-13 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, July 13 (Reuters) - The Indian rupee is poised to rise on Thursday on expectations that cooling inflation in the United States will allow the Federal Reserve to pause interest rate hikes soon. Non-deliverable forwards indicate the rupee will open at around 82-82.05 to the U.S. dollar compared with 82.2475 in the previous session. "Having talked of an upside breakout (for USD/INR) last week, this has been quite a turnaround," a fx trader said. The larger-than-expected slowdown in the U.S. inflation fuelled expectations that the U.S. Federal Reserve is close to halting rate hikes. "The Federal Reserve seems intent on pushing ahead with a July rate hike, but the need for additional tightening thereafter is questionable," ING Bank said in a note.

Persons: interbank, Nimesh Vora, Nivedita Organizations: Federal Reserve, U.S, Reserve Bank of, U.S . Federal, ING Bank, Korean, Brent, Thomson Locations: MUMBAI, United States, Reserve Bank of India, U.S, Malaysian

☆ Indian shares set for muted start to week after Russia turmoil
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, June 26 (Reuters) - Indian shares were set for a muted open on Monday, on the heels of their first weekly loss in over a month, as crude prices rose on supply concerns after a short-lived mutiny by mercenaries in Russia. Foreign institutional investors sold a net 3.45 billion rupees ($42.1 million) worth of Indian equities on Friday, while domestic investors sold 6.84 billion rupees of shares, as per provisional NSE data. STOCKS TO WATCH:** ICICI Bank (ICBK.NS), ICICI Securities (ICCI.NS): Boards of the companies to consider delisting of ICICI Securities shares on June 29. ** HDFC Life Insurance Company: India's insurance regulator granted approval for transfer of its shares from HDFC Ltd (HDFC.NS) to HDFC Bank (HDBK.NS). ** Shree Cement (SHCM.NS): NDTV reported that tax evasion to the tune of 230 billion rupees ($2.80 billion) has been found in tax searches at multiple locations of Shree Cement in Rajasthan.

Persons: Wagner, Brent, Chris Thomas, Biplob Kumar Das, Eileen Soreng Organizations: Singapore Exchange, BSE, ICICI Bank, ICICI Securities, Life Insurance, HDFC Ltd, HDFC Bank, Ipca, U.S, FDA, of Maharashtra, Axis Bank, Kashmir Bank, NDTV, Shree, Thomson Locations: BENGALURU, Russia, Russian, Moscow, Asia, India, Pithampur, Jammu, Kashmir, Shree Cement, Rajasthan, Bengaluru

☆ Rupee likely higher on dollar decline post Powell's testimony
▼ + stars: | 2023-06-22 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, June 22 (Reuters) - The Indian rupee is expected to rise on Thursday, helped by the dollar's fall despite Federal Reserve Chair Jerome Powell's fairly hawkish comments to U.S. lawmakers. Non-deliverable forwards indicate rupee will open at around 81.94-81.98 to the U.S. dollar compared with 82.0375 in the previous session. The offshore Chinese yuan recovered to 7.1690 to the dollar, having fallen below 7.20 at one point in the previous session. KEY INDICATORS:** One-month non-deliverable rupee forward at 82.03; onshore one-month forward premium at 7 paisa** USD/INR NSE June futures settled on Wednesday at 82.0250** USD/INR forward premium as of Jun. 20** NSDL data shows foreign investors sold a net $46.5mln worth of Indian bonds on Jun.

Persons: Jerome Powell's, Powell, Nimesh Vora, Dhanya Ann Thoppil Organizations: U.S, Fargo Advisors, U.S . Senate, DBS, Brent, Thomson Locations: MUMBAI, Asia

☆ Indian rupee to nudge higher at open, avoiding losses in Asian peers
▼ + stars: | 2023-06-21 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, June 21 (Reuters) - The Indian rupee is likely to open slightly higher to the U.S. dollar on Wednesday, shrugging off a decline in other Asian currencies. Non-deliverable forwards (NDF) indicate the rupee will open at 82.06-82.08, up slightly from 82.1175 in the previous session. The USD/INR NDF has not reacted to another round of losses for the Chinese yuan and the move higher on USD/Asia overall, a forex trader at a private bank said. The offshore Chinese yuan dropped below 7.20 to the dollar, the lowest since November 2022. The offshore Chinese yuan has lost 1% this month to add to the 3% decline in May.

Persons: shrugging, Jerome Powell's, Powell, Nimesh Vora, Sonia Cheema Organizations: U.S, NDF, Korean, U.S . Federal, ANZ, Brent, Thomson Locations: MUMBAI, Asia, U.S

☆ Rupee to rise after dollar's biggest fall in over three months
▼ + stars: | 2023-06-16 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

Non-deliverable forwards indicate the rupee will open at around 81.93-81.96 to the U.S. dollar, compared with its spot close of 82.1750 in the previous session. Meanwhile, the dollar index hit a five-week low on Thursday and saw its worst one-day session since March 13 after a hawkish European Central Bank (ECB) signalled more rate hikes. The rupee should see some appreciation on Friday, which should also benefit from the yuan's move, a trader with foreign bank said. The rupee has gained about 0.35% so far this week, benefiting from likely corporate dollar inflows. 14** NSDL data shows foreign investors sold a net $2.5mln worth of Indian bonds on Jun.

Persons: Srinivas Puni Organizations: U.S . Federal, U.S ., European Central Bank, QuantArt, Brent, Sethuraman NR, Thomson Locations: BENGALURU, Bengaluru

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