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☆ HDFC Bank to sell 2% stake in NSDL IPO
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, July 9 (Reuters) - HDFC Bank (HDBK.NS) will sell a 2% stake in the initial public offering (IPO) of National Securities Depository (NSDL), the lender informed exchanges on Sunday. The lender holds a 8.95% stake in NSDL, which handles most of the securities held and settled in dematerialised form in the Indian capital market. In its draft red herring prospectus (DRHP) dated July 7, the depository said the IPO will see sales of 57.3 million shares by its six shareholders. IDBI Bank (IDBI.NS) will sell up to 22.2 million shares, while National Stock Exchange will sell 18 million shares it owns in the depository. Union Bank of India (UNBK.NS) will sell 5.62 million shares, and State Bank of India(SBI.NS), and Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will sell 4 million and 3.4 million shares, respectively.

Persons: Nikunj Ohri, Kim Coghill Organizations: HDFC Bank, National Securities Depository, IDBI Bank, National Stock Exchange, Union Bank of India, State Bank of India, Unit Trust of India, Thomson Locations: DELHI, NSDL, dematerialised

☆ 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

☆ Indian rupee likely higher, awaits Fed rate decision
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, June 14 (Reuters) - The Indian rupee is expected to open higher on Wednesday after U.S. inflation data reaffirmed views that the Federal Reserve will likely keep interest rates unchanged in June. Non-deliverable forwards indicate the rupee will open at around 82.22-82.24 to the U.S. dollar, compared with 82.3675 in the previous session. Data earlier this month offered a mixed picture of the U.S. labor market, while some Fed officials have called for a pause. Post the CPI data, the odds of a Fed rate hike in June have fallen to 8% from 25% on Tuesday. "We think it will be a hawkish pause as the Fed emphasizes that the hiking cycle might not be done.

Persons: Sonia Cheema Organizations: Federal Reserve, U.S ., CPI, DBS, Nasdaq, Brent, Sethuraman NR, Thomson Locations: BENGALURU, Asia, Bengaluru

☆ Rupee likely higher; awaits pivotal US inflation data, eyes yuan
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, June 13 (Reuters) - The Indian rupee is expected to open slightly higher on Tuesday ahead of key U.S. inflation data, which analysts reckon may prove instrumental in the Federal Reserve's decision on interest rates. Non-deliverable forwards indicate rupee will open at around 82.40 to the U.S. dollar compared with 82.43 in the previous session. India's inflation was positive for the rupee "on the margins" and "now let's see how U.S. data plays out", the trader added. The U.S. inflation data is due later in the day, with economists polled by Reuters projecting a 0.4% on-month increase in the core inflation rate. The dollar index was barely changed at near 103.50 while the 2-year U.S. yield dropped to 4.55%.

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

☆ Rupee seen higher on dollar slump as data backs Fed rate pause
▼ + stars: | 2023-06-09 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, June 9 (Reuters) - The Indian rupee is poised to open higher on Friday, tracking losses on the dollar after a jump in U.S. jobless claims made it more likely that the Federal Reserve will refrain from raising rates next week. Non-deliverable forwards indicate the rupee will open at around 82.44-82.46 to the U.S. dollar compared with 82.5625 in the previous session. "The data further support market expectation for a pause by the U.S. Fed at its next meeting," OCBC Treasury Research said in a note. The odds of a Fed rate hike at the June 13-14 meeting is now at 1-in-4. 7** NSDL data shows foreign investors bought a net $18.1mln worth of Indian bonds on Jun.

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

☆ Rupee to rise more after dollar's biggest fall in a month
▼ + stars: | 2023-06-02 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, June 2 (Reuters) - The Indian rupee is expected to open higher on Friday after the dollar index saw its worst session in almost a month on upbeat risk and wagers that the U.S. Federal Reserve will not raise rates at the June meeting. Non-deliverable forwards indicate rupee will open at around 82.30-82.32 to the U.S. dollar compared with 82.4050 in the previous session. The rupee on Thursday had its best day in almost two months, led by a surprisingly strong domestic GDP reading. The dollar index on Thursday dropped 0.6% to near 103.50, the worst session since May 3. "A strong jobs reading.. could easily swing things back in favour of a hike," ING Bank said in a note.

Persons: Nimesh Vora, Dhanya Ann Thoppil Organizations: U.S . Federal, U.S, Street Journal, ING Bank, Brent, Thomson Locations: MUMBAI, U.S

☆ Risks on Indian rupee seen on the downside in wake of yuan's plunge
▼ + stars: | 2023-05-31 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, May 31 (Reuters) - The bias on the Indian rupee is seen on the downside in Wednesday's trading session after the Chinese yuan dropped to a fresh six-month low to the U.S. dollar. Non-deliverable forwards indicate the rupee will open slightly weaker than 82.71 in the previous session. "Looking at the yuan, you would have to say a move higher (on USD/INR) is more likely," a spot trader said. Data showed that China's factory activity contracted faster than expected in May on weakening demand, pushing Asian shares and U.S. equity futures lower. 29** NSDL data shows foreign investors sold a net $43.7mln worth of Indian bonds on May.

Persons: Joe Biden, Kevin McCarthy, Nimesh Vora, Sohini Goswami Organizations: U.S ., U.S . Federal Reserve, ANZ, Brent, Thomson Locations: MUMBAI, Hong Kong, China, .

☆ Indian rupee poised to weaken after central bank pulls 2,000-rupee notes
▼ + stars: | 2023-05-22 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, May 22 (Reuters) - The Indian rupee is expected to open weaker against the U.S. dollar after the central bank said it will withdraw the highest value currency note from circulation. Non-deliverable forwards indicate rupee will open at around 82.80-82.84 to the dollar, compared to 82.66 in the previous session. On Friday, the Reserve Bank of India said it will withdraw its highest denomination 2,000-rupee note from circulation. "Rupee would come under pressure" alongside the fall in the cost of carry (the forward premiums), Goenka said. "Conducting sell/buy swaps (on USD/INR) would address cash dollar shortage and suck out rupee liquidity and could offer respite."

☆ Indian rupee to resume decline as yuan slides to 7/dollar
▼ + stars: | 2023-05-17 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, May 17 (Reuters) - The Indian rupee is expected to decline on Wednesday after the Chinese yuan dropped to its lowest level this year to the U.S. dollar. Non-deliverable forwards indicate that the rupee will open at around 82.28-82.30 to the U.S. dollar, compared with 82.2050 in the previous session. The offshore yuan, bogged down by the resurgent dollar, dropped below 7 to the dollar for the first time this year. U.S. retail sales rose 0.4% month-on-month in April, with control retail sales up by a robust 0.7%. 15** NSDL data shows foreign investors sold a net $43.2mln worth of Indian bonds on May.

☆ Indian rupee to see more losses on dollar spike and higher U.S. yields
▼ + stars: | 2023-05-15 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, May 15 (Reuters) - The Indian rupee is expected to weaken on Monday, adding to last week's losses, tracking a rally on the dollar index and higher U.S. yields on worries surrounding U.S. inflation. The dollar index climbed 0.6% on Friday to reach its highest level in a month and the two-year U.S. yield was back to nearly 4%. Renewed worries over the inflation outlook in the U.S. pushed yields higher and supported demand for the dollar. "Their assessments of whether recent labour market and inflation data support pausing in June or not will be scrutinised," ANZ said in a note. India's inflation data was "supportive" of the rupee in the medium term, the trader said.

☆ Indian rupee headed higher on weak dollar, fall in US yields; Fed awaited
▼ + stars: | 2023-05-03 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, May 3 (Reuters) - Indian rupee is expected to open higher on Wednesday, boosted by a broad decline on the U.S. dollar and plunge in yields amid worries over the U.S. banking sector. Non-deliverable forwards indicate the rupee will open at around 81.76-81.80 to the dollar compared to 81.88 in the previous session. The rupee reached 81.7225 on Tuesday, before dollar bids by public sector banks, probably for the Reserve Bank of India, prompted it to reverse course. The U.S. Federal Reserve will most likely raise rates by 25 basis points later in the day, interest rate futures indicate. Investors will be eyeing the U.S. central bank's forward guidance to assess the path ahead for interest rates.

☆ INDIA RUPEE Rupee to weigh robust US activity data, support at 82.25/USD
▼ + stars: | 2023-04-24 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, April 24 (Reuters) - The Indian rupee is likely to open little changed to the U.S. currency on Monday, amid upbeat U.S. data and expectations that the local currency will manage to hold a near-term support level. Non-deliverable forwards indicate the rupee will open nearly unchanged to the previous session's level of 82.09. The local currency declined last week, halting a four week winning streak and was in a 81.88 to 82.25 range. "The U.S data may have dampened thoughts about Fed rate cuts later this year," ING Bank said in a note. There is a slew of data this week to help investors assess the likely direction for U.S. rates.

☆ INDIA RUPEE Rupee to inch up ahead of key US inflation data
▼ + stars: | 2023-04-12 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

The non-deliverable forwards indicate the rupee will open at around 82.06-82.10 to the U.S. dollar compared with 82.12 in the previous session. Heading into the data, investors are pricing in a 70% chance that the Fed will raise rates by 25 bps points at the May meeting. The India inflation data is due a few hours before the U.S. number. India's consumer inflation rate likely softened in March to 5.80%, dipping below the Reserve Bank of India's upper tolerance limit of 6% for the first time this year, according to a Reuters poll. "India inflation is way less important (than U.S.) for how the rupee will open tomorrow," the spot trader said.

☆ INDIA RUPEE Rupee contends with Fed rate hike possibility, favourable momentum at open
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

Non-deliverable forwards indicate rupee will open at around 81.84-81.88 to the dollar, compared with 81.8850 in previous session. Rupee is on a three-week winning run, helped by foreign equity inflows and speculative positions, according to traders. It was the first time in two months that it has managed a weekly close of above 82. Risk appetite has held up well to the increased chances of another Fed rate hike. 5** NSDL data shows foreign investors sold a net $138.4mln worth of Indian bonds on Apr.

☆ INDIA RUPEE Indian rupee to strengthen as weak US data pushes dollar to 2-month low
▼ + stars: | 2023-04-05 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, April 5 (Reuters) - The Indian rupee is expected to rise against the U.S. currency on Wednesday as weak manufacturing and job openings data dented demand for the dollar. The non-deliverable forwards indicate the rupee will open at around 82.08-82.12 to the U.S. dollar, compared with 82.3325 on Monday. The dollar index overnight dropped to its lowest level since Feb. 2. Data overnight showed U.S. job openings dropped to their lowest level in nearly two years in February, indicating that the Fed rate hikes were cooling off the U.S. labour market. The job openings release comes on the back of data that showed that U.S. manufacturing activity slumped in March to the lowest level in nearly three years.

☆ INDIA RUPEE Rupee to weaken as oil prices jump on unexpected OPEC+ output cut
▼ + stars: | 2023-04-03 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, April 3 (Reuters) - The Indian rupee is expected to open lower versus the U.S. dollar on Monday after a surprise production cut by OPEC+ fuelled a jump in oil prices. The non-deliverable forwards indicate the rupee will open at around 82.35-82.40 to the U.S. dollar compared with 82.1650 in the previous session. A rise in oil prices directly affects the Indian economy and the rupee as the country imports about 83% of its oil requirements, said Anil Bhansali, head treasury at Finrex Treasury Advisors. According to estimates by some economists, a 10% hike in oil prices leads to an increase in India’s current account deficit by 0.3% to 0.5% of the GDP. Apart from oil prices, the Reserve Bank of India's (RBI) policy decision on Thursday and the U.S. jobs report on Friday will be key for the rupee this week.

☆ INDIA RUPEE Rupee to strengthen after Fed hints rate hikes nearing end
▼ + stars: | 2023-03-23 | by ( Anushka Trivedi | ) www.reuters.com time to read: +2 min

The non-deliverable forwards indicate the rupee will open at around 82.45-82.50 to the dollar compared to 82.6550 on Tuesday. Even though the Fed statement was perceived as slightly dovish compared to its stance earlier this month, it's unlikely the rupee will sustain its gains as we're expecting large dollar bids, said a state-run bank trader. Traders may be anticipating a dollar liquidity crunch in the domestic markets, and hence the rupee is expected to fall towards 82.65-levels, he added. Fed funds futures traders imply a nearly even chance of just one more 25 bps rate hike at the May meeting. "Much of the damage seems to have come from Treasury Secretary Yellen's parallel remarks... right when Jerome Powell was insisting that the banking sector was sound," ING analysts said in a note.

The non-deliverable forwards indicate the rupee will open at around 82.05-82.10 to the U.S. dollar compared with 81.91 in the previous session. These were Powell's first comments following the higher-than-expected U.S. January inflation data. He seemed to acknowledge that "disinflationary process" he spoke of repeatedly in a Feb. 1 news conference was not unfolding smoothly. Powell's comments pushed up the probability of a half a percentage point hike at the upcoming March meeting to 72%. 3** NSDL data shows foreign investors sold a net $122.4 mln worth of Indian bonds on Mar.

☆ INDIA RUPEE Rupee poised to weaken after dollar jump on hawkish Fed
▼ + stars: | 2023-02-17 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Feb 17 (Reuters) - The Indian rupee is expected to open lower against the U.S. currency on Friday, following a surge on the dollar index after two Federal Reserve officials said they preferred bigger rate increases to tackle inflation. Non-deliverable forwards indicated the rupee will open at 82.80-82.85 to the dollar, compared with 82.7175 in the previous session. The dollar index was up at 104.26, while the Korean won tumbled 1%, dragging Asian currencies lower. Futures are now pricing a Fed terminal rate of near 5.30% and about 30 bps of rate cuts from July to December this year. "Hopes of an early Fed pivot have vanished," DBS Group Research said in a note to clients on Friday.

☆ INDIA RUPEE Dollar pullback ahead of U.S. inflation data to lift rupee at open
▼ + stars: | 2023-02-14 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Feb 14 (Reuters) - The Indian rupee was poised to open higher against the U.S. dollar, tracking a broad pullback on the currency in the lead-up to key U.S. inflation data due later on Tuesday. The non-deliverable forward market indicated an opening of around 82.60 for the rupee compared with 82.7175 in the previous session. Intraday position takers were not likely to chase the USD/INR pair lower at open, a spot trader at a Mumbai-based bank said. The overnight risk of the U.S. data and India's surprise on inflation would mean little follow-through after the open, he added. Asian currencies were mostly higher ahead of data that is expected to show that U.S. inflation had eased.

☆ INDIA RUPEE Fed rate outlook to push rupee lower; U.S. inflation data key this week
▼ + stars: | 2023-02-13 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

On the back of this repricing, the U.S. consumer inflation data due on Tuesday will draw more than the usual scrutiny. Economists polled by Reuters expect both the annual headline and core inflation rate to soften. Unless there is a big surprise in U.S. inflation data, the rupee should hold the 82.40-82.90 range, a trader at a Mumbai-based bank said. Also due later in the day is the India inflation data. The inflation rate is forecast to have risen to 5.9% in January from 5.72% in December.

MUMBAI, Feb 9 (Reuters) - The Indian rupee is expected to decline against the U.S. dollar on Thursday, weighed by hawkish comments from Federal Reserve officials and higher oil prices. The non-deliverable forwards indicated the rupee would open around 82.60-82.62 per dollar, compared with the 82.4925 closing in the previous session. Fed officials on Wednesday said more interest rate rises are on the cards in the central bank's efforts to bring down inflation. Moving to a rate of between 5.00% and 5.25% "seems a very reasonable view," New York Fed President John Williams said. Fed fund futures are pricing in rate cuts of about 30 to 35 basis points after peaking at around 5.12% in July.

☆ Rupee eyes RBI policy decision, weighs Powell's comments
▼ + stars: | 2023-02-08 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Feb 8 (Reuters) - The Indian rupee is likely to open little changed to the U.S. dollar on Wednesday, with traders weighing comments from Federal Reserve Chair Jerome Powell and awaiting the Reserve Bank of India's policy decision. The non-deliverable forwards indicate an opening of 82.68-82.74 for the rupee , compared with 82.70 in the previous session. We doubt RBI will have a major impact on the rupee, a trader at a Mumbai based bank said. Some market participants had expected Powell to adopt a more hawkish stance after the jobs report blew past expectations. Powell was "not materially more hawkish" than he was after the recent Fed decision, ING Bank said in a note.

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