Rupee Ends Against Dollar - Aug 19, 2008

The rupee lost nearly 60 paise against the greenback on Aug 18, following heavy dollar purchasing by oil companies and other corporates. The rupee which opened lower at 43.28 traded at an average level of 43.30 for the major part of the day. Towards the end of the trading session, heavy dollar purchasing pulled it down to close at 43.59/60, against Aug 14 close of 43.01. The rupee is 1.33 per cent lower than Aug 14 close.

Rupee Gains 27 Paise Against Dollar - Aug 14 , 2008

The rupee gained by 27 paise against the greenback on August 13 because of sustained demand for dollars from corporates. The domestic currency opened weaker at 42.56/58 and fell further to touch an intra-day low 42.77/78. The rupee closed at 42.64/65, against the previous close of 42.37/38. Dollar-buying by big corporate houses and the 119-point fall in the Sensex pulled the rupee down to its day''s low. The rupee partially recovered after the two foreign banks were seen selling dollars, added the dealer. The global strengthening of the dollar against other major currencies is likely to adversely impact the rupee as well. In the forward market, the 6-month premium closed marginally lower at 4.20 per cent (4.26) and the 12-month ended at 3.36 per cent (3.40).

Rupee Ends At 42.49 Against Dollar - Aug 05 , 2008

The rupee ended about 13 paise lower against the dollar on Aug 4, due to dollar purchasing by oil companies and news of Iran going ahead with its nuclear programme. The rupee opened at 42.45/46 and reached a high of 42.34. However, following this, the rupee fell continuously and ended at 42.48/49, lower from the previous close of 42.35/36. The forward premia also moved lower with the six-month closing at 4.22 per cent (4.6 per cent) and the 12-month closing at 3.54 per cent (3.88 per cent).

Rupee Appreciates Against Dollar - July 31 , 2008

The rupee appreciated against the dollar on July 30 tracking the upswing in the domestic stock market and the ease in oil prices. The rupee opened at 42.52/53 and touched an intra-day low of 42.58/59. It then gained to finally end at 42.36/37, against the previous close at 42.64/65. The rupee opened stronger with the overnight easing of global crude to $121 per barrel, against Tuesday''s $123 per barrel.

Rupee Ends At 42.15 Against Dollar - July 25, 2008

The rupee depreciated slightly against the dollar on a day that seen high volatility. The domestic currency opened stronger at 41.98 and closed at 42.14/15, against the previous close of 42.08/09. In intra-day trade, it reached a high of 41.82/83 and a low of 42.19/20. In the forward market, the 6-month premium closed lower at 4.63 per cent (4.77) and the 12-month ended at 3.90 per cent (4.07).

Rupee Ends At 42.68 Against Dollar - July 22 , 2008

The rupee increased by 15 paise against the dollar on a day that seen relatively thin trading volumes. The domestic currency opened higher at 42.66/68 and reached an intra-day low of 42.77/78. It closed at 42.67/68, against the previous close of 42.81/82. In the forward market, the 6-month premium closed higher at 5.23 per cent (5.09) and the 12-month ended at 4.40 per cent (4.29).

Rupee Ends At 43 Against Dollar - July 11, 2008

The rupee increased by 11 paise against the dollar on July 10 mainly due to heavy selling of dollars by big corporate houses. The domestic currency opened at 43.16/18 and reached an intra day low of 43.25. It closed at 43, against the previous close of 43.11/12. In the forward market, the 6-month premium closed higher at 4.68 per cent (4.16) and the 12-month ended at 4.05 per cent (3.67).

Rupee Ends At 43.12 Against Dollar - July 10, 2008

The rupee closed up by about 15 paise against the dollar on July 9 as global oil prices eased and political instability seemed to have been addressed for now. The rupee opened at 43.115 and reached a high of 43.09 during the day. It ended at 43.11/12, against the previous close of 43.26/27. In the forward premia market, the six month closed at 4.6 per cent (4.25 per cent) and the 12-month at 3.67 per cent (3.79 per cent).

Rupee Ends At 43.27 Against Dollar - July 9, 2008

The rupee appreciated slightly against the dollar on July 8 after the stock markets recovered some of the initial losses. The domestic currency opened at 43.33/34 and reached an intra day low of 43.41/42. It closed at 43.26/27, against the previous close of 43.29/30. Banks began selling dollars when the rupee touched 43.40, seemingly on instructions from the Reserve Bank of India. In the forward market, the 6-month premium closed at 4.23 per cent (4.52) and the 12-month ended at 3.75 per cent (3.95).

Rupee Up By 14 Paise Against US Dollar - July 7, 2008

The rupee gained 14 paise to close at 43.15/16 against the US currency after a smart rally in local equity markets and on some dollar selling by foreign banks. In active trade at the Interbank Foreign Exchange (Forex) market, the local unit opened slightly better at 43.25/26 and improved further to settle the day at 43.15/16 against yesterday''s close of 43.29/31 a dollar.

Forex dealers said rupee drew support from a firm trend in local equity market where the benchmark Sensex rose by 360 points. However, they quickly added that rupee is expected to remain under pressure as the crude oil prices remained high over USD 144 a barrel in Asian trade on July 4. Selling dollars at higher levels by some foreign banks also boosted the rupee sentiment.

The Reserve Bank of India (RBI), however, fixed the reference rate for US dollar at Rs 43.21 and for single European unit at Rs 67.92. The rupee premiums on forward dollar remained sluggish and ended further lower on sustained receivings by exporters. The benchmark six-month forward dollar premium payable in December ended at 95-97 paise, slightly down from 96-99 paise on Thursday and the far-forward maturing in June also closed lower at 161 - 165 paise from 171-174 paise previously.

Rupee Appreciates By 30 Paise - July 3, 2008

The rupee went up by almost 30 paise against the dollar on July 2 as it tracked the 700-point upswing in the domestic stock market. The local currency opened at 43.35/36 and rose during the day to end at 43.17, against the previous close at 43.47.

Dealers said that the rupee initially fell to 43.38 but recovered as the stock market started gaining. Market participants said that the rupee could range between 43.20 and 43.50 and would continue to track the stock market as well as the soaring global oil prices. In the forward market, the 6 month premium eased slightly to close at 4.94 per cent (5.47) and the 12 month ended at 4.24 per cent (4.57).

Buoyed By A Decline In The Value Of Rupee

Buoyed by a decline in the value of rupee, Indian expats in Kuwait are turning all stops to send maximum remittances back home.The remittances by Indian expats there have increased substantially in last three weeks. While the rupee jumped by 12 per cent last year, the surge in oil prices and other factors led to its decline by 8.2 per cent in 2008. A Kuwaiti Dinar (KD), which fetched Rs 143.5 in January, is now pegged at Rs 162. Titus E D, the director and general manager of Bahrain Exchange Company (BEC), said the current situation presented an opportune time for Indian expatriates.

"This is a win-win situation and NRIs should try to capitalise by remitting maximum money. The depreciation of rupee would not last for long. By the year end, I believe, the currency would rise against the dollar due to poor showing by the greenback. A substantial number of Indians are remitting their money through the door-to-door medium which is an efficient service, Titus said.

Recovering Part Of Initial Losses

Recovering part of initial losses, rupee on May 20 ended lower by six paise to 42.60/61 against dollar following weak Asian equity markets. In quiet trade at the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at 42.59/61 a dollar and dropped further to a loof 42.74 before recovering to end the day at 42.60/61, a loss of 6 paise over the previous close.

Sluggishness in Asian equity markets, including India, weighed upon the rupee sentiment.The BSE benchmark index, Sensex, was down by nearly 205 points at close on May 20. Expectations of slow-down in capital inflows due to high inflation and oil prices surging above $127 a barrel also have a negative impact on rupee sentiment, traders said.Inflation has risen to 7.83 per cent for the week ended May 3, 2008, mainly due to increase in prices of essential food items and some manufactured products.The Reserve Bank of India on Tuesday fixed the reference rate for dollar at Rs 42.67 and that for single European unit at Rs 66.39.Rupee premiums on forward dollar recovered smartly and ended higher on fresh paying pressure from banks and corporates.The benchmark six-month forward dollar premiums payable in October ended at 29-1/2 - 31 paise, higher from 23- 24 paise on Friday and the far-forward maturing in April also rose to 47 - 49 paise from 41 - 43 paise previously.

In cross currency trades, rupee reacted downwards against the British sterling, euro and the Japanese yen.Rupee fell back sharply against the pound sterling to end the day at Rs 83.66/68 per pound from previous close of Rs 82.87/89 per pound and also dropped against the single European currency to Rs 66.66/68 per euro from last close of Rs 65.84/86 per euro.The Indian unit too declined against the Japanese yen to close at 40.95/97 per 100 yen from overnight close of Rs 40.61/63 per 100 yen.

Rupee Declined By Around 30 Paise Against Dollar

The rupee declined by around 30 paise against the dollar, as foreign banks heavily purchased dollars in the last half hour of trade. The domestic currency opened at 42.44 and rose to 42.31/32 during the day. It however, declined to end at 42.75/76, against the previous close at 42.44/45. In the forward market, the 6 month premium closed at 1.38 per cent (1.68) and the 12 month ended at 1.31 per cent (1.33).

Rupee Depreciate By Five Paise

The rupee on May 13 depreciated by over five paise to 42.10/12 against the US currency following dollar buying by oil refiners and weak equity markets.

In high volatility at the Interbank Foreign Exchange (Forex) market, the domestic unit opened better at 41.96/98 a dollar from Monday''s close of 42.05/06 following weak dollar overseas and firm equity markets in early trade. However, negative turnaround in local share markets and sustained capital outflows weighed on the rupee sentiment. It, finally ended the day lower at 42.10/12. It moved in a wide range of 41.96 and 42.22 a dollar.

Rupee Crossed The Psychological Mark Of 42

The rupee crossed the psychological mark of 42, on May 12, due to lesser industrial production data, high oil price and inflation. The lack of dollar supply combined with continuing dollar demand from domestic oil companies, also made the greenback dearer in the currency market. On May 12, the rupee closed at 42.05 against the dollar, about 46 paise lower than the previous close of 41.59/60. The rupee was last witnessed at 42 levels in April 2007.

Rupee Lost Further Ground On May 7

The rupee lost further ground on May 7 and broke the psychological 41 level, plunging to its lowest in eight months. The Indian currency has depreciated by around Rs 1.20 since the annual review of the monetary policy on April 29, the day the rupee began its downward journey. The domestic currency opened on May 7 at 41.03/06 and reached an intra-day low of 41.41. It finally ended the day at 41.35/36, against the previous close at 40.96. The one-month delivery rupee in the NDF market was at 41.58 against the dollar at close. The rupee''s fall on May 7 was more because of panic feeding on itself. The 6-month closed at 1.79 per cent (1.63 per cent) and the 12-month ended at 1.51 per cent (1.44 per cent).

Rupee Gains 5 Paise Against Dollar

The Indian rupee gained five paise on Friday at 40.12/13 against the greenback as the strong equity markets raised hopes of fresh capital inflows, major driver behind the local currency, amid easing oil prices.

The domestic unit moved widely in a range of 40.1050 and 40.2450 on alternate bouts of dollar buying and selling during the day after resuming steady at its overnight closing level of 40.17/18 a dollar. Rupee drew support from strong equity market where the benchmark Sensex on Bombay Stock Exchange rose by 405 points or 2.42 per cent at at 17,125.98 points, a level not seen in almost two months.

Forex dealers said oil companies were buying dollars ahead of the month-end for their monthly import payments. However, demand for the American currency was well matched as exporters sold dollar at the day''s higher levels, said a dealer with a foreign bank. A fall in global oil prices also had a soothing impact on the rupee sentiment. World oil prices, which had threatened to break the symbolic 120-dollar-a-barrel level, were traded at USD 115.60 per barrel in Asian trade today following a recovery US dollar and rise in US crude stockpiles.

Rupee Tumbles To Five-Week Low

The Indian rupee tumbled by another 12 paise to nearly five-week low of 40.17/18 against the American currency on April 24 as oil companies stepped up dollar purchases after oil prices hit a new record high April 24.Forex dealers said the local currency buckled under pressure after a promising start at 40.00/01 a dollar as oil refiners frantically covered dollars to meet their month-end import bills amid inadequate supplies. At the Interbank Foreign Exchange (forex) market, the rupee moved in a wide range of 40.00 and 40.1850 during the day as all factors worked against the Indian unit. Earlier in the month, the central bank preferred to hold rupee to around 39.90 level against dollar before raising the Cash Reserve Ratio by 50 basis points to 8.0 per cent in a bid to contain rising inflation rate.

Rupee Ends At 40.05 Against Dollar

The rupee ended lower against the dollar on April 23 as there was offshore-related purchasing and short covering by traders. The rupee opened at 39.95/96 and reached a low of 40.08, before closing at 40.05/06, against the previous close of 39.95/96. The six-month premia closed at 2.33 per cent (2.86 per cent) and the 12-month at 1.99 per cent (2.26 per cent).