The Rupee Bounced Back By 18 Paise - March 24, 2009

The rupee bounced back by 18 paise and closed at 50.45/46 as against the greenback due to rally in local stocks due to increased capital inflows amid a weakening dollar overseas. Also the dollar buying by the oil companies, however, put pressure on the rupee. The domestic currency moved in a limited range of 50.40 and 50.66 during the day after resuming stronger at 50.48/50 a dollar from its Friday''s close of 50.63/64 a dollar.

The Reserve Bank of India fixed the reference rate for the dollar at Rs 50.52 and for the euro at Rs 69.11. The rupee premiums on the forward dollar closed lower due to continued receivings by the exporters. The benchmark six-month forward dollar premium payable in August closed at 86-88 paise lower from 86-1/2-88-1/2 paise on Friday. In line with this, the far-forwards maturing in February also closed down at 134-136 paise from 137-139 paise previously.

In cross-currency trade, the rupee dropped against the pound sterling to close the day at Rs 73.71/73 from its previous close of Rs 73.08/10. Also it dipped against the euro to Rs 68.82/84 from its previous close of Rs 68.76/78. However, the rupee closed sharply higher against the Japanese yen at Rs 52.11/13 per 100 yen from its last weekend''s close of Rs 53.07/09 per 100 yen.

Rupee Rallies By 11 Paise - March 17, 2009

The Indian rupee in line with the firm equity markets also rallied further by eleven paise to close at 51.40/41 against the greenback. The rupee also got the boost from the weak dollar overseas that amid fresh capital inflows.

In two-way trade at the Interbank Foreign Exchange (Forex) market, the domestic unit resumed higher at 51.33/34 a dollar from its previous close of 51.51/52 but later slipped to a low of 51.70 in afternoon trade due to weakness in local equity markets. However, a smart recovery from the initial downtrend in stocks led the rupee to rebound to a high of 51.31 a dollar before concluding the day at 51.40/41

The BSE Sensex closed up by 186.93 points or 2.13 per cent, gaining a total 783.14 points or 9.60 per cent in three trading days since March 12.

Indian Rupee Reported The Biggest Fall - Feb 18, 2009

The Indian rupee on Feb 17 reported the biggest fall in more than three months, to close at nearly two-and a half month low of 49.70/72 against the US currency. The forex dealers attributed the steep fall to the extremely sluggish global equity markets, which they said may lead to increased capital outflows. Besides this, the strong dollar buying by banks to sell in the offshore non-deliverable forwards market also put pressure.

The rupee in a one-way trade at the Interbank Foreign Exchange (Forex) market, opened sharply lower at 49.00/01 a dollar and fell further to settle at 49.70/72 a dollar. The domestic currency tumbled by 119 paise or 2.47 per cent on November 12, 2008.

Indian Rupee Fell - Feb 17, 2009

The Indian rupee on Feb 16 fell 15 paise to close at 48.82/83 as compared to the greenback. At the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at 48.78/79 a dollar and slipped further to close at 48.82/83. Besides the weak equity markets, the closing of markets in for observing President Day Holiday, weighed on the domestic currency.

Meanwhile, the benchmark Sensex on the Bombay Stock Exchange fell over 320 points as interim budget presented today in Parliament turned out to be a non-event.

Rupee Gains Four Paise - Feb 12, 2009

The Indian rupee also rebounded from its initial weakness and closed up by nearly four paise to 48.68/70 against the greenback. In the active trade at the Interbank Foreign Exchange (Forex) market, the local currency resumed sharply lower at 48.83/84 a dollar from previous close of 48.72/73. It touched a low of 48.88 per dollar. However, it recovered sharply in the later part of the day in line with the equity markets and closed at 48.68/70. The anticipation of the increased inflows of capital after the easing of foreign direct investment (FDI) norms by the government also helped the rupee recovery.

The Reserve Bank of India fixed the reference rate for the US dollar at Rs 48.82 and for the euro at Rs 63.07. The benchmark six-month forward dollar premium payable in July closed up at 50-52 paise as against 47-1/2-49-1/2 paise on Tuesday and along with this the far-forwards maturing in January closed up at 87-1/2-89-1/2 paise from 84-1/2-86-1/2 paise previously. In cross-currency trade, the rupee grew against the pound sterling and the euro while moved down further against the Japanese yen.

The dealers attributed the fall in the rupee to a firm dollar overseas against its major rivals after the US Senate passed the $838 bn economic stimulus plan. However, the fears over the effectiveness of the rescue plan weighed on the global equity markets.

Indian Rupee Gains - Jan 31, 2009

The Indian rupee on Jan 30 settled up by 10 paise against the US dollar after making a recovery from its early losses. At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed lower at 49.13/14 a dollar on the back of initial weakness in the domestic equity markets amid sustained capital outflows. The rupee touched a high of 48.84 before ending the day at 48.87/88.

In the early stages the firm dollar overseas also weakened the demand for rupee. Besides this, some month-end dollar demand from the importers also put pressure on the rupee in morning deals.

The benchmark six-month forward dollar premium payable in July closed at 56-58 paise while the far-forwards maturing in January closed at 93-95 paise from 91-93 paise previously. In cross-currency trade, the domestic currency grew against the pound sterling to close at Rs 69.90/92 per pound from previous close of Rs 70.06/08.

Indian Rupee Ended The Day Cheaper - Jan 23,2009

The Indian rupee ended the day cheaper by 3-4 paise at 49.14/16 against the greenback on Jan 22 on strong demand for dollar from foreign funds. The rupee resuming stronger at 48.88/90 a dollar from its earlier close of 49.11/12 a dollar at the Interbank Foreign Exchange (Forex) market but later fluctuated between 48.85 and 49.20 during the day.

The market was directionless amid indications of increased pressure for the short-term as the oil refiners are expected to begin purchases of dollar for their month-end import payments, dealers in foreign exchange said. The dealers also said that the domestic currency came under pressure on a dramatic buying spree from foreign investors. Meanwhile, the dollar turned weak against the Japanese yen and the euro in the overseas market.

Indian Rupee Gains Against Dollar - Jan 22, 2009

The Indian rupee on Wednesday ended up by nine paise at 49.11/12 against the greenback on dollar offloading by some banks amid the US currency''s gaining strength against its rivals in the overseas market. The domestic unit opened lower at 49.25/27 a dollar on Wednesday. It later touched a low of 49.40 on bearish equity markets and continued capital outflows. With dollar supply improving, the local unit touched a high of high of 49.03 before concluding the day at 49.11/12 against a dollar.

Rupee Gains Against Dollar - Jan 20, 2009

The Indian rupee on 19 Jan appreciated further by 15 paise against the US currency in early trade on weak dollar and hopes of firm opening on the Indian stock markets. The domestic currency at the Interbank Foreign Exchange (Forex) market traded higher at 48.64 against dollar, a rise of 15 paise over the earlier close of 48.79/80 a dollar.

Indian Rupee Firmed Up - Jan 15, 2009

The Indian rupee On Wednesday firmed up on the back of hopes for fresh Capital inflows after the Indian stock market surged by breaking its past four day losing trend. The rupee closed at 48.85/86 per dollar stronger than its previous close of 49.11/12.

Fall In Indian Rupee - Jan 13, 2009

The Indian rupee on Monday weakened backed by the demand for dollars from some corporates and banks looking at arbitrage in the offshore markets weighed, with a fall in the local share market adding to the pressure.

The partially convertible rupee closed at 48.84/85 per dollar, 1.2 percent weaker than its previous close of 48.27/29.

Indian rupee up on lower oil - July 17, 2008

The Indian rupee strengthened on July 16 as global oil prices backed further away from record levels, marginally easing concerns over a widening trade deficit, but losses in local shares limited gains. The partially convertible rupee ended at 43.07/08 per dollar, 0.4 percent stronger than 43.23/24 at Tuesday''s close. It hit a 15-month low of 43.50 earlier this month.Oil prices came below $137 per barrel in the latter half of the day, so the rupee also edged up, a dealer with a private bank said. Oil was trading just above $137 a barrel. India''s government will have to prove its majority in a parliamentary vote next week after its communist allies withdrew support over a nuclear energy deal with the United States.

Indian Rupee Gained Against Dollar - June 24,2008

The Indian rupee on June 23 gained three paise at 42.96/97 against the greenback on sustained capital outflows amid weak equity markets and some dollar selling by exporters. At the Interbank Foreign Exchange (Forex) market, the domestic currency moved in a very limited breadth of 42.95 and 42.98 a dollar before ending at 42.96/97 from previous close of 42.93/94 per dollar.

Forex dealers said intervention by the central bank to support the rupee helped the local unit to remain range bound through the day and closed at the opening level.Sustain offloading by Foreign Institutional Investors (FIIs) mainly weighed on the rupee sentiment, they said. FIIs sold shares worth $2.09 billion in the current month till June 23 and also pulled out a whopping nearly $5.9 billion in the current calender so far.