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Tech-Led global selloff, Fed rate fears weigh on Indian equities
Indian stock markets experienced their sharpest single-day drop in nearly a month, mirroring a global tech sell-off. The Nifty 50 and BSE Sensex both fell significantly, influenced by a strong US dollar and profit-taking after recent gains. While pharma and healthcare sectors showed resilience, most others, including metals and IT, declined. Market volatility increased, with analysts watching key support levels closely.
INR extends decline on a firm dollar overseas
The Indian rupee extended downside in opening trades on Tuesday as dollar stands tall on a hawkish Fed stance. Muted show in local equities tracking weakness in global counterparts also weighed on the currency although easing oil prices are seen capping further decline. NIFTY 50 is trading at 24,104.15, marginally up by 1.25 points (+0.01%) from its previous close while BSE SENSEX is holding around 77,073.40, down by 20.67 points (-0.03%). INR opened at Rs 94.73 per dollar and hit a low of 94.76 so far during the day. Yesterday, rupee depreciated more than 30 paise to close at 94.63 against the US dollar, weighed down by the strength of the American currency in the overseas market.
Firm strength in dollar offsets gains in INR made from positive equities and easing oil prices
The Indian rupee depreciated 34 paise to close at 94.67 (provisional) against the US dollar on Monday, weighed down by the strength of the American currency in the overseas market. Rupee witnessed volatility as steady debt and deposit inflows pulled the domestic currency in one way, while the lack of clarity on the Middle East peace deal and a firm dollar pulled it the other way. The Indian stock market, which snapped a five-day winning streak on Friday, rebounded and closed higher on Monday, lifted by gains in technology, healthcare and oil sectors. The mood in the market remained positive amid reports of progress in US-Iran peace talks. Additionally, weak oil prices eased concerns about inflation. The benchmark BSE Sensex closed up by 291.17 points or 0.38% at 77,094.07 after scaling a low of 77,160.67 and a high of 77,325.56 intraday. At the interbank foreign exchange market, the rupee opened at 94.42, registering a decline of 9 paise from its previous close. In intraday trade, ...
INR seen under pressure as DXY stays upbeat ahead of US data
The Indian rupee came under pressure in opening trades on Monday as dollar index remains firmly above 100 mark assessing geo-political situation in Middle East. As per media reports, US President Donald Trump over the weekend threatened strikes on Iran if Hezbollah keeps attacking Israel, raising concerns about progress for peace talks between Washington and Tehran. Markets now look ahead to the weeks release of the US PCE price index, the Federal Reserves preferred measure of inflation after Fed left rates unchanged last week. Meanwhile, INR opened at Rs 94.42 per dollar and slipped to a low of 94.48 so far during the day. On Friday, the counter ended at 94.33. Easing crude oil price from multi-year highs are however lending some support to the counter. Local equities in positive zone are also supporting rupee to some extent.
INR extends downside as dollar firms and oil renews surge
The Indian rupee slipped back against the dollar in opening trades on Thursday as dollar index renewed gains and crude oil prices took flight. The dollar index traded around 100 on Thursday, lingering near its highest levels in two months amid fresh US attacks over Iran and as US consumer inflation accelerated in May to its fastest pace in more than three years due to soaring energy costs. INR opened at Rs 95.55 per dollar and slipped further to a low of 95.64 so far during the day. Yesterday, rupee was largely flat and settled almost unchanged at Rs 95.25 per dollar. Rupee pared its initial losses as crude oil prices and the US dollar index retreated from their elevated levels. Local equities are likely to open on a cautious note on Thursday as concerns mounted about a re-escalation of the Middle East conflict and a stronger U.S. inflation print reinforced expectations that borrowing costs would remain higher for longer. On Wednesday, Indian shares gave up early gains to end little .
INR pares initial losses and settles largely unchanged
The Indian rupee was largely flat and settled almost unchanged at Rs 95.43 per dollar, down just 2 paise on Wednesday, amid likely intervention from the Reserve Bank of India (RBI) to curb excessive volatility and prevent a further slide in the domestic unit. Rupee pared its initial losses as crude oil prices and the US dollar index retreated from their elevated levels. Indian shares gave up early gains to end little changed on Wednesday as investors weighed rising U.S.-Iran tensions and awaited key U.S. inflation data later in the day for fresh insights into market expectations for future interest rates in the face of rising energy-driven inflation risks. The BSE Sensex ended the day at 73,983.18, up by 64.42 points (0.09%), while the NSE Nifty 50 settled at 23,214.95, slipping by 27.15 points (-0.12%).
INR stays pressured amid elevated oil prices and firm dollar overseas
The Indian rupee is staying largely unchanged in opening trades on Tuesday amid elevated oil prices and relatively firm dollar overseas. INR opened at Rs 95.47 per dollar and hit a low of 95.62 so far during the day. Yesterday, rupee lost further momentum and settled the day lower by around 40 paise at Rs 95.61 per dollar. Dollar index spiked above 100 for the first time in two months following a strong jobs data on Friday, driving sooner than expected rate hike by Fed but has edged marginally below the level today. Meanwhile, Indian shares fell sharply on Monday, mirroring weak cues from global markets as Middle East worries persisted and robust U.S. jobs data led traders to ramp up bets on a Federal Reserve rate hike this year. The BSE Sensex and NSE Nifty 50 settled lower amid weak global cues, escalating tensions in West Asia, and rising crude oil prices. The Sensex dropped 719.08 points (0.97%) to settle at 73,524.26, while the Nifty fell 243.70 points (1.04%) to end the day at .
INR dragged lower by negative cues from equities, surging oil and firm dollar overseas
The Indian rupee lost further momentum during the course of the day and is seen settling the day lower by around 40 paise at Rs 95.57 per dollar. Elevated crude oil prices and firm dollar index around 100 mark are seen pressurizing rupee. Dollar index spiked above 100 for the first time in two months following a strong jobs data on Friday, driving sooner than expected rate hike by Fed but has edged marginally below the level today. Meanwhile, Indian shares fell sharply on Monday, mirroring weak cues from global markets as Middle East worries persisted and robust U.S. jobs data led traders to ramp up bets on a Federal Reserve rate hike this year. The BSE Sensex and NSE Nifty 50 settled lower amid weak global cues, escalating tensions in West Asia, and rising crude oil prices. The Sensex dropped 719.08 points (0.97%) to settle at 73,524.26, while the Nifty fell 243.70 points (1.04%) to end the day at 23,123.00. Also, rupee weakened despite the Indian government introducing a ...
INR regains momentum with all eyes on RBI monetary policy
The Indian rupee is regaining some momentum in opening trades on Friday as the global crude oil prices eased and market participants keenly awaited the RBI's MPC decision today. Heightened geopolitical tensions between the US and Iran drove energy volatility and aggressive safe-haven buying capped sharp gains in the local unit. INR opened at Rs 95.72 per dollar and hit a high of 95.63 so far during the day. Yesterday, rupee depreciated 7 paise to close at 95.83 against the US dollar. Local markets opened in the green with investors closely watching the Reserve Bank of India (RBI) monetary policy announcement scheduled for today. The Indian benchmark indices are trading higher today, with the NIFTY 50 hovering around 23,442.30 (+0.11%) and the S&P BSE SENSEX trading at 74,556.68 (+0.26%).
INR settles lower as prolonged West Asia crisis poses a major risk for India; RBI eyed
The Indian rupee depreciated 7 paise to close at 95.83 (provisional) against the US dollar on Thursday, as heightened geopolitical tensions between the US and Iran drove energy volatility and aggressive safe-haven buying. The prolonged West Asia crisis poses a major risk for India, which relies heavily on energy imports. Market participants are now turning their attention to the Reserve Bank of India's MPC rate decision on June 5, as inflation, growth and the rupee are under focus. The six-member MPC, headed by RBI Governor Sanjay Malhotra, will announce its decision on June 5. Indian equity benchmarks ended flat but resilient today, recovering from early intraday losses. The NSE Nifty 50 closed marginally higher by 10.95 points (0.05%) at 23,416.55, while the BSE Sensex inched up 13.84 points (0.02%) to finish at 74,360.01. The primary catalysts for the market recovery were breaking news of potential tax concessions for foreign institutional investors (FIIs) and tentative signs of ..
INR continues to stay pressured near record lows
The Indian rupee continues to stay pressured near record low levels in opening trades on Thursday, as strong dollar demand, surging crude oil prices, geopolitical tensions, and relentless foreign capital outflows dented investor sentiments. Meanwhile, the US Trade Representative proposed a 12.5 per cent additional duties on Indian imports, citing labour violations, further weighing on the counter. INR opened at Rs 95.70 per dollar and hit a low of 95.75 so far during the day, yesterday, the pair settled lower at 95.72. Muted local equities also failed to support the local unit. The BSE Sensex is trading at 74,191.65 (down 0.21%) and the NSE Nifty 50 stands at 23,322.60 (down 0.35%), extending losses due to escalating conflicts in West Asia, surging Brent crude oil prices and sustained foreign portfolio investor (FPI) selling.
Growing geo-political tensions dampen rupee sentiments; US proposes fresh tariff on India
The Indian rupee depreciated 35 paise to close at 95.72 (provisional) against the US dollar on Wednesday, after the US Trade Representative proposed a 12.5 per cent additional duties on Indian imports, citing labour violations. Besides, a strong dollar demand, surging crude oil prices, geopolitical tensions, and relentless foreign capital outflows dented investor sentiment further. At the interbank foreign exchange market, the rupee opened at 95.43 against the US dollar, then touched an intraday low of 95.80 and finally ended the session at 95.72 (provisional), down 35 paise from its previous close. The Indian equity benchmarks closed lower after a volatile session, with the BSE Sensex falling 303.67 points (0.41%) to settle at 74,346.17 and the NSE Nifty 50 dropping 77.95 points (0.33%) to end at 23,405.60.