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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 ...
7 most valued firms' mcap eroded ₹1.25 trn last week, RIL took biggest hit
The combined market valuation of seven of the top-10 most-valued firms eroded by Rs 1.25 lakh crore last week, with Reliance Industries taking the biggest hit, in-line with a bearish trend in equities. Last week, the BSE benchmark Sensex declined 532.4 points, or 0.71 per cent, and the NSE Nifty dipped 181.05 points, or 0.76 per cent. "Persistent FII selling remained the key drag on market sentiment despite supportive developments such as cooling crude oil prices and a recovery in the rupee against the US dollar. Concerns regarding the pace of monsoon advancement also weighed on investor confidence," Santosh Meena, Head of Research at Swastika Investmart Ltd, said. From the top-10 pack, Reliance Industries, Bharti Airtel, Tata Consultancy Services (TCS), Bajaj Finance, Larsen & Toubro, Life Insurance Corporation of India (LIC) and Hindustan Unilever faced erosion from their valuation, while HDFC Bank, ICICI Bank, and State Bank of India were the gainers. The market valuation of ...
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.
INR depreciates further to one-week low as oil stays elevated amid Middle East turmoil
The Indian rupee depreciated further in opening trades on Wednesday as oil prices stay elevated, driving fears of inflationary pressures in future. INR opened at Rs 95.43 per dollar and hit a low of 95.65 so far during the day. Yesterday, rupee fell 15 paise to close at 95.34 against the US dollar, as global crude oil prices jumped and the American currency remained firm amid massive safe-haven inflows. Significant foreign fund outflows also weighed on the investor sentiments. Local equities continue to stay strained in early trades with BSE Sensex trading at 73,866.45, down by 783.39 points and NSE Nifty 50 trading at 23,247.90, down by 235.65 points.
INR extends slump beyond Rs 95 per dollar mark
The Indian rupee extended slump beyond Rs 95 per dollar mark on Tuesday as oil prices shot up late yesterday amid stalled talks between US and Iran reigniting fears of oil supply disruption. Crude oil prices surged following reports from Iran's news agency indicating that Tehran has halted indirect negotiations with the United States. INR opened at Rs 95.16 per dollar and hit a low of 95.18 so far during the day. Yesterday, the counter settled at 95.19. Meanwhile, the Indian stock market is extending its losses today, tracking weak global cues and Middle East tensions. The BSE Sensex dropped by over 440 points in early trade, slipping into the 74,200 range, while the NSE Nifty 50 fell beneath the 23,250 mark.
INR slides further as renewed geopolitical tensions led to surge in crude oil prices
The Indian rupee depreciated 5 paise to close at 94.90 (provisional) against the US dollar on Monday, amid renewed geopolitical tensions between the US and Iran and surge in crude oil prices. Strength of the American currency in the overseas market and Israel-Lebanon tensions also deteriorated global risk sentiments. At the interbank foreign exchange market, the rupee opened at 94.93 against the US dollar, then touched an intraday high of 94.73 and a low of 95.03 during the day. Meanwhile, domestic markets also closed sharply lower due to escalating Middle East tensions, surging crude oil prices, and ongoing foreign institutional investor (FII) outflows. The BSE Sensex settled at 74,267.34, down by 508.40 points (0.68%), and the NSE Nifty 50 ended at 23,382.60, dropping 165.15 points (0.70%).
INR appreciates near three-week high as oil retreats on ceasefire talks
The Indian rupee appreciated 53 paise to close at 95.05 (provisional) against the US dollar in early trade on Friday, as renewed optimism over the peace deal between the US and Iran boosted market sentiments. The domestic currency gained momentum near a three week high on an overnight decline in crude oil prices and a fall in the US dollar, after the US and Iran reached an understanding to extend the ceasefire for another 60 days although Trumps approval on the same is awaited. On Thursday, the US and Iranian negotiators reached a tentative agreement to extend the ceasefire by 60 days and start a new round of talks on Iran's nuclear programme. Meanwhile, BSE Sensex closed about 1.4% down at 74,775.7 on Friday, extending losses for a third session, restricting upside in the counter as investors remained cautious amid ongoing FII outflows, persistent geopolitical uncertainty and weaker-than-normal monsoon forecasts that could impact inflation.
INR settles on flat note amid renewed tensions between the US and Iran
The Indian rupee settled on a flat note, higher by 2 paise at 95.68 (provisional) against the US dollar on Wednesday, as renewed tensions between the US and Iran and delays in negotiations kept investors cautious. Meanwhile, an uptick in American currency and weak domestic markets also pressured the rupee. Attention has shifted toward the upcoming RBI Monetary Policy Committee meeting scheduled between June 3 and 5. At the interbank foreign exchange market, the rupee opened at 95.60 against the US dollar, and touched an intra-day low of 95.79 against the American currency. The BSE Sensex settled 141.90 points (0.19%) lower at 75,867.80, while the NSE Nifty 50 marginally dipped 6.55 points (0.03%) to close at 23,907.15.
INR loses momentum amid renewed concerns on war front that could trigger oil spike
The Indian rupee lost momentum in opening trades on Tuesday amid uncertainty surrounding West Asia crisis that could once again trigger a flight in oil prices. Rupee regained near two week high amid signs of easing tensions in the war region which led to a sharp slide in crude oil prices and retreat in dollar index. However, caution in equities and foreign flows are keeping sentiments at bay for the local unit. INR opened at Rs 95.43 per dollar and hit a high of 95.33 so far during the day. Yesterday, rupee appreciated 34 paise to close at 95.26 against the US dollar , registering the third straight session of gain, on optimism that the US and Iran were moving close to a peace deal even though they remained at odds over key issues, including blockades on the Strait of Hormuz. The NIFTY 50 and BSE Sensex indices opened for trading today at 24,004.10 and 76,224.14, respectively. Asian stock markets are trading mixed this morning, amid renewed uncertainty about a potential peace deal to