INR=X - USD/INR
| Previous close | 74.738 |
| Open | 74.63 |
| Bid | 74.63 |
| Day's range | 74.63 - 74.63 |
| 52-week range | 68.2023 - 77.7550 |
| Ask | 74.64 |
- Bloomberg
India Rupee’s Rally Leaves Traders Gauging RBI’s Forex Strategy
(Bloomberg) -- India’s rupee hit a three-month high after breaking out of a tight trading band, boosted by strong inflows and expectations that the central bank may be slowing its purchases of dollars.The rupee rose as much as 0.6% to 74.5562 per dollar, its highest since March 27, before closing up 0.5%. The currency has strengthened 1.3% this week in Asia’s best performance.The currency rallied 0.8% on Thursday, with traders attributing the strength to inflows from Reliance Industries Ltd.’s stake sales in its digital unit and the Reserve Bank of India stepping away from buying dollars. The prospect of a rare current-account surplus following robust foreign flows and low oil prices has burnished the rupee’s outlook, which was the region’s biggest decliner in the first six months of 2020.“India’s balance of payments surplus is one of the strongest in recent years, and we see that continuing to support the INR,” said Divya Devesh, head of Asean and South Asia FX research at Standard Chartered Plc in Singapore. “While the central bank is likely to continue with its reserves building, historically, they have not targeted specific levels.”Overseas funds piled $4.2 billion into Indian stocks in the June quarter, the highest in Asia. Reliance’s unit Jio Platforms Ltd. alone has attracted about $16 billion via stake sales. The investment arm of Intel Corp. on Friday agreed to pay 18.95 billion rupees ($253 million) for a slice of Jio.READ: Even With $500 Billion Warchest, RBI Won’t Let Rupee ClimbDespite the gush of inflows, the RBI has been resolutely purchasing dollars to build reserves, which have surged past $500 billion to a record. The central bank is estimated to have bought $17.2 billion in the seven weeks through June 19, according to Bloomberg Economics. Traders cited intermittent dollar buying by state-owned banks on Friday.“The RBI seemed to intervene around noon to minimize volatility after yesterday’s swing,” said Jateen Trivedi, senior research analyst - currency & commodities at LKP Securities Ltd.While accumulating reserve might slow the rupee’s ascent, it is unlikely to stop gains amid weakness in the U.S. dollar, StanChart’s Devesh said. He is recommending investors to ‘short’ USD-INR with a target of 73.50.(Updates with closing prices)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Investing.com
Dollar Weakens as Economic Data Improves
The dollar edged lower in early European trade Friday, with volumes hit by the U.S. holiday and traders weighing the conflicting influences of positive economic data and the increasing number of coronavirus cases. Economic data released earlier Friday pointed to a brisk pickup in the Chinese service sector, with the Caixin Services Purchasing Managers Index coming in at 58.4 in June, the highest reading in two months. “Fed money printing has now secured what seems to be a stable negative correlation between risk assets and the dollar,” said analysts at ING, in a research note.
- Reuters
Rupee hits record low amid coronavirus scare
The Indian rupee dropped to a record low on Friday, weighed down by worries over the coronavirus pandemic that has prompted investors to dump riskier assets and move towards safe havens. The dollar stood tall on Friday as investors scrambled for the world's most liquid currency amid deepening panic while the euro nursed losses after the European Central Bank disappointed by not cutting rates.
- Reuters
Weak growth to pull down Indian rupee, coronavirus fears to impinge: Reuters poll
The battered Indian rupee will weaken further against the dollar over the coming year as a significant pickup in economic growth is unlikely, according to a Reuters poll of strategists who said the coronavirus outbreak was a downside risk. While Reserve Bank of India Governor Shaktikanta Das has said reviving growth was a 'national objective' in coordination with the government, the latest budget provided only minimal support to the slowing economy. That comes as a deadly coronavirus epidemic that is spreading globally has spooked investors and sent them rushing for cover into safe-haven assets and shunning emerging markets.
- Reuters
EM ASIA FX-Malaysian ringgit, Indian rupee lead slight recovery; virus fears persist
* Ringgit, rupee gain about 0.2% each * Baht stays flat after GDP forecast cut * U.S. Fed meeting outcome awaited (Adds text, updates prices) By Aby Jose Koilparambil Jan 29 (Reuters) - Most Asian currencies firmed slightly on Wednesday, recovering from falls in the previous session, but worries over the likely economic impact from the coronavirus outbreak in China lingered. Nerves in the market were calmed to some extent after the World Health Organisation and Chinese President Xi Jinping expressed confidence in Beijing's ability to contain the spread of the new coronavirus. The outbreak, which started in the central Chinese city of Wuhan late last year, has killed 132 people and infected nearly 6,000 so far in China.
- Reuters
Battered Indian rupee to extend losing streak this year: Reuters poll
The Indian rupee will extend its two-year-long weakening streak this year, dragged down by an ongoing economic slump that has defied easing measures from policymakers, as well as by bets for a stronger dollar, a Reuters poll showed. After a terrible 2018, losing almost 10%, the rupee - in line with a sell-off in other emerging market assets - fell 2.6% in 2019, largely due to an escalation in the U.S.-China trade war that pushed investors to shelter in U.S. assets. The rupee has also suffered from persistent weakness in the domestic economy, which has failed to recover despite aggressive rate cuts by the Reserve Bank of India and supportive fiscal measures from the government.
- Reuters
Yuan bulls return on trade deal hopes, growth worries cloud rupee's outlook: Reuters poll
U.S. President Donald Trump said last week that the 'phase one' deal with China, which will reduce U.S. tariffs in exchange for a boost in Chinese purchases of certain American goods, would be signed on Jan. 15. Long positions on the Chinese yuan were at their highest since March last year, a poll of 16 respondents showed. "Given that the Chinese yuan is holding below the 7.0 level against the U.S. dollar, that is offering some measure of support for regional currencies," Han Tan, a market analyst at FXTM said.
- Reuters
Rupee on slippery slope for a year at least: Reuters poll
The Indian rupee will not recover lost ground in the coming year, according to a Reuters poll of currency strategists who are more pessimistic than last month amid doubts over any kind of trade truce between the United States and China. Most emerging markets currencies have depreciated against the U.S. dollar, hurt by the tit-for-tat trade war between the world's two largest economies, and there are scant signs of a resolution anytime soon. Also weighing on the currency's outlook, the Reserve Bank of India has cut its key interest rate by 135 basis points so far this year to support a slowing economy.
- Reuters
Indian rupee on slippery slope for a year at least - Reuters poll
The Indian rupee will not recover lost ground in the coming year, according to a Reuters poll of currency strategists who are more pessimistic than last month amid doubts over any kind of trade truce between the United States and China. Most emerging markets currencies have depreciated against the U.S. dollar, hurt by the tit-for-tat trade war between the world's two largest economies, and there are scant signs of a resolution anytime soon. Also weighing on the currency's outlook, the Reserve Bank of India has cut its key interest rate by 135 basis points so far this year to support a slowing economy.
- Investing.com
Dollar Consolidates After Hitting 3-Week High on Trade Hopes
Investing.com -- The dollar was consolidating in early trade in Friday after surging to a three-week high on Thursday in response to growing confidence that the economically damaging tariffs enacted by the U.S. and China on each other’s products will be reversed.
- Reuters
Slowing Indian economy spells tough times ahead for the rupee: Reuters poll
A slowing domestic economy will prevent India's rupee from recouping this year's losses against the dollar in 2020, with optimism around an easing in the U.S.-China trade dispute not enough to give it a further boost, a Reuters poll showed. After falling nearly 9% in 2018, the Indian currency has shed another 4% this year to touch a 2019 trough of 72.40 per dollar on Sept 3. A barrage of rate cuts from the Reserve Bank of India this year - five reductions in succession for a total of 135 basis points off the repo rate, now at 5.15% - has done nothing concrete so far to revive a slowing Indian economy.
- Reuters
EM ASIA FX-S Korean won leads broad-based gains; Indian rupee firmer
* Won hits strongest level in more than 4 months * Taiwanese dollar appreciates to an over 16-month high * Yuan hits firmest point in more than two-and-a-half months (Adds text, updates prices) By Aby Jose Koilparambil Nov 4 (Reuters) - Asian currencies strengthened on Monday, with the South Korean won leading the gains, as growing optimism over a potential Sino-U.S. trade deal and upbeat U.S. jobs data whetted investors' risk appetite. There were comparatively significant gains in the Indian rupee and the Chinese yuan as well, advancing up to 0.4% and 0.2%, respectively.
- Reuters
Indian rupee unlikely to gain traction as investors stay shy: Reuters poll
The Indian rupee will not regain ground lost against the dollar in the coming year, according to strategists polled by Reuters, who believe a recent rollback of a surcharge on foreign investments will have no impact on the currency. After gaining about 2% following a sweeping victory in the general election by the incumbent government late in May, the rupee has lost nearly 6% since a July 5 budget when a surcharge on foreign investments was introduced. The Aug 29-Sept 4 Reuters poll of over 50 strategists predicted the currency will trade around 72 per dollar over the coming year.
- Reuters
Most Asian units slip as trade tensions weigh; Indian rupee falls most
Late on Monday, Bloomberg News reported that Chinese and U.S. officials are struggling to agree on a schedule for a round of trade negotiations that were expected this month. "Such headlines lay bare the tremendous gulf between the U.S. and China in reconciling their differences over trade, leaving the global economy hanging in the balance," Han Tan, Market Analyst at Cyprus-based brokerage FXTM said. The Indian rupee and the Malaysian ringgit were the worst performers in the region, playing catch up with peers as both markets re-opened for trade after a holiday on Monday.
- FX Empire
Forex Daily Recap – Rupee Pair Slipped -0.48% over Economic Stimulus Hopes
In the USD Index, the bulls continued to take over the bears even today. Interim, rising odds for a no-deal Brexit was making the Cable traders upset.
- Reuters
Rupee forecast to bounce back from recent drubbing: Reuters poll
India's rupee will recoup this year's losses against the dollar over the coming 12 months, according to market strategists polled by Reuters, who said the issuance of sovereign bonds in foreign currencies may help prop it up. Rising political risk after India revoked the special status of Kashmir - the Himalayan region that has long been a flashpoint in relations with Pakistan - knocked the rupee on Tuesday, pushing it to a 5-month low of near 71 per dollar. Emerging market currencies tumbled on Monday following an escalation in the U.S.-China trade war, with the Chinese authorities allowing the yuan to weaken to above 7 per dollar for the first time in over a decade.
- Reuters
India's rupee forecast to bounce back from recent drubbing - Reuters poll
India's rupee will recoup this year's losses against the dollar over the coming 12 months, according to market strategists polled by Reuters, who said the issuance of sovereign bonds in foreign currencies may help prop it up. Rising political risk after India revoked the special status of Kashmir - the Himalayan region that has long been a flashpoint in relations with Pakistan - knocked the rupee on Tuesday, pushing it to a 5-month low of near 71 per dollar. Emerging market currencies tumbled on Monday following an escalation in the U.S.-China trade war, with the Chinese authorities allowing the yuan to weaken to above 7 per dollar for the first time in over a decade.
- Reuters
Rupee, Indonesian rupiah, Thai baht fall as oil prices surge
Any rise in oil prices puts pressure on major importers of the commodity in the region such as India, Indonesia and Thailand. The dollar would hold the upper hand in Asia this week and the "jittery risk environment" surrounding Iran tensions could further impinge on the Asian currencies, OCBC Bank analysts said in a note on Monday.
