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During the day, the currency hit an all-time low of 83.68 against the dollar before recovering marginally

Rupee falls 17 paise to hit 2-month low of 83.61; hits an all-time low of 83.68 in early trade

During the day, the currency hit an all-time low of 83.68 against the dollar before recovering marginally

The rupee fell by 17 paise to close at a two-month low of 83.61 against the US dollar on Thursday, driven by surging crude oil prices amid renewed geopolitical tensions in the Middle East.
Rupee weakness continued despite domestic equity markets reaching new peaks. During the day, the currency hit an all-time low of 83.68 against the dollar before recovering marginally. Also read/watch -<a title=" Indian funds in Swiss banks drop 70% to a 4 year low of Rs 9,771 crore " href="https://www.editorji.com/business-news/indian-funds-in-swiss-banks-drop-70-to-a-4-year-low-of-rs-9-771-crore-1718887049398"> Indian funds in Swiss banks drop 70% to a 4 year low of Rs 9,771 crore</a>
As per PTI, forex traders noted that the inflow of foreign capital and positive momentum in domestic equity markets were insufficient to support the rupee, which remained under pressure from a strong US dollar against major global currencies.
On Wednesday, the rupee settled 1 paisa lower at 83.44 against the US dollar.
Earlier, the domestic currency closed at 83.61 against dollar on April 16 this year.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.25, higher by 0.10 per cent

Indian rupee slips 6 paise to close at 83.56 against US dollar

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.25, higher by 0.10 per cent

The rupee settled for the day lower by 6 paise at 83.56 (provisional) against the US dollar on Tuesday, weighed down by a muted trend in domestic equities and the strength of the American currency in overseas markets.
Forex traders said the US dollar strengthened due to increased demand from oil importers and stronger-than-expected economic data from the US. Moreover, elevated crude oil prices also weighed on the local unit.
At the interbank foreign exchange, the local unit opened at 83.49 and saw an intra-day low of 83.58 and finally settled for the day lower by 6 paise at 83.56 (provisional) against the American currency.
Also read/watch -<a title=" Zomato to invest ₹300 cr into Blinkit amid rising competition " href="https://www.editorji.com/business-news/zomato-to-invest-300-cr-into-blinkit-amid-rising-competition-1718105788326"> Zomato to invest ₹300 cr into Blinkit amid rising competition</a>
On Monday, the rupee settled lower by 10 paise at 83.50 against the US dollar.
"We expect the rupee to trade with a slight negative bias on the strong US dollar and elevated crude oil prices. However, positive global markets and fresh foreign inflows may support the rupee at lower levels," said Anuj Choudhary &ndash; Research Analyst at Sharekhan by BNP Paribas.
Traders may remain cautious ahead of the inflation data from India and the US. Investors are also likely to stay cautious ahead of the Federal Open Market Committee (FOMC) meeting outcome, he said.
Fed is expected to keep its monetary policy unchanged, Choudhary said, adding that the USD-INR spot price is expected to trade in a range of Rs 83.30 to Rs 83.80.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.25, higher by 0.10 per cent.

Rupee strong against every currency:  Sitharaman in war-of-words with Congress MP

Rupee strong against every currency: Sitharaman in war-of-words with Congress MP

Sitharaman was responding to Congress MP Anumula Revanth Reddy's question

Finance Minister Nirmala Sitharaman today said that India's economy is fastest growing and that it was sad that some people in Parliament continued to raise doubts because they were "jealous of country&rsquo;s increasing economy&rdquo;.
In response to a question on currency devaluation and foreign exchange reserve, the FM also said the Indian rupee was strong against all currencies and the country's foreign reserves were growing.
Further, Sitharaman claims of state governments will be cleared once she gets relevant papers along with a certificate from their respective accountant generals.
She also said in Lok Sabha that the central government is committed to pay all Goods and Services Tax (GST) compensation to states and has been doing so continuously for the last five years.
The respective accountant general (AG) has to provide a certificate that the particular state has to get this much of compensation, the finance minister said.
"If there is a delay in the AG certified claim from states, obviously that (GST compensation) is pending. So, when the AG certificate along with the state's claim comes, at that moment the money will also get released," she said during the Question Hour.
From the central government's side, it is up to date, and whatever money it gets as cess, is distributed among states, Sitharaman said.
"We are up to date on all claims that came from states, which were approved by the respective AG. We have paid all," she said.
Sitharaman said if the AG has not cleared the claims of states, the state governments should expedite that."The moment I get it, I will clear that," she said.
Many state governments believe that their GST compensation is pending, and these are pending as the central government needs the necessary papers as the money belongs to the taxpayers, Sitharaman said.
"The moment I receive the papers, the AG certification, even if there is a contention between the Centre and a state, it has to be sorted out. I cannot be sitting on somebody's money," she said.
Sitharaman said differences with states can be sorted out when officials of the central and state governments sit together.
The minister said half of the GST compensation for June has already been cleared while the rest would be given once adequate cess is collected.

India reported an average monthly trade deficit of $23.2 billion for the first nine months of this year, compared to an average of $15.3 billion in 2021

Rupee to drop further to 84.50 against dollar by year?

The Indian rupee will fall further against the U.S. dollar over the rest of the year, a Reuters poll showed

India reported an average monthly trade deficit of $23.2 billion for the first nine months of this year, compared to an average of $15.3 billion in 2021

The Indian rupee will fall further against the U.S. dollar over the rest of the year, a Reuters poll showed, setting up the currency for its steepest annual decline in at least nine years due to a widening domestic trade balance and surging U.S. interest rates.
The rupee slipped to a record low of 83.2 on Thursday. It is likely to fall further to 84.50 by December, according to the mean and median forecasts of a poll of 14 bankers and foreign exchange advisors.
The South Asian currency has already tumbled about 12% so far this year, equalling its drop over the whole of 2013, when the U.S. Federal Reserve&rsquo;s decision to slow bond purchases prompted a broad selloff in emerging market currencies.
The Fed's hikes have led to a near 18% jump in the dollar index this year and has prompted investor to pull out capital from emerging market assets.&nbsp;

The rupee depreciated 39 paise to an all-time low of 82.69 against the US dollar in early trade on Monday as elevated crude oil prices and risk-averse sentiment among investors weighed on the local unit.
Moreover, a negative trend in domestic equities and firm American currency sapped investor appetite, forex traders said.
At the interbank foreign exchange, the rupee opened at 82.68 against the greenback, then slipped further to 82.69, registering a fall of 39 paise over its previous close.

Rupee hits fresh record low; impacts students who want to study abroad

Rupee hits fresh record low; here's how it impacts students who want to study abroad

The rupee fell to a record low of 82.66, down from 82.33 from the previous sessionRupee at 82.69; another record low against US dollar

The rupee depreciated 39 paise to an all-time low of 82.69 against the US dollar as elevated crude oil prices and risk-averse sentiment among investors weighed on the local unit.
The rupee has been repeatedly posting record lows in recent sessions on concerns over oil prices, rising Treasury yields, FII outflows and offshore demand for the U.S. currency.&nbsp;
Not only this, studying abroad has become costlier amid a sharp fall in rupee. The cost for studying in the US has gone up by Rs 1.5 to 2 lakh per year. &nbsp; The increase in tuition fees in the US, the UK and Australia by 10 to 20 per cent is another reason behind the costlier education abroad. Also, the airfares have increased in recent times, which has added burden on students studying abroad.
Adding to the woes, the visas of lakhs of Indian students have not been approved in countries like the US, the UK, Canada and Australia. &nbsp; There are long delays in getting student visas while at the same time those students, whose visas have been approved, are facing inflation due to rupee depreciation.

The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time in early trade on Friday, weighed down by the strong american currency and risk-off sentiment among investors.
Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite.
Further, the strength of the American currency in the overseas market, a negative trend in domestic equities, and risk-off moods amid escalation of geopolitical risk in Ukraine weighed on the local unit.
At the interbank foreign exchange, the rupee opened at 81.08 against the greenback, then fell further to 81.23, registering a fall of 44 paise over its previous closing.

 Rupee falls 81-mark against US dollar for first time

Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite

The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time in early trade on Friday, weighed down by the strong american currency and risk-off sentiment among investors.
Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite.
Further, the strength of the American currency in the overseas market, a negative trend in domestic equities, and risk-off moods amid escalation of geopolitical risk in Ukraine weighed on the local unit.
At the interbank foreign exchange, the rupee opened at 81.08 against the greenback, then fell further to 81.23, registering a fall of 44 paise over its previous closing.

Rupee hits new record low as dollar hits 20-year high

Rupee hits new record low as dollar climbs 20-year high

Rupee falls 51 paisa to an all-time low of 80.47 against the US dollar as the U.S. Federal Reserve hinted at more aggressive rate hikes to tame inflation

Global oil benchmark Brent crude futures rose 0.49 per cent to USD 90.27 per barrel

Rupee falls 51 paisa to an all-time low of 80.47 against the US dollar as the U.S. Federal Reserve hinted at more aggressive rate hikes to tame inflation.
Forex traders said the strength of the American currency in the overseas market, a muted trend in domestic equities, risk-off moods and firm crude oil prices weighed on the local unit.
According to Bloomberg, while the Fed hiked the rates by 75 basis points, more importantly, it hinted that more hikes were coming and that rates would stay elevated until 2024. As a result, Asian currencies opened weaker, with the Chinese yuan slipping below 7.10 to the dollar.
Meanwhile, the US dollar climbed up sharply to a new 20-year peak on the day as the rate hike spooked investors and advanced 0.88 per cent to 111.61.
Sentiment took an additional hit from Russia's escalation of its war with Ukraine and tensions between Beijing and Taiwan.

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