Rupee Registers Slight Recovery Against US Dollar
The rupee ended higher by 5 paise at 68.77 against the US dollar on Wednesday on the back of some stray dollar selling by exporters and banks, reported news agency Press Trust of India (PTI). A fall in global crude prices lifted sentiment in the domestic currency market despite intensifying trade tensions between US and China. Traders also remained wary ahead of IIP and retail inflation data. Rupee moved in a tight range between 68.75 and 68.89 in the intraday trade. It had depreciated by 10 paise yesterday.
Here are five things to know about movement in the rupee against the US dollar (INR vs USD) today:
1. Global crude prices tumbled more than $2 per barrel following fresh threats from US President Donald Trump to slap tariffs on an extra $200 billion worth of Chinese imports. The benchmark brent crude was trading at $77.37, down 1.89 per cent in early Asian trading.
2. Having posted a session high level of 68.75, the local unit finally settled at 68.77, showing gain of 5 paise, or 0.07 per cent. Meanwhile, the local bourses extended their winning run for the fourth day, led by technology shares, after IT major TCS delivered stellar Q1 earnings.
3. Globally, the US dollar edged higher against a currency basket as escalating US-China trade tensions prompted investors to seek safety in the world's reserve currency.
4. The dollar index, which measures the greenback's value against basket of six major currencies, was up at 93.90.
5. In other cross currency trade, the rupee fell back against the pound sterling to close at 91.11 per pound from 91.09 and also softened against the euro to finish at 80.56 as compared to 80.53 earlier.
(With PTI Inputs)
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
