Forex

Fourteen out of fifteen sectoral gauges compiled by the NSE trade lower, led by the NSE Nifty PSU Bank Index's 2.4% losses. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 1.5%

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.32 per cent higher at 99.77.

Banks can, however, offer deliverable foreign exchange contracts for users to meet their hedging needs as long as they do not enter into overseas positions to offset those transactions, the RBI said.

Fourteen out of fifteen sectoral indices compiled by the NSE ended higher, led by the NSE Nifty India Defence Index's 5.3% rally. On the flipside, the NSE Nifty Pharma Index was the only sectoral loser, down 1%

As banks attempt to unwind their positions, liquidity shortages are likely to emerge, creating a vicious cycle where offshore premiums could witness a sharp rise.

According to the Reserve Bank of India, the FCNR (B) scheme allows Non-Resident Indians to open fixed deposits in foreign currencies with Indian banks.

Nifty sees major slump during the lat 30-minute trade amid weekly and monthly F&O expiry. All the 15 sectoral gauges compiled by the NSE declined, led by the NSE Nifty PSU Bank Index's 4.5% fall.

Lenders are seeking to delay the deadline to comply, warning that such a rapid unwind may trigger large losses, and urging that the rule apply only to new bets.

The Indian currency may continue to weaken in a calibrated manner, with levels around over 95 per US dollar appearing increasingly likely, analysts say.

This comes on the back of the ongoing conflict in the Middle East, although G Chokkalingam, Founder & MD, Equinomics Research, believes the rupee could return to 90 levels once the war is over.

The BSE Sensex slumped 1.2% during the this holiday-shortened week and the NSE Nifty declined 1.3%.

All the 15 sectoral gauges compiled by the NSE advanced, led by the NSE Nifty PSU Bank Index's 3.1% rally.

The BSE Sensex rose 1.9% or over 1,370 points to close above 74,000 and the NSE Nifty 50 advanced 1.8% to settle above 22,900.

The INR opened 34 paise stronger at 93.63 to a dollar.

The reversal came after Trump had given Iran until Monday evening New York time to reopen the Strait of Hormuz.

Fourteen of the 15 NSE sectoral indices are trading lower, with the Nifty Metal index down 4.7%.

The FPIs have been net sellers for the last 16 sessions, offloading shares worth Rs 1 lakh crore between Feb. 25 and March 20.

For the week, Sensex slipped 0.04% and Nifty fell 0.2%. Meanwhile the rupee registered a record closing low of 93.70 against the US dollar.

The rupee depreciated 30 paise to 92.94. Among emerging Asian peers, the INR was the worst performer after the Thai Baht and Malaysian Ringgit.

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