Rupee Closes Flat After Opening At Record Low Against Dollar
The Indian rupee closed flat at 84.39 against the US dollar on Thursday. It had opened at a record low after falling by 3 paise at 84.41. It had closed at 84.39 on Wednesday.
The opening marked rupee's weakest level amid continued dollar strength and high yields.
Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP, noted that the rupee is expected to remain under pressure as a rising dollar index and US yields drive foreign portfolio investors to continue selling. FPIs offloaded equities worth around Rs 2,500 crore on Wednesday, with sales expected to persist.
"The RBI provided some support at 84.40 but may not continue aggressive intervention with the dollar index high and Asian currencies weaker," Bhansali commented. Brent oil held steady at $72.17 per barrel, restrained by forecasts of increased output and limited demand.
Amit Pabari, managing director of CR Forex Advisors, pointed out that while the Reserve Bank of India remains the rupee's main support by selling dollars to limit depreciation, this has affected India's foreign exchange reserves, now at $682 billion. "USD/INR may range between 83.80 and 84.50, with a slight tilt toward the lower end," Pabari added.
According to Bhansali:
Expected range for the day is 84.30 to 84.50.
Exporters: Suggested to wait, with a stop loss at 84.25.
Importers: Advised to buy on dips.
-
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.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
