Entries Tagged 'Forex' ↓

The RBI`s reference rate for rupee appreciated 0.63% against US dollar to 46.99 on June 1, as compared with previous working day of  47.29 (May 29).

Meanwhile, the rupee depreciated 0.45% against Euro to 66.48 on June 1, as compared to 66.18 on May 29.

As illustrated in the table below, rupee depreciated 0.40% versus the Great Britain Pound at 76.16 as against 75.86 on the previous working day, while it depreciated 0.92% versus 100 Japanese Yen at 49.34, as against 48.89 on the previous working day.

The spot Rupee ended lower at Rs 42.97 per USD as against its previous close of Rs 42.87. In early trading, the Indian Rupee (INR) breached the Rs. 43 mark to the US dollar and looks like the Indian Rupee will depreciate further against the US Dollar, with the crude oil prices rising steadily week on week.

For Forex Dealing companies and export houses, who had aggressively hedged their positions in the forex derivatives market, would now make huge derivative losses.

The rupee dips to an 8-month low against the dollar. The US currency rose on consistent demand from oil importers, while inflows from FIIs were not forthcoming.

The breach of the Rs 40.80 technical barrier led to some exporter cancellation. The RBI has refused to let the rupee appreciate as a tool to tame inflation. This will be a bit of releif for the exporters and the IT Companies as they have major financial dealings in the Rupee.

Rupee Strengthens today to close at Rs. 39.49 against the US Dollar. Rupee has hit 39.16 last month which is 10 years high against the US Dollar, but later shed its gains in the last 2 weeks based on the volatile markets and the Central bank’s intervention into the raising Rupee.

Indian Rupee has stayed almost steady from the previous close, the greenback closed at Rs. 39.79 against US Dollars and the Rupee has shed its gains from the past months lows.

Forex dealers have expressed that the Rupee would remain flat as the foreign money is caught mostly in the stock markets and they have expressed that central bank would intervene in to the matter.

Partially Convertible Rupee ended at 39.30 per dollar today, which was marginally lower than the Monday’s close of 39.31. Rupee was about to reach more highs, when the Central Bank bought more dollars through the day to ensure that the Rupee ended steady.

Rupee’s rise is controlled through out the day by the Central Bank by purchasing more dollars.

Indian Rupee has extended its gains further to close at Rs. 39.32 against the US Dollar at the Interbank Foreign Exchange market on Wednesday.

Pound Sterling has gained on the Indian Rupee and closed at Rs. 81.50 per pound.

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