![]() This was after consistent fall in the past five months. ![]() On a year-on-year basis, India's forex kitty declined nearly $110 billion from October's $642 billion, and now it stood at $544.72 billion, per the latest RBI weekly statistics.įoreign exchange reserves showed a stellar $14.7 billion surge in the week ended November 11, according to data released by the RBI. Since the start of this year, the RBI has been using its foreign exchange reserves to rescue rupee from falling sharply, which led to sharp depreciation in the reserves. ![]() But, geopolitical tensions will continue to hurt rupee in near term as recessionary risk is still there which could fuel a safe haven bid for the dollar. The rupee has gained a bit in last last two weeks after easing US and India inflation print. Rupee has appreciated due to falling dollar index and easing crude oil prices. Menawhile, on 24 November, the rupee ended at 81.63 against the US dollar. It's impossible to forecast the price of certain thing." On Reserve Bank of India (RBI)'s move, Rajeswari Sengupta, Associate Professor, IGIDR said, "If RBI does not intervene in the foreign exchange market then it could go 84-85 levels and that's where it will stop. So those should take the market back after all this volatility," she added. "…some research we have done suggests that if we look at structural factors, India's real exchange rate is appreciating. "(The rupee) will depreciate a bit to 83 per dollar or so in the first half of 2023, but should strengthen after that," noted Ashima Goyal, External member RBI MPC. "Maybe 80-82 in first quarter of next year, 79 to 81 Q1 of next fiscal, not much difference in the second half," said Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI, speaking at the 9th SBI Banking and Economics Conclave - 2022. Meanwhile, India’s forex reserves increased by USD 6.306 billion to USD 584.755 billion for the week ended April 7, the RBI said on Friday.The Indian rupee is expected to trade in a range of 79-82 against US dollar in 2023 as the unit may continue to face pressure from external factors, experts said on November 24. ![]() Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday as they purchased shares worth Rs 221.85 crore, according to exchange data. The broader NSE Nifty declined 121.15 points or 0.68 per cent to 17,706.85 points. Spot USD/INR is hovering around 82 amid the central bank's intervention and dollar buying from the importers, Parmar said, adding that technically, the pair has support at 81.70 and resistance at 82.50.Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.76 per cent to 101.71.īrent crude futures, the global oil benchmark, declined 0.12 per cent to USD 86.21 per barrel.On the domestic equity market front, the 30-share BSE Sensex closed 520.25 points or 0.86 per cent lower at 59,910.75 points. There is a relief at factory gate inflation as the wholesale inflation reading came at 1.34 per cent below the 1.6 per cent estimates and 3.85 per cent the previous month. However, the day trading range remained small in the absence of fresh cues,” said Dilip Parmar, Research Analyst, HDFC Securities. The company operates through Google, its. On Thursday, the rupee settled at 81.85 against the dollar.ĭomestic forex and equity markets were closed on Friday on account of Ambedkar Jayanti.”The Indian rupee started the week on a sour note after a long weekend amid a rebound in the dollar index and risk-off sentiments. GOOGL shares are included as a component on several stock market indices, namely S&P 500, S&P 100 and NASDAQ-100. The rupee depreciated 25 paise to close at 82.10 (provisional) against the US currency on Monday as a strong American currency overseas and a negative trend in domestic equities weighed on investor sentiments.įorex traders said firm crude oil prices also dragged the local unit down.At the interbank foreign exchange, the domestic unit opened at 81.90 against the dollar, and finally ended the session at 82.10 (provisional), 25 paise lower down from its previous close.ĭuring the day, the rupee witnessed a high of 81.87 and a low of 82.10 against the greenback. India And The New World Order India’s imports of Russian oil using rupees can set off a virtuous cycle of a stronger domestic currency and lower inflation, which can boost long-duration assets.
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