Tag: paise

Rupee gains 1 paise to close at 82.11 against US dollar

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New Delhi: The rupee consolidated in a narrow range and settled for the day 1 paise higher at 82.11 against the US dollar on Wednesday, as participants remained on the sidelines ahead of the release of the retail inflation data.
At the interbank foreign exchange market, the local unit opened at 82.08 against the US currency and touched a high of 82.01 during intra-day.
It finally closed at 82.11 against the greenback, registering a gain of 1 paise over its previous close.

On Tuesday, the rupee closed at 82.12 against the US currency.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.51 per cent to 101.69.
Global oil benchmark Brent crude futures advanced 1.53 per cent to USD 86.92 per barrel.
“The Indian rupee tread water along with the dollar index ahead of the crucial inflation data from the US and India. The rupee consolidates in the narrow range with thin volume and volatility even after stronger domestic equities and foreign fund inflows,” said Dilip Parmar, Research Analyst, HDFC Securities.
The market is pricing in for lower inflation readings after last week’s surprise rate pause by RBI.

In the near-term, spot USDINR is expected to trade between 81.70 to 82.50.
According to Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas the Indian rupee appreciated on Wednesday on positive domestic equities and a weak US dollar. However, a surge in crude oil prices and the IMF slashing India’s GDP forecast capped sharp gains.
The IMF cut India’s GDP forecast for 2023 to 5.9 per cent from 6.1 per cent in its previous estimate amid concerns over global economic uncertainty.
The US dollar fell after US Fed officials flagged recession worries in the US this year due to rising interest rates and a slowdown in lending.
“We expect Indian rupee to trade with a slight negative bias on concerns over monsoon after Skymet forecast below normal rains. Any pickup in US dollar amid rate hike expectations and positive crude oil prices may also weigh on rupee,” Choudhary said.
However, positive domestic markets and fresh FII inflows may support rupee at lower levels.
On the domestic equity market front, the 30-share BSE Sensex advanced 235.05 points or 0.39 per cent to end at 60,392.77 and the broader NSE Nifty gained 90.10 points or 0.51 per cent to 17,812.40.
Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they purchased shares worth Rs 1,907.95 crore, according to exchange data.
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( With inputs from www.siasat.com )

April 12, 2023
Rupee falls 11 paise to close at 82.75 against US dollar

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Mumbai: The rupee depreciated 11 paise to close at 82.75 against the US currency on Friday, as the strength of the American currency in the overseas market and a muted trend in domestic equities weighed on investor sentiments.
Unabated foreign fund outflow also impacted the market sentiments.
At the interbank foreign exchange market, the rupee opened at 82.67 against the greenback and finally settled for the day at 82.75, registering a fall of 11 paise over its previous close of 82.64.
During the session, the domestic unit witnessed an intra-day high of 82.66 and a low of 82.81 against the American dollar.
According to Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services, rupee continued to trade in a narrow range and volatility remained low.
“Nearly all Fed policymakers supported the decision to further slow the pace of interest rate hikes,” Somaiya said, adding that focus will be on the core PCE index number and a higher number could extend gains for the dollar.
“We expect the USDINR(Spot) to trade sideways and quote in the range of 82.40 and 83.05,” Somaiya said.
According to Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, the Indian rupee depreciated on weak domestic markets and a positive greenback. Rebound in crude oil prices also weighed on rupee.

Dollar strengthened on upbeat labour market data and expectations of a hawkish Federal Reserve. However weak GDP capped sharp upside in dollar. The US economy expanded at 2.7 per cent in Q4 2022 compared to initial estimates of 2.9 per cent and 3.2 per cent in Q3 2022, Choudhary said.
“We expect rupee to trade with a negative bias on expectations that dollar may strengthen further on hawkish Fed and weak domestic markets. FII outflows and renewed geopolitical tensions may also put downside pressure on rupee,” Choudhary added.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.60 per cent higher at 105.23.
Global oil benchmark Brent crude futures were trading 0.66 per cent lower at USD 81.67 per barrel.
The 30-share BSE Sensex ended 141.87 points or 0.24 per cent lower at 59,463.93, while the broader NSE Nifty declined 45.45 points or 0.26 per cent to 17,465.80.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 1,470.34 crore, according to exchange data.
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( With inputs from www.siasat.com )

February 24, 2023
Rupee gains 12 paise against US dollar on rally in equities

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New Delhi: The rupee appreciated 12 paise to close at 82.08 against the US currency on Friday, supported by a rebound in domestic equities and easing crude oil prices.
However, corporate dollar demand and weak macroeconomic data weighed on investor sentiments and restricted the sharp gain in the rupee, forex traders said.
At the interbank foreign exchange market, the local unit opened at 82.15 against the US dollar and finally settled at 82.08, registering a gain of 12 paise over its previous close of 82.20.
During the trading session, the rupee swung between a low of 82.31 and a high of 81.76 against the dollar.
Dilip Parmar, Research Analyst, HDFC Securities said the Indian rupee recovered after touching a three-week low as bargain buying emerged in domestic equities.
The long unwinding in the dollar, and expected intervention along with the weaker crude and dollar index supported the rupee to gain on Friday.
“Next week, the focus will remain on the RBI monetary policy decision after the recent growth-focused budget from the government,” Parmar said, adding that Spot USD/INR has resistance between 82.50 to 82.75 while on the lower side, 81.50 becomes good support.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.12 per cent to 101.63.

Global oil benchmark Brent crude futures advanced 0.39 per cent to USD 82.49 per barrel.
“Indian Rupee appreciated on a rebound in domestic equities and weakness in crude oil prices. However, positive US Dollar capped sharp gains,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
Choudhary further noted that the rupee depreciated earlier today as PMI data was disappointing. India’s services PMI fell to 57.2 in January from 58.5 in December, while the composite PMI fell to 57.5 from 59.4 during the same period.
“We expect the rupee to trade with a slight positive bias as a rebound in domestic equities may lead to fresh foreign inflows. Decline in crude oil prices and weak dollar amid dovish Fed may support rupee at lower levels,” Choudhary said.
Market participants may remain cautious ahead of non-farm payrolls and ISM services PMI data from the US. While the payroll data is expected to show a slowdown in the pace of job additions, services PMI is expected to show the sector move to expansion territory, Choudhary added.
On the domestic equity market front, the 30-share BSE Sensex advanced 909.64 points or 1.52 per cent to end at 60,841.88, while the broader NSE Nifty rose 243.65 points or 1.38 per cent to 17,854.05.
Foreign Institutional Investors (FIIs) were net sellers in the capital market on Thursday as they offloaded shares worth Rs 932.44 crore, according to exchange data.
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( With inputs from www.siasat.com )

February 3, 2023
Punjab imposes 90 paise per litre cess on petrol, diesel

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Chandigarh: The Punjab Cabinet on Friday gave its approval for a marginal increase in the VAT rates levied on the sale of petrol and diesel in the state.
The increase in the VAT rate will lead to an increase in the price of petrol and diesel by approximately 90 paise per litre, an official statement said.
This will bring more parity in prices of petrol and diesel in comparison with neighboring states, it added.
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( With inputs from www.siasat.com )

February 3, 2023