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Representative image The rupee appreciated 7 paise to 77.49 against the US dollar in opening trade on Friday as crude oil prices retreated from the elevated levels. At the interbank foreign exchange, the rupee opened at 77.51 against the American dollar, then gained further ground to quote at 77.49, registering a rise of 7 paise from the last close. On Thursday, the rupee had settled at 77.56 against the US dollar. Global oil benchmark Brent crude futures fell 0.71 per cent to USD 111.24 per barrel. The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.29 per cent higher at 103.02. Close According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee opened stronger against the US dollar on Friday supported by an overall fall in the greenback and easing bond yields. "Asian and emerging market peers have started weaker and could cap strength. However, crude prices have eased and could … [Read more...] about Rupee surges 7 paise to 77.49 against US dollar in early trade

The rupee hit an all-time low of nearly 77 a dollar on Monday after crude oil made fresh surges on news reports that the US and its European allies were weighing a ban on Russian oil.  This was the fourth consecutive session when the currency weakened. At 12.11pm, the home currency was trading at 76.96 a dollar, down 1.03 percent from its previous close. It opened at 76.96 a dollar and touched a record low of 76.97 during the day. Analysts says that the higher crude is likely to widen India's current account deficit. A higher current account deficit is likely to put further pressure on the domestic currency. The Russian invasion of Ukraine and likely lower exports of Russian crude oil will keep the oil prices elevated for a protracted period. "We note increasing risks of global crude prices staying elevated in the next 6-9 months due to large imbalances in the global crude oil markets," an analyst said. Brent soared to a near 14-year high of $140. Oil reached its highest … [Read more...] about Rupee trades at record low of 76.96 a dollar on soaring crude prices

Representative image The rupee inched 3 paise higher to close at 77.53 (provisional) against the US dollar on Friday, supported by a rebound in domestic equities. At the interbank forex market, the rupee opened at 77.51 against the greenback and moved in a range of 77.49 to 77.60 in the day's trade. The rupee finally ended at 77.53, higher by 3 paise over its previous close of 77.56. According to Dilip Parmar, Research Analyst, HDFC Securities, the lack of dollar demand and rebound in domestic equities augur well for the rupee. The dollar is about 2 percent off its recent high, seen last week, as risk-assets rebound after the People's Bank of China (PBOC) announced a 15 bps cut in the 5-year Loan Prime Rate to support the economy. The dollar index marked the first weekly decline after six weeks of upward movement, driven by position liquidation and preference for other currencies to emerge at a lower level. On the domestic equity market front, the BSE Sensex rebounded … [Read more...] about Rupee inches 3 paise higher to close at 77.53 against US dollar