RBI Governor Shaktikanta Das had said earlier this month that the central bank's endeavour, amidst the extraordinary global events, has been to anchor expectations and allow the exchange rate to reflect the fundamentals rather than overshoot. Historical Exchange Rates For Indian Rupee to United States Dollar 120-day exchange rate history for INR to USD Quick Conversions from Indian Rupee to United States Dollar : 1 INR 0. India's current account deficit likely widened to 3.6%, its highest in nine years, in the April-June quarter, driven by soaring global commodity prices and the biggest capital outflows since the 2008 global financial crisis, a Reuters poll found. Sinha said the rupee is overvalued by about 5-5.5% on a real effective exchange rate (REER) basis. Traders said, strong dollar and negative sentiments across the global as well as domestic equity markets capped the gain in the rupee. All this points to a structurally weaker rupee," said Dhananjay Sinha, chief economist at Systematix Shares & Stocks. Reference rates over last four months - Indian rupee (INR) 1 89.1060, 2 90.3015, 3 89.5920 6 89.0922, 7 88.5096, 8 88.5940, 9 88.8905, 10 88.2475. Rupee Rate Today: The rupee continued its upward trend and rose 11 paise to 82.48 against the US dollar in early trade on Monday, tracking fall in crude oil prices and firm Asian currencies. The purpose of the swap was to inject more Dollars into the economy in the context of the covid driven fall in the value of rupee. Here, the RBI announced selling of US 2 billion for rupee to banks. Given the Fed stance, flows will not be adequate for a couple of years. The RBI has conducted a USD/INR Sell/Buy swap on March 16, 2020.
"India's current account deficit will hit 4% in the first quarter and remain elevated for the rest of the year. read moreĪlongside its intervention in the spot market, the RBI's forward dollar holdings have fallen to $22 billion from $64 billion in April. The central bank sold a net of $19 billion from its reserves in July alone to prevent the rupee from falling much below 80. The Reserve Bank of India has been selling dollars to alleviate the depreciation pressure on the rupee due to the surging dollar and foreign portfolio outflows. The finance ministry declined to comment. "It can act as a natural stabiliser for the economy by helping reduce imports and maintain export competitiveness," the official added. "A weaker rupee in line with market fundamentals is not a cause of concern to us," the government official, who did not want to be named, told Reuters late on Wednesday before the Fed's rate-hike announcement. The Fed's decision sent the dollar to a new 20-year high and the rupee to a record low of 80.61. Federal Reserve, which raised rates by 75 basis points overnight, vowing to battle to beat down inflation. Officials from both the neighbouring nations held talks on the issue on the. New Delhi: India and Bangladesh are soon expected to do away with dollar as the official currency and carry out bilateral trade in Rupee and Taka. The comments come against the backdrop of aggressive rate hikes from the U.S. India and Bangladesh may soon do away with dollar, trade in rupee-taka.
Rout in the US and European banking stocks past week adversely impacted investor sentiments amid concerns over the health of the global banking system.įoreign Institutional Investors (FIIs) were net sellers in the domestic capital market on Friday as they offloaded shares worth Rs 1,766.53 crore, according to exchange data.NEW DELHI, Sept 22 (Reuters) - The Indian government is not averse to a weaker rupee in line with global market fundamentals, a senior official told Reuters, at a time when the central bank's intervention has tried to moderate the depreciation in the Indian currency.
The 30-share BSE Sensex was trading 461.61 points or 0.80 per cent lower at 57,528.29 points while the broader NSE Nifty was down 158.05 points or 0.92 per cent at 16,942.00 points. Global oil benchmark Brent crude futures fell 0.52 per cent to USD 72.59 per barrel. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.16 per cent higher at 103.87. As the dollar rate today continues to become stronger against the Indian rupee, many economists believe that the dollar to rupee is likely to reach 79.5 INR/1. On Friday, the rupee settled at 82.59 against the US dollar. The Indian currency traded between 82.46 and 82.55.Īlso Read | Uttar Pradesh: Eunuch Shot by Unidentified Miscreants at in Group Rivalry in Gorakhpur.
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