Today Rupee opens lower at 66.89 per dollar At Market

Today Rupee opens lower at 66.89 per dollar At Market

 

The Indian rupee opened marginally lower at 66.89 per dollar on Friday against previous close 66.86.

 

We expect it to trade in the 66.80-67.50/dollar range in the near term with a weakening bias

 

The US dollar hit its highest in more than seven and a half years amid increased confidence that the Federal Reserve will raise interest rates this year. Traders last saw a more than 78 percent chance that the Fed would hike rates in December.

 

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Today Rupee opens marginally higher at 66.80 per dollar

Today Rupee opens marginally higher at 66.80 per dollar

The Indian rupee opened marginally higher at 66.80 per dollar on Wednesday versus 66.82 Tuesday.

The rupee will take cues from equity markets and trade between 66.65-67.10/dollar," he added.

The dollar hit its highest level in nearly eight months against the euro and a roughly three-month high against the yen on growing expectations that the Federal Reserve would raise interest rates in December, while the offshore yuan hit a record low.

Traders now see 78 percent chance that the Fed would raise rates in December, according to data from CME group's Fedwatch program.

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Today Rupee opens marginally higher at 66.80 per dollar

Today Rupee opens marginally higher at 66.80 per dollar

 

The Indian rupee opened marginally higher at 66.80 per dollar on Wednesday versus 66.82 Tuesday.

The rupee will take cues from equity markets and trade between 66.65-67.10/dollar,

The dollar hit its highest level in nearly eight months against the euro and a roughly three-month high against the yen on growing expectations that the Federal Reserve would raise interest rates in December, while the offshore yuan hit a record low.

Traders now see 78 percent chance that the Fed would raise rates in December, according to data from CME group's Fedwatch program.

 

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Today Rupee opens lower at 66.93 per dollar At Market

Today Rupee opens lower at 66.93 per dollar At Market

 

The Indian rupee opened lower by 8 paise at 66.93 per dollar on Tuesday versus previous close 66.85.

The US dollar hovered near a roughly nine-month high against a basket of major currencies and touched a one-week high against the yen on growing expectations of a Federal Reserve interest rate increase in December.

The dollar index touched 9-month high of 98.85, with dollar continuing to rise against basket of major currencies on expectations of Fed hiking rates in December, with probability of December hike rising to almost 80 percent. 

 

The USD-INR pair continues to trade weak close to 67/USD levels. We expect the pair to trade weak on the back of strong dollar and also the FCNR redemption.

 

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Sebi may reconsider stand on self trade

Sebi may reconsider stand on self trade

 

Securities and Exchange Board of India is likely to review its decision of penalising brokers for 'self trades'. Sebi has called for a meeting of stock brokers and legal heads of stock exchanges on October 26 to discuss the matter.

Orders that match with each other with no resultant change in ownership are called self trades. Such trades have been reported in large numbers in the currency derivative segment.

Last year, Sebi issued notices to several brokers for execution of self trades and even launched proceedings to penalise them on the grounds that such transactions were manipulative.
 

Members of Parliament Hemant Tukaram Godse and Gajendra Singh Shekhawat had questioned Sebi's selective action against brokers for executing self trades. A letter written by Godse highlighted that 224 brokers on BSE and 319 brokers on NSE, including foreign players, escaped the scrutiny of the market regulator despite having executed many self trades in a single day. Sebi's action was even challenged in the Bombay HC by a Mumbai broker who was fined Rs 25 lakh for self trades.

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RBI may heed banks' request for tweaking S4A guidelines

RBI may heed banks' request for tweaking S4A guidelines

CNBC-TV18 learns from sources that RBI could be mulling a few tweaks to the S4A of Scheme for Sustainable Structuring of Stressed Assets. 

Banks have requested the regulator to consider their plea for a more watered-down version of the scheme which splits a loan into sustainable and unsustainable parts. The sceheme is meant for restructuring huge loans where the project is up and running.

However, the lenders now say they want the S4A to be applicable for non-project loans as well. Banks say a lower provision requirement is needed for the unsustainable portion of debt. 

They asked the RBI to allow changes in the repayment schedule of sustainable debt, too. Banks have also sought changes in norms to allow cases with a more than 50 percent component of sustainable debt to be applicable for S4A. RBI did not respond to CNBC-TV18's query.

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Today Rupee opens lower at 66.68 per dollar in Currency Market

Today Rupee opens lower at 66.68 per dollar in Currency Market

 

The Indian rupee has opened lower at 66.68 a dollar compared with previous day's closing of 66.67 per dollar.

US DOLLAR INDEX (USD)

The US Dollar Index traded higher by mere 0.04 percent in yesterday’s trading session after the Fed’s latest Beige Book showed a positive outlook for the US economy. According to the beige book, the US economy has maintained a steady growth pace along with modest employment a nd wage growth. This along with the robust release of building permits and inflation data from the nation infused optimism in the market. Cost of living rose by 0.3 percent from 0.2 percent in Sep’16 on account of surge in energy and shelter prices. It is a clear sign that inflation is getting closer to the Federal Reserve’s 2 percent goal. Moreover, from the latest US Presidential debate investors are seeing the Democrat leader i.e. Hilary Clinton as the potential candidate for the Presidential choice. Al l the factors above boosted the demand for the DX which made an intraday high of 97.98 and closed at 97.94 levels on Wednesday.

OUTLOOK

USDINR is likely to trade positive tracking gains in Asian market equities as markets see the Democrat leader i.e. Hilary Clinton as the potential candidate for the Presidential choice in the latest US Presidential debate.

 

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Today Rupee opens lower at 66.68 per dollar In the Currency Market

Today Rupee opens lower at 66.68 per dollar In the Currency Market

 

The Indian rupee opened marginally higher at 66.68 per dollar on Wednesday against previous close 66.72. 

 

The US dollar was mixed as investors took some profits from the greenback's recent strength and evaluated whether the Federal Reserve is likely to raise interest rates later this year.  

 

Pramit Brahmbhatt of Veracity said, "Rupee to trade with positive bias following positive sentiment in domestic equity market. See resistance for the USD-INR at 66.80/dollar levels. The USD-INR pair will trade in a range of 66.50-66.80/dollar."

 

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Axis Bank cuts lending rate by 0.05% across tenors

Axis Bank cuts lending rate by 0.05% across tenors

Private sector Axis Bank has cut the marginal cost of fund based lending rate by 0.05 percent across all tenors, effective tomorrow (Tuesday).

"The bank has decided to reduce the MCLRs (marginal cost lending rate) of the bank by 5 basis points across all tenors. This will be effective from October 18, 2016," the bank said in a regulatory filing.

For six-month period, the new MCLR will be 9.15 percent, one year at 9.2 percent, for two years it will be 9.3 percent and that for a tenor of three years it is fixed at 9.35 percent.

The overnight MCLR will be 8.8 percent.The new loans will be priced at these internal benchmark MCLRs, it added.

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Today Rupee opens at 66.80 per dollar; down 10 paise In currency Market

Today Rupee opens at 66.80 per dollar; down 10 paise In currency Market

 

The Indian rupee opened lower by 10 paise at 66.80 per dollar on Monday versus 66.70 Friday.

The dollar on Friday posted its best weekly performance in more than seven months after strong US retail sales and producer prices data for September reinforced expectations the Federal Reserve would raise interest rates in December.

According to Motilal Oswal report, the INR may weaken today along with most Asian peers amid weak sentiment in Asian markets as Fed rate hike odds are near 65 percent in December.

"In global markets, the dollar will continue to find broad based strength after Federal Reserve Chair Janet Yellen hinted that the US economy may be allowed to overshoot its inflation target. US data continues to be better with initial jobless claims near 43 year lows and retail sales jumping up 0.6 percent last month," it added.

 

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Rupee bounces back, opens 9 paise higher at 66.84/$

Rupee bounces back, opens 9 paise higher at 66.84/$

The Indian rupee has bounced back on Friday. It has opened at 66.84 a dollar, higher by 9 paise compared with 66.93 a dollar in previous session.

US DOLLAR INDEX (USD)

In spite of the robust release of unemployment claims data from the nation, the US Dollar Index traded lower by 0.45 percent yesterday as recent surge in the currency prompted the traders to book profits. However, sharp losses were capped as markets are still discounting the FOMC Meeting Minutes that indicated at the possibility of a rate hike in the near future. The policy members were divided in their views over the labor market ultimately agreeing to US Fed Chairwoman’s argument for holding the interest rates at its present levels for now. Several voting Fed policymakers thought rates should rise 'relatively soon' . As per Fed funds futures, traders see about 11 percent chance of rate hike in Nov’16 and about 66 pct chance in December. US Dollar Index made an intraday low of 97.51 and closed at 97. 52 levels on Thursday.

OUTLOOK  

Rupee is likely to trade negative as the FOMC meeting minutes pointed towards a rate hike possibility in the near future which will strengthen the DX in turn keeping the INR pressurized.

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Today Rupee opens lower at 66.56 per dollar In the Currency Market

Today Rupee opens lower at 66.56 per dollar In the Currency Market

The Indian rupee opened marginally lower at 66.56 per dollar on Thursday versus 66.50 Wednesday.

The dollar held steady against a basket of currencies as upbeat data on US services sector offset a weaker-than-expected report on private job growth, while the euro was broadly higher in step with a rise in higher euro zone bond yields.

US DOLLAR INDEX (USD)
In spite of the robust release of manufacturing and non - manufacturing data from the nation, US Dollar Index traded lower by 0.01 percent in yesterday’s trading session. Recent comments by the Federal Reserve Bank of Cleveland President Loretta Mester, has strengthened the case for a Dec’16 rate hike which prompted the traders to place bets in other currencies ap art from DX. Loretta Mester mentioned that gradual rate hike doesn't mean moving rates up in every monetary policy meeting. Even Chicago Fed President Charles Evans said that one rate increase by year - end is likely if data continues to improve . US Dollar Index made an intraday low of 95.94 and closed at 96.1 1 levels on Wednesday.

OUTLOOK  

Rupee is likely to trade higher as markets discount the outcome of the RBI monetary policy meeting where all six members of the monetary policy committee voted in favor of cutting repo rate. This will likely boost the foreign inflows in turn keeping the INR supportive.

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Today Rupee opens at 66.63 per dollar; down 17 paise iN market

Today Rupee opens at 66.63 per dollar; down 17 paise iN market

The Indian rupee opened lower by 17 paise at 66.63 per dollar on Wednesday against previous close 66.46.

The greenback strengthened on upbeat economic data and bets on a year-end US interest rate increase. While the British pound took a beating, falling to its lowest level against the buck since 1985 on Brexit concerns.

 

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Today Rupee marginal gains at 66.55 per dollar vs USD in Market

Today Rupee marginal gains at 66.55 per dollar vs USD in Market

 

The Indian rupee opened with marginal gains at 66.55 per dollar on Tuesday versus 66.59 Monday.

The dollar extended gains against the yen to the longest streak since August as a report showed US manufacturing expanded in September after unexpectedly shrinking a month earlier.
 

US DOLLAR INDEX (USD)

US Dollar Index traded higher by 0.08 percent yesterday. Reason behind the strength could be attributed to the upbeat economic data release from the nation. Manufacturing PMI surged more than the expected levels at 51.5 in Sep’16. It rebounded from 49.4 in Aug’16 which was the first slip since Feb’16. However, sharp gains were restricted as markets are still discounting events such as the US Presidential debate and speech by the Federal Reserve Chairwoman which has kept them on a cautious mode. US Dollar Index made an intraday high of 95.74 and closed at 95.59 levels on Monday.
 

OUTLOOK

Rupee is likely to trade sideways to lower as markets remain cautious ahead of the RBI monetary policy meeting that is to be held today. Moreover, weakness in the DX will add to the support of INR.

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Today Rupee strengthens 13 paise to 66.48 vs USD in Market

Today Rupee strengthens 13 paise to 66.48 vs USD in Market

 

The rupee advanced 13 paise to 66.48 against the US dollar in early trade Monday at the Interbank Foreign Exchange on increased selling of the American currency by exporters and banks.

Besides, a higher opening in the domestic equity market also supported the domestic unit, forex dealers said.

However, the dollar's strength against some currencies overseas capped the rupee's gains.

On Friday, the rupee had staged a resounding comeback to close higher by a whopping 24 paise at 66.61 on fresh dollar unwinding from banks and exporters.

Meanwhile, the benchmark BSE Sensex rose 160.79 points, or 0.57 percent, to 28,026.75 in early trade.

 

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