Mumbai Oct 27 PTI The rupee weakened by 7 paise to end at 7503 against the US currency on Wednesday due to month-end dollar demand from importers and a muted trend in the domestic equities A stronger dollar in overseas markets and suspected RBI intervention ahead of IPOs also weighed on the local unit according to analysts The Indian rupee depreciated following month-end dollar demand and a stronger greenback against major currencies Weakness in Asian currencies and risk-off sentiments weighed on the local unit said Dilip Parmar Research Analyst HDFC Securities Going Ahead the rupee is expected to consolidate between 7470 and 7530 following expectation of fund inflows from a series of IPOs starting from tomorrow Parmar added At the interbank foreign exchange market the local currency opened at 7502 and later witnessed a high of 7490 and a low of 7505 against the US dollar in the day trade The rupee finally settled at 7503 a dollar down 7 paise over its previous close of 7496 against the US dollar The dollar index which gauges the greenbacks strength against a basket of six currencies was trading 002 per cent up at 9397 Another lackluster day in USDINR with primary market FPI flows being offset by suspected RBI intervention and demand for US Dollars from oil marketing companies said Anindya Banerjee DVP Currency Derivatives Interest Rate Derivatives at Kotak Securities Ltd Banerjee further said that over the near term IPO-related FPI flows will remain heavy and that along with carry trade may keep USDINR capped near 752025 levels But strong US Dollar Index and RBI intervention may prevent a sharp slide Therefore a range of 7475 to 7525 may unfold over the near term The forex traders are having a wary eye on ECB policy a moderately dovish tone will activate the dollar bulls But its implication on USDINR spot will be limited as we have IPO subscriptions this week according to Emkay Global Financial Services In USDINR spot we expect immediate resistance lies around 7530 a break of which can push prices towards 7550 zone While 7475-7450 will act as a crucial support it noted Oil prices eased in global markets with the benchmark Brent Crude declining by 108 per cent to USD 8547 per barrel On the domestic equity market front the BSE Sensex ended 20693 points or 034 per cent lower at 6114333 while the broader NSE Nifty declined 5745 points or 031 per cent to 1821095 Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 236866 crore according to the exchange data PTI DRR MR MR

Mumbai Oct 21 PTI The rupee settled just 1 paisa higher at 7487 against the US dollar on Thursday amid a bearish trend in domestic equities and a strong greenback overseas Forex traders said foreign fund outflows strengthening of the dollar and firm crude prices in the international market restricted the appreciation bias in the local currency At the interbank forex market the local unit opened at 7486 against the greenback and moved in a range of 7469 to 7489 during the session It finally ended at 7487 registering a rise of just 1 paisa over its previous close The rupee on Wednesday had surged by 47 paise to close at a nearly two-week high of 7488 against the American currency On the domestic equity market front the BSE Sensex ended 33646 points or 055 per cent lower at 6092350 while the broader NSE Nifty fell 8850 points or 048 per cent to 1817810 Meanwhile the dollar index which gauges the greenbacks strength against a basket of six currencies advanced 009 per cent to 9364 Brent crude futures the global oil benchmark fell 105 per cent to USD 8492 per barrel Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 184309 crore as per exchange data According to Sriram Iyer Senior Research Analyst at Reliance Securities dollar sales by foreign banks capped the depreciation while importers covering kept the appreciation bias limited Asian equities were mostly lower along with equities in India and concerns of high inflation also kept appreciation bias capped this Thursday Technically the USD-INR Spot pair holds strong support zones at 7475-7463 levels Resistances are at 7500 and 7520 Iyer said In the overseas markets the dollar was flat against a basket of currencies while the 10-year US Treasury yields eased The Indian benchmark yields also eased as traders speculated that the central bank might announce a special debt purchase as early as Thursday which would aid a fall in yields Iyer said USD-INR spot closed flat near 7486 levels due to push and pull of a weak US Dollar Index and falling Indian stocks said Anindya Banerjee DVP Currency Derivatives Interest Rate Derivatives at Kotak Securities Ltd Banerjee added that with strength in emerging market currencies the rupee can appreciate towards 745060 levels in the coming days PTI DRR ABM ABM

Mumbai Sep 22 PTI The rupee declined by 26 paise to close at a nearly four-week low of 7387 against the US currency on Wednesday due to a stronger dollar in overseas markets ahead of the outcome of the US Fed meeting and worries over Chinas Evergrande situation Forex traders said investors are awaiting cues on taper timeline and US Feds projections on interest rates The US Fed meeting outcome will be announced later in the day At the interbank foreign exchange market the local currency opened at 7370 and witnessed an intra-day high of 7366 and a low of 7393 against the US dollar in day trade The local unit finally settled at 7387 a dollar the lowest closing level since August 26 On Tuesday the rupee had settled at 7361 against the US dollar The dollar index which gauges the greenbacks strength against a basket of six currencies was trading 002 per cent higher at 9322 The Indian Rupee depreciated against the dollar on Wednesday tracking losses in regional currencies Most Asian currencies were weaker ahead of the Fed decision and worries about the Chinas Evergrande situation and weighed on the local unit said Sriram Iyer Senior Research Analyst at Reliance Securities Investors are wary of the Fed meeting tonight and some are expecting that the Federal Reserve could provide more hints about scaling back its asset purchases later Tonights Fed meeting will be watched closely The market is expecting US Fed to announce a timeline on taper issue inflation forecast and update its interest rate projection via dot plot We expect USDINR to remain within a range of 7340-7420 over the near term said Anindya Banerjee DVP Currency Derivatives Interest Rate Derivatives at Kotak Securities Ltd Meanwhile HDFC Bank economists in a report said that the rupee can come under pressure as emerging market currencies face headwinds because of the events surrounding Evergrande in China We remain cautious over this turning into a broader risk-off scenario which could mean increased pressure on EM currencies including the INR rupee while the dollar remains bid the report by a team led by Abheek Barua said Evergrande Chinas largest realty player is under financial stress It has over USD 300 billion in liabilities and has a USD 835 million interest payment on a bond due on Thursday and another USD 475 million next week The world is closely watching the events particularly to see if the company honours its commitments and some watchers are comparing it with Lehman Brothers case in the US that led to the 2008 global financial crisis Brent crude futures the global oil benchmark advanced 124 per cent to USD 7528 per barrel On the domestic equity market front the BSE Sensex ended 7794 points or 013 per cent lower at 5892733 while the broader NSE Nifty declined 1535 points or 009 per cent to 1754665 Foreign institutional investors were net buyers in the capital market on Tuesday as they purchased shares worth Rs 104192 crore as per exchange data PTI DRR MR MR

Mumbai Aug 25 PTI The rupee on Wednesday declined by 5 paise to close at 7424 against the US currency due to a stronger dollar in the overseas markets Dollar demand from oil marketing companies and importers also weighed on the rupee analysts said At the interbank foreign exchange market the domestic currency opened marginally down at 7420 and later dropped to a low of 7430 in the day trade On Tuesday the rupee had settled at 7419 against the US dollar Meanwhile the dollar index which gauges the greenbacks strength against a basket of six currencies was trading 004 per cent higher at 9293 Brent crude futures the global oil benchmark fell 015 per cent to USD 7094 per barrel The rupee was dragged down by dollar demand from oil marketing companies and importers Sriram Iyer Senior Research Analyst at Reliance Securities said The unit also weakened amid talks of speculative dollar demand from foreign banks on expectations that the Reserve Bank of India could continue to build up its forex reserves he added Dilip Parmar Research Analyst HDFC Securities said that the forex market is in overly thin market with low volume and volatility which may remain till Monday Surge in crude oil prices in the last two days also weighed on the rupee as Brent crude oil prices rallied around 9 per cent to USD 71 per barrel mark Parmar said Rupee opened on a flat note and the currency has been very resilient to any global uncertainty in the last few sessions Reaction on the currency has been muted despite weaker-than-expected economic numbers that were released from the US Gaurang Somaiyaa Forex Bullion Analyst Motilal Oswal Financial Services said Volatility is also low ahead of the important Jackson Hole Symposium traders said They said investors are awaiting for cues about the scaling back of the easy monetary policy by the US Federal Reserve Anindya Banerjee DVP Currency Derivatives Interest Rate Derivatives at Kotak Securities Ltd said that volatility has become extinct in the USD-INR pair as the RBI continues to absorb dollar flows Going into Jackson Hole meeting starting tomorrow evening we expect USD-INR to remain within a range of 7410-7440 on spot Banerjee said On the domestic equity market front the BSE Sensex ended 1477 points or 003 per cent lower at 5594421 while the broader NSE Nifty advanced 1005 points or 006 per cent to 1663465 Meanwhile foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 164491 crore as per exchange data PTI DRR MR