Mumbai: The rupee was marginally weaker on Monday, with the outlook negative as global sentiment, fuelled by weak US non-farm payrolls and Chinese non-manufacturing PMI, continued to hurt risk assets. At 9:04 am, the partially convertible rupee was at 55.58/60 per dollar, weaker than its 55.54/55 close on Friday. Europe's debt crisis has frayed nerves around the world for months. Now signs of weakness in the US jobs market and...
09:33 AM, Jun 04, 2012
Mumbai: The Reserve Bank of India (RBI) cannot arrest the rupee's decline if it is caused by weak fundamentals or global factors, but can only take more calibrated steps in the forex market in such a scenario, top official said on Friday. "If the rupee fall is due to fundamental weakness of the economy, or due to global factors, then the RBI cannot support it," RBI Deputy Governor KC Chakrabarty...
04:25 PM, Jun 01, 2012
Mumbai: The rupee recovered from a weak open to gain to above 56 to the dollar on Friday, though broader sentiment was weak as the euro fell to a 2-year low, reflecting the worsening euro zone debt crisis and disappointing Chinese manufacturing data. At 9:10 am the partially convertible rupee was at 55.99/01 per dollar, stronger than its 56.08/09 close on Thursday. ...
09:27 AM, Jun 01, 2012
Mumbai: After being down in the dumps for the better part of day, Indian equities staged a smart late trade recovery on hopes of a RBI rate cut to revive the sagging economy. Also, gains in European shares aided the recovery. The country's economic growth slumped in the January-March quarter to a nine-year low of 5.3 per cent as the manufacturing sector contracted and a fall in the rupee to...
09:41 AM, May 31, 2012
Mumbai: The rupee fell to a record low on Thursday and is headed to its worst month in half a year as global risk aversion deepened, while caution prevailed ahead of economic data that is expected to show a further slowdown in growth. Domestic bond yields also retreated, while stocks fell, on the last day of a rough month for Indian markets, as the weak sentiment from the euro zone...
09:21 AM, May 31, 2012
Mumbai: Rupee was at day's low of 56.20 from 55.67/68 last close as traders continue to play on euro weakness, stock losses. Dealer with private bank says rupee may move toward life low of 56.40 in session, but unlikely to breach. The RBI has not been spotted in recent sessions, with traders saying the fall in rupee over past two sessions has been orderly, with exporter selling also seen. BSE...
09:26 AM, May 30, 2012
Moody's Investors Service says the depreciating rupee will only have a "limited" impact on India's sovereign ratings, as only 7 per cent of total government debt is placed overseas, comprising 5 pct of gross domestic product. The bigger pain would come in the private sector, Moody's said in a weekly credit report out on Monday, given that a falling rupee will raise the cost of paying back foreign currency borrowings....
03:04 AM, May 29, 2012
Kolkata: Attributing the slide in rupee value to various domestic and global factors, Union Finance Minister Pranab Mukherjee on Sunday said the Reserve Bank was taking steps to arrest the currency's depreciation. "There are a lot of reasons for this (depreciation). There is demand and supply in the market. In the US, there is surplus investment. It used to be a safe haven," he said. "Europe used to be an...
03:40 AM, May 28, 2012
Kolkata: Attributing the slide in rupee value to various domestic and global factors, Union Finance Minister Pranab Mukherjee on Sunday said the Reserve Bank was taking steps to arrest the currency's depreciation. "There are a lot of reasons for this (depreciation). There is demand and supply in the market. In the US, there is surplus investment. It used to be a safe haven," he told reporters. "Europe used to be...
02:11 PM, May 27, 2012
New Delhi: Prime Minister Manmohan Singh on Friday reviewed the sharp decline in rupee value and its impact on the economy with RBI Governor D Subbarao and Planning Commission Deputy Chairman Montek Singh Ahluwalia. Chairman of Prime Minister's Economic Advisory Council (PMEAC) C Rangarajan was also present in the meeting. "We met the Prime Minister. We had discussions on what actions can be taken (to arrest rupee fall). We also...
03:53 AM, May 26, 2012
Mumbai: The rupee depreciated by 27 paise to Rs 55.92 against the American currency in early trade on Friday on stronger dollar against euro and Asian currencies. Forex dealers said besides dollar's gains in the overseas markets on persistent eurozone worries, a weak opening in the stock market also put pressure on the local unit. However, the Reserve Bank's indication that it may sell dollars directly to oil companies capped...
10:45 AM, May 25, 2012
Mumbai: The rupee posted its first gain against the dollar in four sessions on Thursday, recovering from a new record low earlier in the session, after the Reserve Bank of India (RBI) governor did not rule out selling dollars directly to oil importers. Making dollars available for oil companies would remove a sizeable source of demand for the greenback from the market, and help support the rupee, which has hit...
07:26 PM, May 24, 2012
New Delhi: The rupee continued downward slide to new lows and touches 56.38 against the dollar on Thursday afternoon. The rupee opened weaker on Thursday and fell to a new record low almost immediately on global risk aversion, with traders waiting for the impact of India's petrol price hike on domestic equities for further direction. Despite steps taken by the Reserve Bank to check the rupee's downward slide, dollar's gains...
11:05 AM, May 24, 2012
Mumbai: The rupee opened weaker on Thursday and fell to a new record low almost immediately on global risk aversion, with traders waiting for the impact of India's petrol price hike on domestic equities for further direction. At 9:05 am, the partially convertible rupee was at 56.12/13 per dollar, after hitting a record low of 56.24 in initial trade. It had closed Wednesday at 55.9950/56.0050. ...
09:26 AM, May 24, 2012
Once again the rupee has fallen to yet another new low as the day ended with the rupee at 56 to the dollar. ...
09:27 PM, May 23, 2012
Mumbai: The rupee slumped to a record low against the dollar on Wednesday, ratcheting up pressure on policymakers to restore confidence in the currency at a time when appetite for risky assets is ebbing around the world. The rupee fell beyond the symbolically significant level of 56 to the dollar, and traders said it could fall further to 57. The currency has already dropped more than 13 percent from its...
07:02 PM, May 23, 2012
Mumbai: The rupee breached the 56-mark against US dollar to touch a new low on Wednesday weighed down by global risk aversion, with the Reserve Bank of India's intervention earlier in the day seen as too mild to prevent further falls. At 12:40 pm, the partially convertible rupee was at 55.98/99 per dollar, after hitting a new record low at 56, sharply below its Tuesday's close of 55.39/40. The euro...
01:01 PM, May 23, 2012
Mumbai: Rupee resumes fall, now at 55.82/83 per dollar, moments after hitting a new record low at 55.84 to approach the key psychological level of 56. Fall comes despite RBI intervention earlier in the session pushed rupee to 55.52. Traders call the action 'mild', say they expect further falls in rupee. Traders expect some dollar selling from exporters to emerge around 55.80 levels. The rupee fell as much as to...
09:29 AM, May 23, 2012
Petroleum Minister Jaipal Reddy has once again hinted at the possibility of petrol price hike. ...
07:01 PM, May 22, 2012
Amritsar: With rupee depreciation leading to jump in oil import bill, Petroleum Minister S Jaipal Reddy on Tuesday said there is an immediate need to raise fuel prices, but refused to say when the hike will actually take place. "It (price increase) is very essential but (before hiking rates) we have to talk to political parties," he told reporters here on way to Ashgabat for signing of the agreement for...
05:50 PM, May 22, 2012
