The rupee depreciated 34 paise to 72.79 against the US dollar in early trade at the interbank forex market Monday on foreign fund outflows.

The rupee opened lower at 72.76 per dollar against the previous close of 72.45 and dropped further to quote 34 paise down at 72.79 in opening trade.

Traders said increased demand for the US currency from importers and losses in the domestic equity market weighed on the rupee.

Besides, the dollar trading higher against some currencies overseas too put pressure on the rupee, they added.

The rupee on Friday clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar on easing crude oil prices.

The benchmark BSE Sensex fall 100.54 points, or 0.29 per cent, to 34,911.11 in the opening session.&nbsp;

The rupee depreciated 34 paise to 72.79 against the US dollar in early trade at the interbank forex market Monday on foreign fund outflows. The rupee opened lower at 72.

The rupee depreciated 34 paise to 72.79 against the US dollar in early trade at the interbank forex market Monday on foreign fund outflows. The rupee opened lower at 72.76 per dollar against the previous close of 72.45 and dropped further to quote 34 paise down at 72.79 in opening trade. Traders said increased demand for the US currency from importers and losses in the domestic equity market weighed on the rupee. Besides, the dollar trading higher against some currencies overseas too put pressure on the rupee, they added. The rupee on Friday clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar on easing crude oil prices. The benchmark BSE Sensex fall 100.54 points, or 0.29 per cent, to 34,911.11 in the opening session.

Rupee falls 34 paise against US dollar in early trade

The Indian rupee was the second-best performer in Asia, rising the most in over five years on Friday, on lower global oil prices and as China and the United States expressed optimism about resolving their bruising trade war.

A decline in oil prices and the rally in the currency also boosted bonds, which rose to their highest in nearly two months.

"After a long time, the Indian rupee is seeing a day in the sun," said Anindya Banerjee, deputy vice president, currency derivatives, Kotak Securities.

"There were massive long dollar positions, which got hit once the rupee broke the 73 level. Large corporates sold dollars and squared up long positions. The next key trigger will be the mid-term US&nbsp;polls."

The rupee rose as high as 72.4350 vs the dollar, gaining 1.44 percent during trade, the most since Sept. 19, 2013. The currency closed just off the day's high at 72.44 versus 73.4750. There was large-scale unwinding of speculative long dollar positions on the rupee, which led to the sharp rally in the currency relative to its peers in the region, traders said.

Most Asian currencies rallied on hopes after a phone call between the US&nbsp;and Chinese presidents raised hopes of a thaw in trade tensions.

The 10-year benchmark bond yield touched an intraday low of 7.75 per cent, its lowest since August 8. It closed the day at 7.78 per cent versus 7.82 per cent on Thursday.

Going ahead, traders will closely watch the results of US&nbsp;mid-term Congressional polls next week for a cue on the dollar.

Back home they will also keep an eye on the liquidity crunch in the non-banking finance companies (NBFCs). The rupee is expected to touch 72 to the dollar next week as sentiment remains upbeat, dealers said.

A series of debt default by one of the largest infrastructure companies led to massive sell-off in other companies as well in the NBFC space with investors worrying about their ability to repay their short-term debt.

Any major debt default by other companies is likely to shake investor confidence in overall financial markets in India and hit all asset classes including bonds, rupee and stocks, traders said.

The Indian rupee was the second-best performer in Asia, rising the most in over five years on Friday, on lower global oil prices and as China and the United States expressed optimism about resolving their bruising trade war.

The Indian rupee was the second-best performer in Asia, rising the most in over five years on Friday, on lower global oil prices and as China and the United States expressed optimism about resolving their bruising trade war. A decline in oil prices and the rally in the currency also boosted bonds, which rose to their highest in nearly two months. "After a long time, the Indian rupee is seeing a day in the sun," said Anindya Banerjee, deputy vice president, currency derivatives, Kotak Securities. "There were massive long dollar positions, which got hit once the rupee broke the 73 level. Large corporates sold dollars and squared up long positions. The next key trigger will be the mid-term US polls." The rupee rose as high as 72.4350 vs the dollar, gaining 1.44 percent during trade, the most since Sept. 19, 2013. The currency closed just off the day's high at 72.44 versus 73.4750. There was large-scale unwinding of speculative long dollar positions on the rupee, which led to the sharp rally in the currency relative to its peers in the region, traders said. Most Asian currencies rallied on hopes after a phone call between the US and Chinese presidents raised hopes of a thaw in trade tensions. The 10-year benchmark bond yield touched an intraday low of 7.75 per cent, its lowest since August 8. It closed the day at 7.78 per cent versus 7.82 per cent on Thursday. Going ahead, traders will closely watch the results of US mid-term Congressional polls next week for a cue on the dollar. Back home they will also keep an eye on the liquidity crunch in the non-banking finance companies (NBFCs). The rupee is expected to touch 72 to the dollar next week as sentiment remains upbeat, dealers said. A series of debt default by one of the largest infrastructure companies led to massive sell-off in other companies as well in the NBFC space with investors worrying about their ability to repay their short-term debt. Any major debt default by other companies is likely to shake investor confidence in overall financial markets in India and hit all asset classes including bonds, rupee and stocks, traders said.

Rupee rises most in five years, beats most Asian peers

The rupee rebounded 11 paise to 73.84 against the dollar in early trade Thursday on increased selling of the American currency by exporters.

At the interbank foreign exchange, after opening higher at 73.88 rupee strengthened further to quote at 73.84 against the dollar registering a recovery of 11 paise over its previous close.

The dollar's weakness against some currencies overseas and a better opening of domestic equities supported the rupee's recovery, traders said.

Easing concerns around the rift between the government and the RBI, after the Finance Ministry said the autonomy for the central bank, within the framework of the RBI Act, was an "essential and accepted" governance requirement, also lifted the the local unit, they added.

On Wednesday, the rupee had plunged 27 paise to close at nearly three-week low of 73.95 as the American currency strengthened against major global currencies overseas amid steady capital outflows.

Meanwhile, the benchmark Sensex went up 149.36 points, or 0.44 per cent, to 34,591.41 in opening trade.&nbsp;

The rupee rebounded 11 paise to 73.84 against the dollar in early trade Thursday on increased selling of the American currency by exporters. At the interbank foreign exchange, after opening higher at 73.

The rupee rebounded 11 paise to 73.84 against the dollar in early trade Thursday on increased selling of the American currency by exporters. At the interbank foreign exchange, after opening higher at 73.88 rupee strengthened further to quote at 73.84 against the dollar registering a recovery of 11 paise over its previous close. The dollar's weakness against some currencies overseas and a better opening of domestic equities supported the rupee's recovery, traders said. Easing concerns around the rift between the government and the RBI, after the Finance Ministry said the autonomy for the central bank, within the framework of the RBI Act, was an "essential and accepted" governance requirement, also lifted the the local unit, they added. On Wednesday, the rupee had plunged 27 paise to close at nearly three-week low of 73.95 as the American currency strengthened against major global currencies overseas amid steady capital outflows. Meanwhile, the benchmark Sensex went up 149.36 points, or 0.44 per cent, to 34,591.41 in opening trade.

Rupee rises 11 paise to 73.84 against US dollar

US midterm polls 2018: How elections could ripple through markets

The rupee weakened by 16 paise to 73.61 against the US dollar in early trade Tuesday, amid increased demand of the American currencies from importers and sustained foreign fund outflows.

Traders said the US dollar's strength against some currencies overseas and a lower opening in the domestic equity markets also weighed on the local unit.

At the interbank foreign exchange, after opening lower at 73.58, rupee weakened further to quote at 73.61 against the dollar registering a fall of 16 paise over its pervious close.

The rupee ended almost flat at 73.45 against the US dollar Monday.

The dollar's weakness against some currencies overseas and easing crude oil prices, however, restricted the rupee fall, forex traders said.

Globally, Brent crude, the international benchmark, was trading 0.36 per cent down at USD 77.06 per barrel.

On a net basis, foreign investors pulled out Rs 2,230.79 crore from equity markets Monday, as per provisional data.

Meanwhile, the benchmark BSE Sensex plunged 135.93 points, to 33,931.47 in the opening trade.

The rupee weakened by 16 paise to 73.61 against the US dollar in early trade Tuesday, amid increased demand of the American currencies from importers and sustained foreign fund outflows.

The rupee weakened by 16 paise to 73.61 against the US dollar in early trade Tuesday, amid increased demand of the American currencies from importers and sustained foreign fund outflows. Traders said the US dollar's strength against some currencies overseas and a lower opening in the domestic equity markets also weighed on the local unit. At the interbank foreign exchange, after opening lower at 73.58, rupee weakened further to quote at 73.61 against the dollar registering a fall of 16 paise over its pervious close. The rupee ended almost flat at 73.45 against the US dollar Monday. The dollar's weakness against some currencies overseas and easing crude oil prices, however, restricted the rupee fall, forex traders said. Globally, Brent crude, the international benchmark, was trading 0.36 per cent down at USD 77.06 per barrel. On a net basis, foreign investors pulled out Rs 2,230.79 crore from equity markets Monday, as per provisional data. Meanwhile, the benchmark BSE Sensex plunged 135.93 points, to 33,931.47 in the opening trade.

Rupee falls 16 paise to 73.61 against US dollar in early trade

The rupee recovered by 14 paise to 73.33 against the US currency in early trade Monday, on fresh dollar selling by exporters and higher opening in the domestic equity markets.

At the Interbank Foreign Exchange, the rupee opened up at 73.33 to quote 14 paise higher over its previous closing, on increased selling of the American currency by exporters and banks.

On Friday, the rupee had depreciated by 20 paise to close at 73.47 against the US dollar.

Forex dealers said, weakness in the dollar against a few currencies overseas and easing crude prices gave some support to the local unit.

Globally, Brent crude, the international benchmark, was trading 0.05 per cent down at US $77.58 per barrel.

The benchmark BSE Sensex started the session on a positive note up by 200.57 points at 33,549.88 in opening trade Monday.

On a net basis, foreign funds pulled out Rs 1,356.66 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 1,875.89 crore Friday, provisional data showed.

The rupee recovered by 14 paise to 73.33 against the US currency in early trade Monday, on fresh dollar selling by exporters and higher opening in the domestic equity markets.

The rupee recovered by 14 paise to 73.33 against the US currency in early trade Monday, on fresh dollar selling by exporters and higher opening in the domestic equity markets. At the Interbank Foreign Exchange, the rupee opened up at 73.33 to quote 14 paise higher over its previous closing, on increased selling of the American currency by exporters and banks. On Friday, the rupee had depreciated by 20 paise to close at 73.47 against the US dollar. Forex dealers said, weakness in the dollar against a few currencies overseas and easing crude prices gave some support to the local unit. Globally, Brent crude, the international benchmark, was trading 0.05 per cent down at US $77.58 per barrel. The benchmark BSE Sensex started the session on a positive note up by 200.57 points at 33,549.88 in opening trade Monday. On a net basis, foreign funds pulled out Rs 1,356.66 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 1,875.89 crore Friday, provisional data showed.

Rupee gains 14 paise to 73.33 against US dollar in early trade

The rupee weakened by 17 paise to 73.44 against the US dollar in early trade Friday, amid increased demand of the American currencies from importers and sustained foreign fund outflows.

Traders said the US dollar's strength against some currencies overseas and a lower opening in the domestic equity markets also weighed on the local unit.

On Thursday, the local currency had depreciated by 11 paise to close at 73.27 against the US dollar due to steady capital outflows and sharp decline in domestic equities amid intensifying geopolitical tensions.

Meanwhile, on a net basis, foreign funds sold shares worth Rs 1,495.71 crore, while domestic institutional investors bought shares to the tune of Rs 339.60 crore Thursday, provisional data showed.

The benchmark BSE Sensex fell 157.17 points, or 0.47 per cent to 33,532.92 in early trade Friday.

The rupee weakened by 17 paise to 73.44 against the US dollar in early trade Friday, amid increased demand of the American currencies from importers and sustained foreign fund outflows.

The rupee weakened by 17 paise to 73.44 against the US dollar in early trade Friday, amid increased demand of the American currencies from importers and sustained foreign fund outflows. Traders said the US dollar's strength against some currencies overseas and a lower opening in the domestic equity markets also weighed on the local unit. On Thursday, the local currency had depreciated by 11 paise to close at 73.27 against the US dollar due to steady capital outflows and sharp decline in domestic equities amid intensifying geopolitical tensions. Meanwhile, on a net basis, foreign funds sold shares worth Rs 1,495.71 crore, while domestic institutional investors bought shares to the tune of Rs 339.60 crore Thursday, provisional data showed. The benchmark BSE Sensex fell 157.17 points, or 0.47 per cent to 33,532.92 in early trade Friday.

Rupee falls 17 paise to 73.44 against US dollar in early trade

The US could remove India from its currency monitoring list of major trading partners, the Treasury Department has said, citing certain developments and steps being taken by New Delhi which address some of its major concerns.

<a href="http://www.wionews.com/world/concerned-over-chinas-lack-of-currency-transparency-us-172036">Also Read:&nbsp;Concerned over China's lack of currency transparency, says </a><a href="http://www.wionews.com/world/concerned-over-chinas-lack-of-currency-transparency-us-172036">US</a>

India for the first time was placed by the US in its currency monitoring list of countries with potentially questionable foreign exchange policies in April along with five other countries - China, Germany, Japan, South Korea and Switzerland.

The Department of Treasury maintained the same monitoring list in its latest report released on Wednesday but said if India continues with the same practices as in the last six months, it would be removed from its next bi-annual report.

"India's circumstances have shifted markedly, as the central bank's net sales of foreign exchange over the first six months of 2018 led net purchases over the four quarters through June 2018 to fall to $4 billion, or 0.2 per cent of the GDP," the Treasury said in its latest semi-annual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the US.

This represented a notable change from 2017, when purchases over the first three quarters of the year pushed net purchases of foreign exchange above two per cent of the GDP, it said.

Recent sales have come amidst a turnaround in foreign portfolio flows, as foreign investors pulled portfolio capital out of India (and many other emerging markets) over the first half of the year, it said.

The rupee depreciated by around seven per cent against the dollar and by more than four per cent on a real effective basis in the first half of 2018, the report said.

India has a significant bilateral goods trade surplus with the US, totalling $23 billion over the four quarters through June 2018, but India's current account is in deficit at 1.9 per cent of the GDP.

"As a result, India now only meets one of the three criteria from the 2015 Act. If this remains the case at the time of its next report, Treasury would remove India from the monitoring list," the Treasury said.

Observing that India's current account deficit widened in the four quarters through June 2018 to 1.9 per cent of the GDP, following several years of narrowing from its 2012 peak, the Treasury said the current account deficit has been driven by a large and persistent goods trade deficit, which has, in turn, resulted from substantial gold and petroleum imports.

The goods trade deficit has widened out in the first half to 6.4 per cent of the GDP as oil prices have risen.

The IMF projects the current account deficit to be around 2.5 per cent of the GDP over the medium term as domestic demand strengthens further and favourable growth prospects support investment.

India's goods trade surplus with the US was $23 billion for the four quarters through June 2018, it said, adding that India also had a small surplus in services trade with the US of USD 4 billion over the same period.

"India's exports to the US are concentrated in sectors that reflect India's global specialisation (notably pharmaceuticals and IT services), while US exports to India are dominated by key service trade categories, particularly travel and higher education," the report said.

The Treasury praised India for being "exemplary" in publishing its foreign exchange market intervention.

The Reserve Bank of India (RBI) has noted that the value of the rupee is broadly market-determined, with intervention used only during "episodes of undue volatility," it said.

According to the authorities' data, India was generally a net purchaser of foreign exchange from late 2013 to the middle of 2017, as the RBI sought to gradually build a stronger external buffer in the aftermath of the May 2013 "taper tantrum".

Purchases accelerated in the first half of 2017 amidst strong portfolio inflows to India (and many other emerging markets); as a result, cumulative net purchases of foreign exchange exceeded two per cent of the GDP over 2017, it said.

Noting that foreign exchange purchases generally declined in the second half of 2017, and the RBI shifted to selling foreign exchange in the first half of 2018, the Treasury said net purchases of foreign exchange over the past four quarters through June totalled $ 4 billion (0.2 per cent of the GDP), including activity in the forward market.

"Sales of foreign exchange in the first half of this year came in the context of foreign portfolio outflows of $ 7&nbsp;billion, as India experienced outflows (particularly of foreign portfolio debt) that were witnessed across many emerging markets in the second quarter," it said.

This mirrored the pattern of the last few years, in which intervention has typically tracked institutional portfolio flows. India maintains ample reserves according to the IMF metrics for reserve adequacy, particularly given that India maintains some controls on both inbound and outbound flows of private capital.

As of June 2018, foreign currency reserves stood at $380 billion, equal to 3.7 times gross short-term external debt, 8 months of import cover, and 14 per cent of the GDP.

"The rupee depreciated 7 per cent against the dollar in the first half of the year, while the real effective exchange rate also reversed its general uptrend from the last few years, depreciating by four per cent," it said.

The US could remove India from its currency monitoring list of major trading partners, the Treasury Department has said, citing certain developments and steps being taken by New Delhi which address some of its major concerns.

The US could remove India from its currency monitoring list of major trading partners, the Treasury Department has said, citing certain developments and steps being taken by New Delhi which address some of its major concerns. Also Read: Concerned over China's lack of currency transparency, says US India for the first time was placed by the US in its currency monitoring list of countries with potentially questionable foreign exchange policies in April along with five other countries - China, Germany, Japan, South Korea and Switzerland. The Department of Treasury maintained the same monitoring list in its latest report released on Wednesday but said if India continues with the same practices as in the last six months, it would be removed from its next bi-annual report. "India's circumstances have shifted markedly, as the central bank's net sales of foreign exchange over the first six months of 2018 led net purchases over the four quarters through June 2018 to fall to $4 billion, or 0.2 per cent of the GDP," the Treasury said in its latest semi-annual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the US. This represented a notable change from 2017, when purchases over the first three quarters of the year pushed net purchases of foreign exchange above two per cent of the GDP, it said. Recent sales have come amidst a turnaround in foreign portfolio flows, as foreign investors pulled portfolio capital out of India (and many other emerging markets) over the first half of the year, it said. The rupee depreciated by around seven per cent against the dollar and by more than four per cent on a real effective basis in the first half of 2018, the report said. India has a significant bilateral goods trade surplus with the US, totalling $23 billion over the four quarters through June 2018, but India's current account is in deficit at 1.9 per cent of the GDP. "As a result, India now only meets one of the three criteria from the 2015 Act. If this remains the case at the time of its next report, Treasury would remove India from the monitoring list," the Treasury said. Observing that India's current account deficit widened in the four quarters through June 2018 to 1.9 per cent of the GDP, following several years of narrowing from its 2012 peak, the Treasury said the current account deficit has been driven by a large and persistent goods trade deficit, which has, in turn, resulted from substantial gold and petroleum imports. The goods trade deficit has widened out in the first half to 6.4 per cent of the GDP as oil prices have risen. The IMF projects the current account deficit to be around 2.5 per cent of the GDP over the medium term as domestic demand strengthens further and favourable growth prospects support investment. India's goods trade surplus with the US was $23 billion for the four quarters through June 2018, it said, adding that India also had a small surplus in services trade with the US of USD 4 billion over the same period. "India's exports to the US are concentrated in sectors that reflect India's global specialisation (notably pharmaceuticals and IT services), while US exports to India are dominated by key service trade categories, particularly travel and higher education," the report said. The Treasury praised India for being "exemplary" in publishing its foreign exchange market intervention. The Reserve Bank of India (RBI) has noted that the value of the rupee is broadly market-determined, with intervention used only during "episodes of undue volatility," it said. According to the authorities' data, India was generally a net purchaser of foreign exchange from late 2013 to the middle of 2017, as the RBI sought to gradually build a stronger external buffer in the aftermath of the May 2013 "taper tantrum". Purchases accelerated in the first half of 2017 amidst strong portfolio inflows to India (and many other emerging markets); as a result, cumulative net purchases of foreign exchange exceeded two per cent of the GDP over 2017, it said. Noting that foreign exchange purchases generally declined in the second half of 2017, and the RBI shifted to selling foreign exchange in the first half of 2018, the Treasury said net purchases of foreign exchange over the past four quarters through June totalled $ 4 billion (0.2 per cent of the GDP), including activity in the forward market. "Sales of foreign exchange in the first half of this year came in the context of foreign portfolio outflows of $ 7 billion, as India experienced outflows (particularly of foreign portfolio debt) that were witnessed across many emerging markets in the second quarter," it said. This mirrored the pattern of the last few years, in which intervention has typically tracked institutional portfolio flows. India maintains ample reserves according to the IMF metrics for reserve adequacy, particularly given that India maintains some controls on both inbound and outbound flows of private capital. As of June 2018, foreign currency reserves stood at $380 billion, equal to 3.7 times gross short-term external debt, 8 months of import cover, and 14 per cent of the GDP. "The rupee depreciated 7 per cent against the dollar in the first half of the year, while the real effective exchange rate also reversed its general uptrend from the last few years, depreciating by four per cent," it said.

May remove India from currency monitoring list: US Treasury Department

The rupee dropped by another 14 paise to 73.90 per dollar in early trade Monday as the US currency gained in global markets amid unabated foreign fund outflows.

The dollar strengthened after China's central bank eased its domestic policy to support the economy.

China's central bank said on Sunday that it was cutting the reserve requirement rations (RRRs) by 1 per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system, amid a deepening trade war with the US that has increased pressure on growth in the world's second-largest economy.

Forex dealers said the dollar's strength against major global currencies weighed on the rupee sentiment.

On Friday, the rupee had lost 18 paise to end at a record low of 73.76 after collapsing to a lifetime low of 74.23 (intra-day) after the RBI unexpectedly kept the policy rate unchanged.

Foreign investors have pulled out over Rs 9,300 crore (USD 1.3 billion) from the Indian capital markets in the last four trading sessions.

Meanwhile, the benchmark BSE Sensex continued to fall, losing another 67.72 points, or 0.20 per cent, to 34,309.27 in early trade Monday.&nbsp;

The rupee dropped by another 14 paise to 73.90 per dollar in early trade Monday as the US currency gained in global markets amid unabated foreign fund outflows. The dollar strengthened after China's central bank eased its domestic policy to support the economy.

The rupee dropped by another 14 paise to 73.90 per dollar in early trade Monday as the US currency gained in global markets amid unabated foreign fund outflows. The dollar strengthened after China's central bank eased its domestic policy to support the economy. China's central bank said on Sunday that it was cutting the reserve requirement rations (RRRs) by 1 per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system, amid a deepening trade war with the US that has increased pressure on growth in the world's second-largest economy. Forex dealers said the dollar's strength against major global currencies weighed on the rupee sentiment. On Friday, the rupee had lost 18 paise to end at a record low of 73.76 after collapsing to a lifetime low of 74.23 (intra-day) after the RBI unexpectedly kept the policy rate unchanged. Foreign investors have pulled out over Rs 9,300 crore (USD 1.3 billion) from the Indian capital markets in the last four trading sessions. Meanwhile, the benchmark BSE Sensex continued to fall, losing another 67.72 points, or 0.20 per cent, to 34,309.27 in early trade Monday.

Rupee falls 14 paise against US dollar in opening trade

The rupee slumped by 30 paise to finish at a fresh lifetime low of 74.06 against the US dollar Monday amid strengthening of the greenback and steady capital outflows.

The rupee had opened lower by 14 paisa against Friday's close of 73.76 in early trade as the US dollar strength against major global currencies weighed on the rupee sentiment.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 73.89 a dollar against its previous closing of 73.76.

It recovered to a high of 73.76, but failed to sustain the momentum and plunged to 74.10 and finally closed at 74.06, down by 30 paise, marking its fifth straight session of decline.

On Friday, the domestic unit plummeted by 18 paise to end at 73.76.

The rupee slumped by 30 paise to finish at a fresh lifetime low of 74.06 against the US dollar Monday amid strengthening of the greenback and steady capital outflows.

The rupee slumped by 30 paise to finish at a fresh lifetime low of 74.06 against the US dollar Monday amid strengthening of the greenback and steady capital outflows. The rupee had opened lower by 14 paisa against Friday's close of 73.76 in early trade as the US dollar strength against major global currencies weighed on the rupee sentiment. At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 73.89 a dollar against its previous closing of 73.76. It recovered to a high of 73.76, but failed to sustain the momentum and plunged to 74.10 and finally closed at 74.06, down by 30 paise, marking its fifth straight session of decline. On Friday, the domestic unit plummeted by 18 paise to end at 73.76.

Rupee slumps 30 paise to close at record low of 74.06

The rupee tanked to an all-time low, surpassing the crucial 74-mark against the US Dollar during afternoon trade session on Monday.

The rupee hit an intra-day low of 74.0150 against the US dollar.

The dollar strengthened after China's central bank eased its domestic policy to support the economy.

China's central bank said on Sunday that it was cutting the reserve requirement rations (RRRs) by 1 per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system, amid a deepening trade war with the US that has increased pressure on growth in the world's second-largest economy.

Forex dealers said the dollar's strength against major global currencies weighed on the rupee sentiment.

On Friday, the rupee had lost 18 paise to end at a record low of 73.76 after collapsing to a lifetime low of 74.23 (intra-day) after the RBI unexpectedly kept the policy rate unchanged.

Foreign investors have pulled out over Rs 9,300 crore (USD 1.3 billion) from the Indian capital markets in the last four trading sessions.

The rupee tanked to an all-time low, surpassing the crucial 74-mark against the US Dollar during afternoon trade session on Monday. The rupee hit an intra-day low of 74.

The rupee tanked to an all-time low, surpassing the crucial 74-mark against the US Dollar during afternoon trade session on Monday. The rupee hit an intra-day low of 74.0150 against the US dollar. The dollar strengthened after China's central bank eased its domestic policy to support the economy. China's central bank said on Sunday that it was cutting the reserve requirement rations (RRRs) by 1 per cent from October 15 which will inject a net USD 109.2 billion in cash into the banking system, amid a deepening trade war with the US that has increased pressure on growth in the world's second-largest economy. Forex dealers said the dollar's strength against major global currencies weighed on the rupee sentiment. On Friday, the rupee had lost 18 paise to end at a record low of 73.76 after collapsing to a lifetime low of 74.23 (intra-day) after the RBI unexpectedly kept the policy rate unchanged. Foreign investors have pulled out over Rs 9,300 crore (USD 1.3 billion) from the Indian capital markets in the last four trading sessions.

Rupee breaches 74-mark now, hits low of 74.06 against US dollar

On the day the rupee breached the 74-mark against the US dollar for the first time, RBI governor Urjit Patel Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.

After the Reserve Bank of India (RBI) in its fourth bi-monthly policy this fiscal left the policy rates unchanged and ruled out a rate cut in the rest of the fiscal, the rupee plummeted to 74.13 against the dollar, after opening higher then its previous close at 73.52.

Admitting that the country has not been immune to global spillovers from external factors, Patel said, "The rupee fall, in some respect, is moderate in comparison to several other emerging market market peers."

Ruling out a target for the currency, he said, "Our response to these unsettled conditions has been to ensure that foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange rate, which is determined by market forces demand and supply."

Addressing the media after the customary post-policy presser, Patel said the rupee has experienced bouts of volatility since the monetary policy committee meeting in August.

By the end of September, the rupee has depreciated in nominal effective terms by 5.6 per cent since the end of March. In real effective term, the rupee fall has been at 5 per cent, the governor said, adding the foreign exchange reserves of USD 400.5 billion as of end September, are sufficient to finance 10 months of imports.

In absolute terms, the rupee is down around 17 per cent since January this year.

Forex reserves had touched a record of USD 426.028 billion in the week to April 13, 2018, but have been declining since then on account of RBI intervention in market to stem fall in the rupee.

On the day the rupee breached the 74-mark against the US dollar for the first time, RBI governor Urjit Patel Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.

On the day the rupee breached the 74-mark against the US dollar for the first time, RBI governor Urjit Patel Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it. After the Reserve Bank of India (RBI) in its fourth bi-monthly policy this fiscal left the policy rates unchanged and ruled out a rate cut in the rest of the fiscal, the rupee plummeted to 74.13 against the dollar, after opening higher then its previous close at 73.52. Admitting that the country has not been immune to global spillovers from external factors, Patel said, "The rupee fall, in some respect, is moderate in comparison to several other emerging market market peers." Ruling out a target for the currency, he said, "Our response to these unsettled conditions has been to ensure that foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange rate, which is determined by market forces demand and supply." Addressing the media after the customary post-policy presser, Patel said the rupee has experienced bouts of volatility since the monetary policy committee meeting in August. By the end of September, the rupee has depreciated in nominal effective terms by 5.6 per cent since the end of March. In real effective term, the rupee fall has been at 5 per cent, the governor said, adding the foreign exchange reserves of USD 400.5 billion as of end September, are sufficient to finance 10 months of imports. In absolute terms, the rupee is down around 17 per cent since January this year. Forex reserves had touched a record of USD 426.028 billion in the week to April 13, 2018, but have been declining since then on account of RBI intervention in market to stem fall in the rupee.

Rupee at 74 to a dollar is still better than other emerging market peers: RBI governor Urjit Patel

The rupee Wednesday plunged by 43 paise to breach the historic low of 73 level as soaring crude oil prices fuelled worries over capital outflows and widening current account deficit.

The domestic currency closed at a record low of 73.34, down by 43 paise or 0.59 per cent at the interbank foreign exchange here.

In the day trade, the rupee crashed to its all-time low of 73.42 per dollar as crude oil prices breached the $85 per barrel mark, leading to huge outflows of cash.

Investors remained concerned over sustained foreign capital outflows and soaring crude oil prices, analysts said.

After breaching the US 85 per barrel level, the benchmark Brent crude stayed near four-year high levels at $84.86 per barrel.

According to the provisional exchange data, foreign investors withdrew Rs 1,550 crore on a net basis from capital markets on Wednesday.

Rising US interest rates and bond yields have encouraged investors to pull out funds from emerging markets to pocket better returns, analysts said.

"The rupee has made a new record low today on the back of consistent rise in the crude oil prices. A sharp rise in crude oil along with steep depreciation in the rupee might push inflation higher in coming months," Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers.

The Reserve Bank refused to open a special window for oil marketing companies which affected market sentiments, VK Sharma, Head Private Client Group &amp; Capital Market Strategy at HDFC Securities.

Stocks also fell by more than 1.5 per cent due to the rupee falling to record low levels. The benchmark BSE Sensex plunged by 550 points or 1.51 per cent while the broader Nifty tanked 150 points or 1.38 per cent.

The rupee opened lower at 73.26 per dollar due to high crude oil prices against the last close of 72.91 per dollar. The currency pared some losses to touch a high of 72.90 per dollar on market speculation that RBI may open special dollar window for oil companies.

However, without any clear signals from the central bank, the rupee crashed to all-time lows before settling at 73.34.

Meanwhile, the FBIL set the reference rate for the dollar at 73.02 per dollar. The reference rate for euro was fixed at 84.57 against 84.37 previously and for the British pound at 94.98 against 94.88 on October 1.

The rupee Wednesday plunged by 43 paise to breach the historic low of 73 level as soaring crude oil prices fuelled worries over capital outflows and widening current account deficit.

The rupee Wednesday plunged by 43 paise to breach the historic low of 73 level as soaring crude oil prices fuelled worries over capital outflows and widening current account deficit. The domestic currency closed at a record low of 73.34, down by 43 paise or 0.59 per cent at the interbank foreign exchange here. In the day trade, the rupee crashed to its all-time low of 73.42 per dollar as crude oil prices breached the $85 per barrel mark, leading to huge outflows of cash. Investors remained concerned over sustained foreign capital outflows and soaring crude oil prices, analysts said. After breaching the US 85 per barrel level, the benchmark Brent crude stayed near four-year high levels at $84.86 per barrel. According to the provisional exchange data, foreign investors withdrew Rs 1,550 crore on a net basis from capital markets on Wednesday. Rising US interest rates and bond yields have encouraged investors to pull out funds from emerging markets to pocket better returns, analysts said. "The rupee has made a new record low today on the back of consistent rise in the crude oil prices. A sharp rise in crude oil along with steep depreciation in the rupee might push inflation higher in coming months," Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers. The Reserve Bank refused to open a special window for oil marketing companies which affected market sentiments, VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities. Stocks also fell by more than 1.5 per cent due to the rupee falling to record low levels. The benchmark BSE Sensex plunged by 550 points or 1.51 per cent while the broader Nifty tanked 150 points or 1.38 per cent. The rupee opened lower at 73.26 per dollar due to high crude oil prices against the last close of 72.91 per dollar. The currency pared some losses to touch a high of 72.90 per dollar on market speculation that RBI may open special dollar window for oil companies. However, without any clear signals from the central bank, the rupee crashed to all-time lows before settling at 73.34. Meanwhile, the FBIL set the reference rate for the dollar at 73.02 per dollar. The reference rate for euro was fixed at 84.57 against 84.37 previously and for the British pound at 94.98 against 94.88 on October 1.

Rupee crashes below record 73 mark, ends lower by 43 amid oil price spike

The rupee dropped to a record low on Wednesday as a sharp rise in global crude oil prices heaped more pressure on the currency, prompting the central bank to quickly intervene to slow its fall.

The domestic currency slid 34 paise to a new record low of 73.25 against the US dollar in early morning trade.&nbsp;

The partially convertible rupee briefly traded stronger on the day at 72.90 per dollar against its previous close of 72.91 after the news report. It had touched a life low of 73.42 earlier in the session.

By 2:34 pm, the rupee was trading at 73.24 per dollar.

According to forex dealers, demand for the US currency from importers, along with a strong dollar overseas and rising crude oil prices, weighed heavily on the domestic currency.&nbsp;

The rupee has hit a series of record lows against the dollar in the past two months, weakening to about 73 rupees against the greenback.&nbsp;

That marked a decline of more than 14 per cent since the start of this year, earning it the status of the worst-performing in the region — alongside the Indonesian rupiah and Philippine peso.

The benchmark 10-year bond yield was up 6 basis points at 8.05 per cent.

Oil prices firmed on expectations of a tighter market once US&nbsp;sanctions start targeting Iran's petroleum industry from next month, although a strong dollar and rising US crude supply curbed gains. Prices, however, remain at highest levels since November 2014.&nbsp;

Experts say that broader global concerns, which rose to the forefront in the emerging currencies sell-off following economic troubles in Turkey and Argentina, have also weighed on investor sentiment.

(With inputs from agencies)

The rupee dropped to a record low on Wednesday as a sharp rise in global crude oil prices heaped more pressure on the currency, prompting the central bank to quickly intervene to slow its fall.

The rupee dropped to a record low on Wednesday as a sharp rise in global crude oil prices heaped more pressure on the currency, prompting the central bank to quickly intervene to slow its fall. The domestic currency slid 34 paise to a new record low of 73.25 against the US dollar in early morning trade. The partially convertible rupee briefly traded stronger on the day at 72.90 per dollar against its previous close of 72.91 after the news report. It had touched a life low of 73.42 earlier in the session. By 2:34 pm, the rupee was trading at 73.24 per dollar. According to forex dealers, demand for the US currency from importers, along with a strong dollar overseas and rising crude oil prices, weighed heavily on the domestic currency. The rupee has hit a series of record lows against the dollar in the past two months, weakening to about 73 rupees against the greenback. That marked a decline of more than 14 per cent since the start of this year, earning it the status of the worst-performing in the region — alongside the Indonesian rupiah and Philippine peso. The benchmark 10-year bond yield was up 6 basis points at 8.05 per cent. Oil prices firmed on expectations of a tighter market once US sanctions start targeting Iran's petroleum industry from next month, although a strong dollar and rising US crude supply curbed gains. Prices, however, remain at highest levels since November 2014. Experts say that broader global concerns, which rose to the forefront in the emerging currencies sell-off following economic troubles in Turkey and Argentina, have also weighed on investor sentiment. (With inputs from agencies)

Rupee hits new low, breaches 73 against dollar for first time

The rupee weakened by 36 paise to 72.84 against the US dollar Monday even as the RBI announced plans to purchase government bonds worth Rs 36,000 crore to boost liquidity.

The domestic unit rupee had gained 11 paise to close at a one-week high of 72.48 against the US dollar On Friday.

In recent weeks, the rupee has taken a beating amid volatility in global markets and strengthening of the greenback. The central bank has been taking various measures to shore up the rupee.

The rupee was trading at 72.84 against the dollar in the morning as investors are waiting for the RBI policy decision later this week. It opened at 72.61.

In a release Monday, the RBI said it has decided to purchase government bonds worth Rs 36,000 crore through Open Market Operations (OMO) this month.&nbsp;

This is based on an assessment of the durable liquidity needs going forward and the seasonal growth in currency in circulation observed in build-up to the festive season, it added.

The central bank will be conducting OMO for an "aggregate amount of Rs 360 billion in the month of October," the release said.

The auctions would be conducted during the second, third and fourth week of October.

"The OMO amount stated above is indicative and RBI retains the flexibility to change it, depending on the evolving liquidity and market conditions," the central bank said.

The rupee weakened by 36 paise to 72.84 against the US dollar Monday even as the RBI announced plans to purchase government bonds worth Rs 36,000 crore to boost liquidity.

The rupee weakened by 36 paise to 72.84 against the US dollar Monday even as the RBI announced plans to purchase government bonds worth Rs 36,000 crore to boost liquidity. The domestic unit rupee had gained 11 paise to close at a one-week high of 72.48 against the US dollar On Friday. In recent weeks, the rupee has taken a beating amid volatility in global markets and strengthening of the greenback. The central bank has been taking various measures to shore up the rupee. The rupee was trading at 72.84 against the dollar in the morning as investors are waiting for the RBI policy decision later this week. It opened at 72.61. In a release Monday, the RBI said it has decided to purchase government bonds worth Rs 36,000 crore through Open Market Operations (OMO) this month. This is based on an assessment of the durable liquidity needs going forward and the seasonal growth in currency in circulation observed in build-up to the festive season, it added. The central bank will be conducting OMO for an "aggregate amount of Rs 360 billion in the month of October," the release said. The auctions would be conducted during the second, third and fourth week of October. "The OMO amount stated above is indicative and RBI retains the flexibility to change it, depending on the evolving liquidity and market conditions," the central bank said.

Rupee slips 36 paise against US dollar

Gold prices inched up on Friday but held near six-week lows hit in the previous session, as the dollar firmed after upbeat US economic data supported the Federal Reserve's resolve for steady interest rate hikes over the next year.

The dollar stood tall against its peers on Friday after data showed US economic growth accelerated in the second quarter at its fastest pace in nearly four years. Another report showed durable goods rose 4.5 per cent in August, rebounding from a revised 1.2 per cent drop the month before.

Spot gold was up 0.2 per cent to $1,184.91 as of 0405 GMT. On Thursday, the metal fell about 1 per cent and touched its lowest since August 17 at $1,181.61 an ounce. Spot gold is down about 1.2 per cent for the week, on track for its fourth weekly decline in five.

US gold futures were up 0.1 per cent at $1,188.80 an ounce.

The short-term outlook is bearish for gold as the dollar may see some upside due to an ongoing trade war between China and the US and the Federal Reserve interest rate hike outlook, according to Argonaut Securities analyst Helen Lau.

The US Federal Reserve raised interest rates on Wednesday and said it planned four more increases by the end of 2019 and another in 2020.

"Gold has been trying to overcome the psychological level of $1,200 an ounce for the past few days. We didn't see that happening. And when it doesn't go up, it comes down," said Brian Lan, managing director at dealer GoldSilver Central in Singapore.

"After the prices came down we have seen some physical buying mainly from the businesses, which is offering some support at this time."

Gold is down more than 13 per cent from an April high, largely because of the stronger dollar, which has been boosted by a vibrant US economy and fears of a global trade war. Investors have bought the greenback instead of gold as a safe investment.

Meanwhile, President Donald Trump's accusation of Chinese meddling in the upcoming US elections marks a new phase in an escalating pressure campaign against Beijing that Washington is pursuing on multiple fronts, senior US officials said on Thursday.

"The trade war continues to favour the US dollar and this will generally dampen gold's upside," said Nicholas Frappell, global general manager, ABC Bullion, Australia.

"Large speculative shorts may help cushion weakness as punters keep an eye on levels to close out and take money off the table," he said.

Among other metals, palladium touched a fresh eight-month high at $1,087.40 an ounce. Silver rose 0.6 per cent to $14.29 an ounce and platinum declined 0.4 per cent to $806.0. 
&nbsp;

Gold prices inched up on Friday but held near six-week lows hit in the previous session, as the dollar firmed after upbeat US economic data supported the Federal Reserve's resolve for steady interest rate hikes over the next year.

Gold prices inched up on Friday but held near six-week lows hit in the previous session, as the dollar firmed after upbeat US economic data supported the Federal Reserve's resolve for steady interest rate hikes over the next year. The dollar stood tall against its peers on Friday after data showed US economic growth accelerated in the second quarter at its fastest pace in nearly four years. Another report showed durable goods rose 4.5 per cent in August, rebounding from a revised 1.2 per cent drop the month before. Spot gold was up 0.2 per cent to $1,184.91 as of 0405 GMT. On Thursday, the metal fell about 1 per cent and touched its lowest since August 17 at $1,181.61 an ounce. Spot gold is down about 1.2 per cent for the week, on track for its fourth weekly decline in five. US gold futures were up 0.1 per cent at $1,188.80 an ounce. The short-term outlook is bearish for gold as the dollar may see some upside due to an ongoing trade war between China and the US and the Federal Reserve interest rate hike outlook, according to Argonaut Securities analyst Helen Lau. The US Federal Reserve raised interest rates on Wednesday and said it planned four more increases by the end of 2019 and another in 2020. "Gold has been trying to overcome the psychological level of $1,200 an ounce for the past few days. We didn't see that happening. And when it doesn't go up, it comes down," said Brian Lan, managing director at dealer GoldSilver Central in Singapore. "After the prices came down we have seen some physical buying mainly from the businesses, which is offering some support at this time." Gold is down more than 13 per cent from an April high, largely because of the stronger dollar, which has been boosted by a vibrant US economy and fears of a global trade war. Investors have bought the greenback instead of gold as a safe investment. Meanwhile, President Donald Trump's accusation of Chinese meddling in the upcoming US elections marks a new phase in an escalating pressure campaign against Beijing that Washington is pursuing on multiple fronts, senior US officials said on Thursday. "The trade war continues to favour the US dollar and this will generally dampen gold's upside," said Nicholas Frappell, global general manager, ABC Bullion, Australia. "Large speculative shorts may help cushion weakness as punters keep an eye on levels to close out and take money off the table," he said. Among other metals, palladium touched a fresh eight-month high at $1,087.40 an ounce. Silver rose 0.6 per cent to $14.29 an ounce and platinum declined 0.4 per cent to $806.0.

Gold holds near six-week lows after upbeat US data

The rupee rose by 10 paise to 72.49 against the dollar in early trade Friday amid fresh selling of the American currency by exporters and banks.

Forex dealers said, apart from weakness in the dollar against some currencies overseas despite upbeat US economic data, fresh foreign fund inflows supported the rupee.

According to the provisional exchange data, FPIs invested Rs 552.44 crore on a net basis in equities on Thursday.

A higher opening of the stock market also supported the rupee, a dealer said.

The benchmark BSE Sensex recovered by 181.95 points, or 0.50 per cent, to 36,506.12 in early trade Friday.

The rupee Thursday ended almost flat at 72.59 against the US dollar after strong initial gains were erased by fag-end dollar demand from importers despite government measures to stem currency volatility.

The rupee rose by 10 paise to 72.49 against the dollar in early trade Friday amid fresh selling of the American currency by exporters and banks. Forex dealers said, apart from weakness in the dollar against some currencies overseas despite upbeat US economic data, fresh foreign fund inflows supported the rupee.

The rupee rose by 10 paise to 72.49 against the dollar in early trade Friday amid fresh selling of the American currency by exporters and banks. Forex dealers said, apart from weakness in the dollar against some currencies overseas despite upbeat US economic data, fresh foreign fund inflows supported the rupee. According to the provisional exchange data, FPIs invested Rs 552.44 crore on a net basis in equities on Thursday. A higher opening of the stock market also supported the rupee, a dealer said. The benchmark BSE Sensex recovered by 181.95 points, or 0.50 per cent, to 36,506.12 in early trade Friday. The rupee Thursday ended almost flat at 72.59 against the US dollar after strong initial gains were erased by fag-end dollar demand from importers despite government measures to stem currency volatility.

Rupee advances 10 paise against US dollar in early trade

The government will “very soon” implement the second set of measures including curb on imports of non-essential items to shore up rupee to 68-70 level against the US dollar, Economic Affairs Secretary Subhash Chandra Garg said, terming the about 12 per cent slide in the currency as a temporary phenomenon.&nbsp;

The government had earlier this month announced an easing of overseas borrowing norms for manufacturing companies, removal of restrictions on foreign portfolio investors (FPI) investment in corporate bonds and tax benefits on Masala bonds to shore up rupee and check to widen of current account deficit.

Now, the Centre has prepared a list of non-essential items whose imports can be curbed and also drawn up a separate list of goods whose exports can be boosted with a little policy intervention, Garg told PTI in an interview here.

On the rupee continuing to fall despite the first set of measures, he said “full components of the steps have not been implemented as yet, especially curb on the import of non-essential items and boasting some of the exports etc. Those are still to come.” “These measures are at the final stage. Very soon, these should be announced,” he said.

A group headed by the Commerce Secretary has “more or less” completed its task on finalising the list, the DEA secretary said. “Once it gets the nod from higher-ups, it will be announced…It will happen very early,” he said.

The rupee has been battered for over a month now amid sell-offs sweeping emerging markets following a rout in the currencies of Argentina and Turkey. The Indian currency has set a string of record lows, dampening some of the optimism about India’s world-beating economic growth. The rupee on last Friday closed at 72.20 to the US dollar, higher than the record low of 72.91 it had hit earlier this month.

The government, Garg said, is concerned about the rupee’s slump and its adverse impact on the Current Account Deficit (CAD). The CAD, the difference between inflow and outflow of foreign exchange, widened to 2.4 per cent of GDP in the first quarter.

The fall in rupee has shot up oil import bill for the world’s fastest-growing oil user by 76 per cent to USD 10.2 billion in July. Garg said the appropriate level for the rupee is 68-70 per dollar, with 72 being the reasonable outer limit for depreciation.

With the first round of measures not having any desired impact, he said there is no question of government being helpless as there are more measures to be taken to rein in falling rupee. Garg further said that in view of present circumstances, CAD and present capital flows, 68-70 range appears to be a reasonable level.

“When it suddenly went down from 69 to 72, the government rightly got concerned that this kind of sudden depreciation is not justified,” he said. 
Gard added that the Indian economy recorded an excellent growth of 8.2 per cent in the first quarter, inflation is low, macroeconomic fundamentals are good, the government is strictly maintaining fiscal deficit and expenditure programme is going on well.

“So why on earth should there be such a depreciation of 10-12 per cent in 6 months or 6-9 per cent in two months. That’s why the Prime Minister took a meeting (on September 14). The Finance Minister got into the act and several decisions were taken and some of them are under implementation,” he said.

Garg expressed confidence that with the measures announced and those in works, the rupee will regain comfortable levels. “I am sure this is temporary and this will come back (to the comfortable level),” he said.

The government will “very soon” implement the second set of measures including curb on imports of non-essential items to shore up rupee to 68-70 level against the US dollar, Economic Affairs Secretary Subhash Chandra Garg said, terming the about 12 per cent slide in the currency as a temporary phenomenon.

The government will “very soon” implement the second set of measures including curb on imports of non-essential items to shore up rupee to 68-70 level against the US dollar, Economic Affairs Secretary Subhash Chandra Garg said, terming the about 12 per cent slide in the currency as a temporary phenomenon. The government had earlier this month announced an easing of overseas borrowing norms for manufacturing companies, removal of restrictions on foreign portfolio investors (FPI) investment in corporate bonds and tax benefits on Masala bonds to shore up rupee and check to widen of current account deficit. Now, the Centre has prepared a list of non-essential items whose imports can be curbed and also drawn up a separate list of goods whose exports can be boosted with a little policy intervention, Garg told PTI in an interview here. On the rupee continuing to fall despite the first set of measures, he said “full components of the steps have not been implemented as yet, especially curb on the import of non-essential items and boasting some of the exports etc. Those are still to come.” “These measures are at the final stage. Very soon, these should be announced,” he said. A group headed by the Commerce Secretary has “more or less” completed its task on finalising the list, the DEA secretary said. “Once it gets the nod from higher-ups, it will be announced…It will happen very early,” he said. The rupee has been battered for over a month now amid sell-offs sweeping emerging markets following a rout in the currencies of Argentina and Turkey. The Indian currency has set a string of record lows, dampening some of the optimism about India’s world-beating economic growth. The rupee on last Friday closed at 72.20 to the US dollar, higher than the record low of 72.91 it had hit earlier this month. The government, Garg said, is concerned about the rupee’s slump and its adverse impact on the Current Account Deficit (CAD). The CAD, the difference between inflow and outflow of foreign exchange, widened to 2.4 per cent of GDP in the first quarter. The fall in rupee has shot up oil import bill for the world’s fastest-growing oil user by 76 per cent to USD 10.2 billion in July. Garg said the appropriate level for the rupee is 68-70 per dollar, with 72 being the reasonable outer limit for depreciation. With the first round of measures not having any desired impact, he said there is no question of government being helpless as there are more measures to be taken to rein in falling rupee. Garg further said that in view of present circumstances, CAD and present capital flows, 68-70 range appears to be a reasonable level. “When it suddenly went down from 69 to 72, the government rightly got concerned that this kind of sudden depreciation is not justified,” he said. Gard added that the Indian economy recorded an excellent growth of 8.2 per cent in the first quarter, inflation is low, macroeconomic fundamentals are good, the government is strictly maintaining fiscal deficit and expenditure programme is going on well. “So why on earth should there be such a depreciation of 10-12 per cent in 6 months or 6-9 per cent in two months. That’s why the Prime Minister took a meeting (on September 14). The Finance Minister got into the act and several decisions were taken and some of them are under implementation,” he said. Garg expressed confidence that with the measures announced and those in works, the rupee will regain comfortable levels. “I am sure this is temporary and this will come back (to the comfortable level),” he said.

Government to ‘soon’ curb on imports to bring rupee to 68-70 level against US dollar

The Pakistani rupee slumped 3.8 per cent against the dollar on Monday before slightly recovering in what appeared to be the third currency devaluation in seven months by the central bank, traders said, amid a balance of payments crisis.

The rupee drop threatens to squeeze consumers, coming just days before the Eid holiday ending the Islamic fasting month of Ramadan and ahead of a general election set for July 25.

The apparent devaluation shows signs of vulnerability in Pakistan’s nearly $300 billion economy, as dwindling foreign reserves and a widening current account deficit trigger speculation about going back to the International Monetary Fund for loans for the second time since 2013.

One leading economist, Ashfaque Ahmad Khan, said the interim government that now holds the reins during the election campaign might itself be forced to go to the IMF.

Khan said the interim government needs to take policy decisions to curb imports and increase exports, but so far the caretaker government has not taken enough steps.

"If we rely exclusively on the rupee devaluation to address our balance of payment crises, this will have disastrous consequences," he said.

The outgoing government led by the Pakistan Muslim League-Nawaz (PML-N) has touted its stewardship of the economy as a reason to bring the party back to power, but foreign reserves are now at a low of two months' worth of imports.

The PML-N policy for years was to support keeping the rupee relatively stable in what was widely considered a managed float, but as the current account deficit widened and foreign reserves dropped to about half their peak, the policy shifted.

Since December, the rupee has fallen by about 14 per cent.

The rupee closed at 119.85 per U.S. dollar on Monday after opening at 115.63. Earlier in the day, it traded close to 121 per dollar, traders said.

"On Monday the central bank didn't intervene (to support the rupee) and allowed the market to determine the rupee value," Samiullah Tariq, director of research at Arif Habib Securities, told Reuters

"Pressure of a high current account deficit and dollar demand in the market also contributed to the rupee's fall."

A spokesman for the State Bank of Pakistan didn't respond to Reuters' request for comment on the talk that the bank had withdrawn support for the rupee, triggering another devaluation.

Withdrawal of support would have the effect of devaluing the currency as the SBP is the most influential player in the thinly traded local foreign exchange market and controls what is widely considered a managed float system.

In December and in March, the rupee was devalued, each time by about 5 per cent, by the central bank.

Pakistan's economy is expected to expand by close to 6 per cent this year, the fastest pace in more than a decade, but a widening of the current account deficit has brought new worries.

The current account deficit now stands at $14 billion, around 5.3 per cent of gross domestic product, an SBP official said.

The economic outlook has been hurt by the fast depletion of foreign currency reserves, which now stand at just over $10 billion.

Pakistan is currently in discussions with China for loans to ease pressure on its foreign currency reserves.

Over the weekend, the shortage of foreign currency widened the spread at which the rupee is traded in the open market and the interbank market to 4 rupees.

"Whatever has happened again today is the reflection of growing pressure on the balance of payments side,” Khan told Reuters.

"It also exposes the outgoing government claims that they strengthen the economy, that they have always been claiming that they are leaving the economy in good shape. That unfortunately isn’t the case."&nbsp

The Pakistani rupee slumped 3.8 per cent against the dollar on Monday

The Pakistani rupee slumped 3.8 per cent against the dollar on Monday before slightly recovering in what appeared to be the third currency devaluation in seven months by the central bank, traders said, amid a balance of payments crisis. The rupee drop threatens to squeeze consumers, coming just days before the Eid holiday ending the Islamic fasting month of Ramadan and ahead of a general election set for July 25. The apparent devaluation shows signs of vulnerability in Pakistan’s nearly $300 billion economy, as dwindling foreign reserves and a widening current account deficit trigger speculation about going back to the International Monetary Fund for loans for the second time since 2013. One leading economist, Ashfaque Ahmad Khan, said the interim government that now holds the reins during the election campaign might itself be forced to go to the IMF. Khan said the interim government needs to take policy decisions to curb imports and increase exports, but so far the caretaker government has not taken enough steps. "If we rely exclusively on the rupee devaluation to address our balance of payment crises, this will have disastrous consequences," he said. The outgoing government led by the Pakistan Muslim League-Nawaz (PML-N) has touted its stewardship of the economy as a reason to bring the party back to power, but foreign reserves are now at a low of two months' worth of imports. The PML-N policy for years was to support keeping the rupee relatively stable in what was widely considered a managed float, but as the current account deficit widened and foreign reserves dropped to about half their peak, the policy shifted. Since December, the rupee has fallen by about 14 per cent. The rupee closed at 119.85 per U.S. dollar on Monday after opening at 115.63. Earlier in the day, it traded close to 121 per dollar, traders said. "On Monday the central bank didn't intervene (to support the rupee) and allowed the market to determine the rupee value," Samiullah Tariq, director of research at Arif Habib Securities, told Reuters "Pressure of a high current account deficit and dollar demand in the market also contributed to the rupee's fall." A spokesman for the State Bank of Pakistan didn't respond to Reuters' request for comment on the talk that the bank had withdrawn support for the rupee, triggering another devaluation. Withdrawal of support would have the effect of devaluing the currency as the SBP is the most influential player in the thinly traded local foreign exchange market and controls what is widely considered a managed float system. In December and in March, the rupee was devalued, each time by about 5 per cent, by the central bank. Pakistan's economy is expected to expand by close to 6 per cent this year, the fastest pace in more than a decade, but a widening of the current account deficit has brought new worries. The current account deficit now stands at $14 billion, around 5.3 per cent of gross domestic product, an SBP official said. The economic outlook has been hurt by the fast depletion of foreign currency reserves, which now stand at just over $10 billion. Pakistan is currently in discussions with China for loans to ease pressure on its foreign currency reserves. Over the weekend, the shortage of foreign currency widened the spread at which the rupee is traded in the open market and the interbank market to 4 rupees. "Whatever has happened again today is the reflection of growing pressure on the balance of payments side,” Khan told Reuters. "It also exposes the outgoing government claims that they strengthen the economy, that they have always been claiming that they are leaving the economy in good shape. That unfortunately isn’t the case."

Pakistan's new rupee devaluation shows economic risk before election

The Reserve Bank of India today fixed the reference rate of the rupee at 67.3353 against the US dollar and 79.5230 for the euro.

The corresponding rates were 67.5228 and 79.5824, as on June 08, 2018.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 90.3707 and 61.24 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee figure will be based on this rate, the statement added.

The SDR-rupee figure will be based on this rate, the statement added

The Reserve Bank of India today fixed the reference rate of the rupee at 67.3353 against the US dollar and 79.5230 for the euro. The corresponding rates were 67.5228 and 79.5824, as on June 08, 2018. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 90.3707 and 61.24 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.

RBI sets rupee reference rate at 67.3353 against dollar

The BSE Sensex slipped over 137 points to 35,325.98 in early trade today on heavy selling in power, realty, oil & gas and banking stocks amid sustained capital outflows by foreign funds.

A depreciating rupee against the dollar also dampened the sentiment.

Moreover, decline in Asian stocks after the mixed close on Wall Street overnight and rising crude oil prices amid sustained capital outflows influenced the sentiment here, brokers said.

Oil prices rose today as Venezuela struggled to meet its supply obligations, and also due to the ongoing voluntary output cuts led by producer cartel OPEC.

Brent crude futures were at $ 77.45 per barrel, up 13 cents, or 0.20 per cent. WTI crude futures were up 19 cents, or 0.30 per cent at $ 66.14 a barrel.

The 30-share index dropped 137.10 points or 0.38 per cent to 35,325.98. The gauge had gained 559.87 points in the previous two sessions.

In a similar fashion, the NSE Nifty fell 50.65 points or 0.47 per cent to 10,717.70.

Sectoral indices led by power, realty, oil and gas, banking, PSU, consumer durables and infrastructure were trading in the negative zone, falling up to 0.93 per cent.

Major losers were power grid, ICICI Bank, IndusInd Bank, Yes Bank, RIL, Axis Bank, HDFC Bank, HDFC Ltd, Asian Paints, M&M, Hero Motorocorp, Bajaj Auto, SBI, NTPC, Wipro and Bharti Airtel, falling up to 2.05 per cent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 525.40 crore yesterday, while domestic institutional investors (DIIs) bought shares worth Rs 1,197.89 crore as per provisional data.

In the Asian region, Japan's Nikkei fell 0.20 per cent and Hong Kong's Hang Seng shed 1.30 per cent in early trade. China's Shanghai Composite index too was down 1.29 per cent.

The Dow Jones Industrial Average ended 0.38 per cent higher in yesterday's trade.

A depreciating rupee against the dollar also dampened the sentiment

The BSE Sensex slipped over 137 points to 35,325.98 in early trade today on heavy selling in power, realty, oil & gas and banking stocks amid sustained capital outflows by foreign funds. A depreciating rupee against the dollar also dampened the sentiment. Moreover, decline in Asian stocks after the mixed close on Wall Street overnight and rising crude oil prices amid sustained capital outflows influenced the sentiment here, brokers said. Oil prices rose today as Venezuela struggled to meet its supply obligations, and also due to the ongoing voluntary output cuts led by producer cartel OPEC. Brent crude futures were at $ 77.45 per barrel, up 13 cents, or 0.20 per cent. WTI crude futures were up 19 cents, or 0.30 per cent at $ 66.14 a barrel. The 30-share index dropped 137.10 points or 0.38 per cent to 35,325.98. The gauge had gained 559.87 points in the previous two sessions. In a similar fashion, the NSE Nifty fell 50.65 points or 0.47 per cent to 10,717.70. Sectoral indices led by power, realty, oil and gas, banking, PSU, consumer durables and infrastructure were trading in the negative zone, falling up to 0.93 per cent. Major losers were power grid, ICICI Bank, IndusInd Bank, Yes Bank, RIL, Axis Bank, HDFC Bank, HDFC Ltd, Asian Paints, M&M, Hero Motorocorp, Bajaj Auto, SBI, NTPC, Wipro and Bharti Airtel, falling up to 2.05 per cent. Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 525.40 crore yesterday, while domestic institutional investors (DIIs) bought shares worth Rs 1,197.89 crore as per provisional data. In the Asian region, Japan's Nikkei fell 0.20 per cent and Hong Kong's Hang Seng shed 1.30 per cent in early trade. China's Shanghai Composite index too was down 1.29 per cent. The Dow Jones Industrial Average ended 0.38 per cent higher in yesterday's trade.

Sensex down 137 points in early trade on weak Asian cues

Turkish President Tayyip Erdogan called on Turks on Saturday to convert their dollar and euro savings into lira, as he sought to bolster the ailing currency which has lost some 20 per cent of its value against the US&nbspcurrency this year.

"My brothers who have dollars or euros under their pillow. Go and convert your money into lira. We will thwart this game together," Erdogan said at a rally in the eastern city of Erzurum ahead of parliamentary and presidential elections on June 24.

'My brothers who have dollars or euros under their pillow. Go and convert your money into lira. We will thwart this game together,' Erdogan said at a rally in the eastern city of Erzurum ahead of parliamentary and presidential elections on June 24

Turkish President Tayyip Erdogan called on Turks on Saturday to convert their dollar and euro savings into lira, as he sought to bolster the ailing currency which has lost some 20 per cent of its value against the US&nbspcurrency this year. "My brothers who have dollars or euros under their pillow. Go and convert your money into lira. We will thwart this game together," Erdogan said at a rally in the eastern city of Erzurum ahead of parliamentary and presidential elections on June 24.

Turkish President calls on Turks to convert dollar, euros into lira

The rupee recovered from a near 18-month low by rising 12 paise to 68.30 against the dollar in opening trade today at the forex market on fresh selling of the US currency by exporters and banks.

The minutes from the US Federal Reserve's meeting yesterday appeared to have reassured investors that the central bank will not be too aggressive with raising interest rates, forex dealers said.

Besides selling of the American currency by exporters and banks, weakness in the dollar against some other currencies overseas propped the rupee, they said.

Further, a higher opening in the domestic equity market too influenced the rupee uptrend, they added.

Yesterday, the rupee had lost 38 paise to hit a near 18-month low of 68.42 against the US dollar following relentless capital outflows amid concerns over macro conditions and surging crude oil prices.

Meanwhile, the benchmark BSE Sensex rose 119.56 points, or 0.34 percent, to 34,464.47 in early trade today.

The rupee had lost 38 paise to hit a near 18-month low of 68.42 against the US dollar following relentless capital outflows

The rupee recovered from a near 18-month low by rising 12 paise to 68.30 against the dollar in opening trade today at the forex market on fresh selling of the US currency by exporters and banks. The minutes from the US Federal Reserve's meeting yesterday appeared to have reassured investors that the central bank will not be too aggressive with raising interest rates, forex dealers said. Besides selling of the American currency by exporters and banks, weakness in the dollar against some other currencies overseas propped the rupee, they said. Further, a higher opening in the domestic equity market too influenced the rupee uptrend, they added. Yesterday, the rupee had lost 38 paise to hit a near 18-month low of 68.42 against the US dollar following relentless capital outflows amid concerns over macro conditions and surging crude oil prices. Meanwhile, the benchmark BSE Sensex rose 119.56 points, or 0.34 percent, to 34,464.47 in early trade today.

Rupee rises by 12 paise against dollar

In a sign that it will allow some flexibility in exchange rates under threatened US&nbsp;sanctions,&nbsp;Iran&nbsp;has lowered the official value of the&nbsp;rial&nbsp;versus the&nbsp;dollar&nbsp;for the&nbsp;first&nbsp;time since&nbsp;it tried to stamp out a free currency market last month.

In early April, with the&nbsp;rial&nbsp;sinking to record lows before US&nbsp;President Donald Trump's decision to exit the&nbsp;Iran&nbsp;nuclear deal, Tehran said it was unifying official and free-market rates for the currency at a single value of 42,000 to the&nbsp;dollar.

Authorities threatened anyone trading the&nbsp;rial&nbsp;at other rates with arrest, and sent police to patrol money exchange shops in big cities.

This week, however, the central bank has begun engineering a very slow decline of the&nbsp;rial, suggesting it will let the currency&nbsp;move&nbsp;gradually in response to supply and demand, as long as a fresh free-fall can be avoided.

The central bank set the rate at 42,050 on Monday and 42,060 on Tuesday, its website showed. Central bank chief Valiollah Seif hinted at the possibility of further falls, saying the&nbsp;rial&nbsp;could&nbsp;move as much as 5 or 6 percent during the fiscal year to March 20, 2019, the Financial Tribune newspaper reported.

Seif was quoted as telling a meeting of the banks' chief executives that the central bank would decide foreign exchange rates based on inflation in&nbsp;Iran, which is now running slightly above 8 percent.

By letting the&nbsp;rial&nbsp;depreciate,&nbsp;Iran&nbsp;may be able to boost its export sector and make it easier to attract flows of hard currency into the country, partly offsetting economic damage from the sanctions that Trump is threatening to impose.

But at the same time, authorities are desperate to prevent a sharp&nbsp;rial&nbsp;drop that could cause inflation to jump. Rising consumer prices were partly responsible for public protests that were crushed in January with the deaths of at least 25 people.

Residents of Tehran told Reuters that trade in the&nbsp;rial&nbsp;at values other than the official rate had largely halted because of the danger of arrest. But some deals were still being done by&nbsp;Iranians who wanted to trade or travel abroad and could not obtain enough&nbsp;dollars through official channels.

Tehran Prosecutor Abbas Jafari Dolatabadi said in mid-May that 180 people had been arrested over foreign exchange-related offences, according to the&nbsp;Iranian daily Financial Tribune.

Foreigners in Tehran said they were exchanging currency with dealers in the basements of buildings or petrol stations in order to escape notice. “It is more dangerous than buying drugs,” said one.

In early May, after Trump's decision to pull out of the&nbsp;Iran&nbsp;nuclear deal, the&nbsp;rial&nbsp;traded in the black market at record lows of about 75,000.

It has&nbsp;since&nbsp;recovered to around 64,000. An&nbsp;Iranian analyst in Tehran said authorities had been pumping&nbsp;dollars into the market in order to stabilise it but added that given heavy demand for hard currency and investors' jitters over Trump's decision, it was not clear how long a price of 64,000 could be sustained.

In early April, with the rial sinking to record lows before US President Donald Trump's decision to exit the Iran nuclear deal, Tehran said it was unifying official and free-market rates for the currency at a single value of 42,000 to the dollar

In a sign that it will allow some flexibility in exchange rates under threatened US sanctions, Iran has lowered the official value of the rial versus the dollar for the first time since it tried to stamp out a free currency market last month. In early April, with the rial sinking to record lows before US President Donald Trump's decision to exit the Iran nuclear deal, Tehran said it was unifying official and free-market rates for the currency at a single value of 42,000 to the dollar. Authorities threatened anyone trading the rial at other rates with arrest, and sent police to patrol money exchange shops in big cities. This week, however, the central bank has begun engineering a very slow decline of the rial, suggesting it will let the currency move gradually in response to supply and demand, as long as a fresh free-fall can be avoided. The central bank set the rate at 42,050 on Monday and 42,060 on Tuesday, its website showed. Central bank chief Valiollah Seif hinted at the possibility of further falls, saying the rial could move as much as 5 or 6 percent during the fiscal year to March 20, 2019, the Financial Tribune newspaper reported. Seif was quoted as telling a meeting of the banks' chief executives that the central bank would decide foreign exchange rates based on inflation in Iran, which is now running slightly above 8 percent. By letting the rial depreciate, Iran may be able to boost its export sector and make it easier to attract flows of hard currency into the country, partly offsetting economic damage from the sanctions that Trump is threatening to impose. But at the same time, authorities are desperate to prevent a sharp rial drop that could cause inflation to jump. Rising consumer prices were partly responsible for public protests that were crushed in January with the deaths of at least 25 people. Residents of Tehran told Reuters that trade in the rial at values other than the official rate had largely halted because of the danger of arrest. But some deals were still being done by Iranians who wanted to trade or travel abroad and could not obtain enough dollars through official channels. Tehran Prosecutor Abbas Jafari Dolatabadi said in mid-May that 180 people had been arrested over foreign exchange-related offences, according to the Iranian daily Financial Tribune. Foreigners in Tehran said they were exchanging currency with dealers in the basements of buildings or petrol stations in order to escape notice. “It is more dangerous than buying drugs,” said one. In early May, after Trump's decision to pull out of the Iran nuclear deal, the rial traded in the black market at record lows of about 75,000. It has since recovered to around 64,000. An Iranian analyst in Tehran said authorities had been pumping dollars into the market in order to stabilise it but added that given heavy demand for hard currency and investors' jitters over Trump's decision, it was not clear how long a price of 64,000 could be sustained.

In first move since FX crackdown, Iran lowers rial vs dollar

The rupee strengthened by 12 paise to 67.21 against the dollar in early trade today on fresh selling of the US currency by exporters and banks amid higher opening in the domestic equity market.

Forex dealers attributed the rise in the rupee to weakness of the dollar against other currencies overseas.

However, industrial output growing by 4.4 per cent in March, the slowest in five months, capped the rupee gains, they added.

On Friday, the rupee had settled almost flat at 67.33 against the US currency in highly volatile trade amid weak dollar cues.

Meanwhile, the benchmark BSE Sensex rose 37.19 points, or 0.10 per cent, at 35,572.98 in early trade today.

On Friday, the rupee had settled almost flat at 67.33 against the US currency in highly volatile trade amid weak dollar cues.

The rupee strengthened by 12 paise to 67.21 against the dollar in early trade today on fresh selling of the US currency by exporters and banks amid higher opening in the domestic equity market. Forex dealers attributed the rise in the rupee to weakness of the dollar against other currencies overseas. However, industrial output growing by 4.4 per cent in March, the slowest in five months, capped the rupee gains, they added. On Friday, the rupee had settled almost flat at 67.33 against the US currency in highly volatile trade amid weak dollar cues. Meanwhile, the benchmark BSE Sensex rose 37.19 points, or 0.10 per cent, at 35,572.98 in early trade today.

Rupee gains 12 paise against dollar in early trade

Gold prices hovered near five-week lows on Thursday as higher US&nbsp;bond yields and a stronger dollar dampened interest in bullion.

Worries about growing supply of U.S. government debt and inflationary pressures from rising oil prices this week pushed U.S. 10-year bond yields above 3 percent for the first time in four years.

That has reduced the attraction of non-yielding gold and helped to thrust the dollar to its strongest since January, making bullion more expensive for users of other currencies.

Spot gold was up 0.1 percent at $1,324.12 an ounce by 1310 GMT. On Wednesday gold touched its lowest since March 21 at $1,318.51.

U.S. gold futures were up 0.2 percent at $1,325.10.

Interest from physical buyers and technical support at gold's 100-day moving average of $1,319.55 was helping to prevent further falls.

"At these low (price) levels, the market could now attract some physical buying interest," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

"The market has a very good (physical) support at around $1,310-$1,315."

Gold has been stuck in a trading range between about $1,360 and $1,310 since hitting a 1-1/2 year high of $1,366.07 in January.

It is supported by geopolitical uncertainty, which has fuelled demand for gold as a safe haven, but prevented from moving higher by fears of rising U.S. interest rates that would push up bond yields and strengthen the dollar.

U.S. GDP and inflation data on Friday could give new direction to prices, said Mitsubishi analyst Jonathan Butler.

Stronger than expected economic growth or inflation would hurt gold by bolstering expectations of more rapid increases to interest rates.

Investors were also watching the European Central Bank on Thursday for clues on when it will signal an end-date for its 2.55 trillion euro ($3.2 trillion) asset-buying programme.

Analysts and traders polled by Reuters this month said that gold would average $1,334 an ounce this year and $1,352 an ounce next year, barely shifting from its current price.

They expected silver, which was up 0.2 percent at $16.55 an ounce on Thursday, to fare better, averaging $17.28 an ounce this year and $18 next year.

In other precious metals, platinum was up 0.3 percent at $906.30 and palladium slipped 0.3 percent to $973.97.

Analysts and traders polled by Reuters expected average prices of both metals to be higher this year and next.

Spot gold was up 0.1 percent at $1,324.12 an ounce by 1310 GMT. On Wednesday gold touched its lowest since March 21 at $1,318.51.

Gold prices hovered near five-week lows on Thursday as higher US bond yields and a stronger dollar dampened interest in bullion. Worries about growing supply of U.S. government debt and inflationary pressures from rising oil prices this week pushed U.S. 10-year bond yields above 3 percent for the first time in four years. That has reduced the attraction of non-yielding gold and helped to thrust the dollar to its strongest since January, making bullion more expensive for users of other currencies. Spot gold was up 0.1 percent at $1,324.12 an ounce by 1310 GMT. On Wednesday gold touched its lowest since March 21 at $1,318.51. U.S. gold futures were up 0.2 percent at $1,325.10. Interest from physical buyers and technical support at gold's 100-day moving average of $1,319.55 was helping to prevent further falls. "At these low (price) levels, the market could now attract some physical buying interest," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. "The market has a very good (physical) support at around $1,310-$1,315." Gold has been stuck in a trading range between about $1,360 and $1,310 since hitting a 1-1/2 year high of $1,366.07 in January. It is supported by geopolitical uncertainty, which has fuelled demand for gold as a safe haven, but prevented from moving higher by fears of rising U.S. interest rates that would push up bond yields and strengthen the dollar. U.S. GDP and inflation data on Friday could give new direction to prices, said Mitsubishi analyst Jonathan Butler. Stronger than expected economic growth or inflation would hurt gold by bolstering expectations of more rapid increases to interest rates. Investors were also watching the European Central Bank on Thursday for clues on when it will signal an end-date for its 2.55 trillion euro ($3.2 trillion) asset-buying programme. Analysts and traders polled by Reuters this month said that gold would average $1,334 an ounce this year and $1,352 an ounce next year, barely shifting from its current price. They expected silver, which was up 0.2 percent at $16.55 an ounce on Thursday, to fare better, averaging $17.28 an ounce this year and $18 next year. In other precious metals, platinum was up 0.3 percent at $906.30 and palladium slipped 0.3 percent to $973.97. Analysts and traders polled by Reuters expected average prices of both metals to be higher this year and next.

Stronger dollar traps gold near five-week lows

The rupee strengthened by 6 paise to 64.67 against the dollar at the forex market today on fresh selling of the American currency by exporters and banks amid strength in domestic equities.

Dealers said dollar&#39;s weakness against other currencies overseas and early gains in domestic equity markets supported the rupee.

On Friday, the rupee had gained 31 paise to end at 64.73 against the US dollar.

The dollar eased after climbing Friday on the back of the comments from the US Fed cementing expectations of more aggressive US rate hikes this year.

The euro&#39;s gains, however, are being tamed by uncertainty ahead of elections in Italy, one of the eurozone&#39;s biggest economies. 
Meanwhile, the benchmark BSE Sensex rose by 133.78 points, or 0.39 per cent, to 34,275.93 in opening trade today.

According to the provisional exchange data, foreign investors sold shares worth Rs 486.32 crore on the net basis on Friday.&nbsp;

Dealers said dollar's weakness against other currencies overseas and early gains in domestic equity markets supported the rupee\

The rupee strengthened by 6 paise to 64.67 against the dollar at the forex market today on fresh selling of the American currency by exporters and banks amid strength in domestic equities. Dealers said dollar's weakness against other currencies overseas and early gains in domestic equity markets supported the rupee. On Friday, the rupee had gained 31 paise to end at 64.73 against the US dollar. The dollar eased after climbing Friday on the back of the comments from the US Fed cementing expectations of more aggressive US rate hikes this year. The euro's gains, however, are being tamed by uncertainty ahead of elections in Italy, one of the eurozone's biggest economies. Meanwhile, the benchmark BSE Sensex rose by 133.78 points, or 0.39 per cent, to 34,275.93 in opening trade today. According to the provisional exchange data, foreign investors sold shares worth Rs 486.32 crore on the net basis on Friday.

Rupee gains 6 paise against dollar in opening trade

The rupee on Tuesday tumbled by 58 paise to end at a fresh three-month low of 64.79 against the US dollar on the back of consistent demand for the greenback from state-run banks and importers.

This is the biggest single-day fall for the Indian currency so far this year.

Volatility hit the domestic currency market as overall sentiment turned shaky following heavy offloading in portfolios by foreign investors and global traders in local equities.

Currency traders and speculators remained sceptical about the Fed&#39;s outlook for three additional interest rate increases this year, especially given the extremely benign inflation backdrop in the US, leading to the sudden rupee weakness.

Strong dollar overseas due to rise in Treasury yields and release of the minutes of Federal Reserve&#39;s last monetary policy meeting also weighed on the rupee front.

During the day, the home unit crumbled to as much as 64.86 against the US dollar before aggressive intervention by the RBI through state-owned banks.

In the meantime, foreign investors pulled out so far this month a staggering $1 billion or Rs 6,850 crore from the Indian stock market in the wake of sell-offs globally.

Reversing an eight-week uptrend, India&#39;s foreign exchange reserves dipped to $ 419.76 billion during the week ended February 9, the Reserve Bank of India (RBI) said.

On the international energy front, global crude prices traded little changed amid supply restraint by the OPEC, which started last year in order to draw down excess global inventories.

Brent crude futures were trading lower at $ 64.36 a barrel in early Asian trading.

The rupee started off the week with a gap-down at 64.50 from last Friday&#39;s close of 64.21 at the Interbank Foreign Exchange (forex) market due to steady dollar demand.

Reeling under intense dollar pressure, the local unit plunged sharply to hit a low of 64.86 in later afternoon deals before ending at 64.79, showing a steep loss of 58 paise, or 0.90 per cent.

This is the lowest closing for the rupee since November 22, last year, when it had closed at 64.92.

The RBI, meanwhile fixed the reference rate for the dollar at 64.5254 and for the euro at 79.8566.

Meanwhile, domestic equity markets succumbed to heavy selling pressure for the third-straight day despite a strong start as wary investors booked profit at higher levels largely impacted by the biggest scam in the country&#39;s banking sector and ahead of the expiry due on Thursday.

Most Asian stock indices finished lower.

The flagship BSE-sensex dropped over 71 points to end at 33,703.59, while Nifty fell 18 points to 10,360.40.

Globally, the US dollar held onto gains against other major currencies, although the greenback&#39;s upward trend was expected to be limited by ongoing concerns over the US deficit.

Sentiment on the greenback remained fragile as the US deficit is projected to climb near $1 trillion in 2019 following the recent announcement of infrastructure spending and large corporate tax cuts.

The dollar index, which measures the greenback&#39;s value against a basket of six major currencies, was up at 89.55 in early trade.

In cross-currency trades, the rupee dropped against the pound sterling to finish at 90.57 per pound from 90.34 and recovered against the euro to conclude at 79.95 compared to 80.18 earlier.

The home unit also edged up against the Japanese yen to settle at 60.49 per yens from 69.50.

Elsewhere, the common currency euro continued to slip lower against the US dollar despite positive sentiment data from Germany and the Euro-Zone with inflation expectations starting to pick up.

The British pound, however, staged a rebound on the back of positive news that the EU Parliament will call for a continued and privileged access for the UK to the single market after it leave the EU.

In forward market today, premium for dollar weakened marginally due to mild receiving from exporters.

The benchmark six-month forward premium payable in July softened to 127-129 paise from 128-130 paise and the far- forward January 2019 contract moved down to 262-264 paise from 263.50-265.50 paise previously.&nbsp;

The rupee on Tuesday tumbled by 58 paise to end at a fresh three-month low of 64.79 against the US dollar on the back of consistent demand for the greenback from state-run banks and importers

The rupee on Tuesday tumbled by 58 paise to end at a fresh three-month low of 64.79 against the US dollar on the back of consistent demand for the greenback from state-run banks and importers. This is the biggest single-day fall for the Indian currency so far this year. Volatility hit the domestic currency market as overall sentiment turned shaky following heavy offloading in portfolios by foreign investors and global traders in local equities. Currency traders and speculators remained sceptical about the Fed's outlook for three additional interest rate increases this year, especially given the extremely benign inflation backdrop in the US, leading to the sudden rupee weakness. Strong dollar overseas due to rise in Treasury yields and release of the minutes of Federal Reserve's last monetary policy meeting also weighed on the rupee front. During the day, the home unit crumbled to as much as 64.86 against the US dollar before aggressive intervention by the RBI through state-owned banks. In the meantime, foreign investors pulled out so far this month a staggering $1 billion or Rs 6,850 crore from the Indian stock market in the wake of sell-offs globally. Reversing an eight-week uptrend, India's foreign exchange reserves dipped to $ 419.76 billion during the week ended February 9, the Reserve Bank of India (RBI) said. On the international energy front, global crude prices traded little changed amid supply restraint by the OPEC, which started last year in order to draw down excess global inventories. Brent crude futures were trading lower at $ 64.36 a barrel in early Asian trading. The rupee started off the week with a gap-down at 64.50 from last Friday's close of 64.21 at the Interbank Foreign Exchange (forex) market due to steady dollar demand. Reeling under intense dollar pressure, the local unit plunged sharply to hit a low of 64.86 in later afternoon deals before ending at 64.79, showing a steep loss of 58 paise, or 0.90 per cent. This is the lowest closing for the rupee since November 22, last year, when it had closed at 64.92. The RBI, meanwhile fixed the reference rate for the dollar at 64.5254 and for the euro at 79.8566. Meanwhile, domestic equity markets succumbed to heavy selling pressure for the third-straight day despite a strong start as wary investors booked profit at higher levels largely impacted by the biggest scam in the country's banking sector and ahead of the expiry due on Thursday. Most Asian stock indices finished lower. The flagship BSE-sensex dropped over 71 points to end at 33,703.59, while Nifty fell 18 points to 10,360.40. Globally, the US dollar held onto gains against other major currencies, although the greenback's upward trend was expected to be limited by ongoing concerns over the US deficit. Sentiment on the greenback remained fragile as the US deficit is projected to climb near $1 trillion in 2019 following the recent announcement of infrastructure spending and large corporate tax cuts. The dollar index, which measures the greenback's value against a basket of six major currencies, was up at 89.55 in early trade. In cross-currency trades, the rupee dropped against the pound sterling to finish at 90.57 per pound from 90.34 and recovered against the euro to conclude at 79.95 compared to 80.18 earlier. The home unit also edged up against the Japanese yen to settle at 60.49 per yens from 69.50. Elsewhere, the common currency euro continued to slip lower against the US dollar despite positive sentiment data from Germany and the Euro-Zone with inflation expectations starting to pick up. The British pound, however, staged a rebound on the back of positive news that the EU Parliament will call for a continued and privileged access for the UK to the single market after it leave the EU. In forward market today, premium for dollar weakened marginally due to mild receiving from exporters. The benchmark six-month forward premium payable in July softened to 127-129 paise from 128-130 paise and the far- forward January 2019 contract moved down to 262-264 paise from 263.50-265.50 paise previously.

Rupee tanks 58 paise to a fresh 3-month low against dollar

The rupee on Tuesday dropped by 29 paise to trade at 64.36 against the US dollar on frenetic dollar demand from importers and banks.

Dealers said early losses in domestic equity markets and fresh foreign fund outflows weighed on the rupee.

Yesterday, the rupee had ended with a mere fall of one paisa at Rs 64.07 against the American currency.

The benchmark BSE Sensex crashed by 1,274.35 points, or 3.66 per cent, to 33,482.81, while Nifty tanked by 390.25 points, or 3.65 per cent, to 10,276.30 in opening trade.&nbsp;

Yesterday, the rupee had ended with a mere fall of one paisa at Rs 64.07 against the American currency

The rupee on Tuesday dropped by 29 paise to trade at 64.36 against the US dollar on frenetic dollar demand from importers and banks. Dealers said early losses in domestic equity markets and fresh foreign fund outflows weighed on the rupee. Yesterday, the rupee had ended with a mere fall of one paisa at Rs 64.07 against the American currency. The benchmark BSE Sensex crashed by 1,274.35 points, or 3.66 per cent, to 33,482.81, while Nifty tanked by 390.25 points, or 3.65 per cent, to 10,276.30 in opening trade.

Rupee drops 29 paise against dollar at 64.36

Gold edged up in early trade on Friday as investors resorted to bargain hunting after the yellow metal dropped below its recent trading range to hit the lowest in more than four months overnight.&nbsp;

Spot gold was up 0.2 percent at $1,248.86 an ounce, by 0328 GMT, after hitting its lowest since July 26 at $1,243.71 in the previous session.&nbsp;The metal was down for a third straight week, headed for its biggest weekly decline since early May.&nbsp;U.S. gold futures were 0.2 percent lower at $1,250.70.

&quot;Even as the dollar is firmer, there seems to be a bit of bargain hunting around. I do, however, think that the pressure is on the downside and rallies will still be sold&quot;, a Hong Kong-based trader said.&nbsp;The dollar inched higher on Friday, as the passage of a bill to temporarily extend U.S. government funding raised investors&#39; optimism that a tax reform bill would also pass.&nbsp;

The greenback took a brief knock earlier this week on concerns over a government shutdown, and as U.S. President Donald Trump raised tensions in the Middle East after he recognised Jerusalem as the capital of Israel.&nbsp;The Islamist group Hamas urged Palestinians on Thursday to abandon peace efforts and launch a new uprising against Israel in response to Trump&#39;s recognition of Jerusalem as its capital.&nbsp;

&quot;Gold might have found some support in that but it seems to be just the dollar strength across the board now heading into the end of the year&quot;, the trader said.&nbsp;The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting a rapid tightening of the labor market that bolsters expectations the Federal Reserve will raise benchmark interest rates next week.

Higher U.S. interest rates tend to boost the dollar, making greenback-denominated gold more expensive for holders in other currencies.&nbsp;Markets will be eyeing the U.S. non-farm payrolls report due later in the day, which will be last employment report before the Fed meeting next week.&nbsp;

&quot;Market-watchers are likely positioning for an FOMC rate hike next week. Overnight, the improvement in risk appetite considering the postponing of the U.S. partial government shutdown and further progress in Brexit talks should buoy market sentiment into the next week&quot;, said OCBC analyst Barnabas Gan.&nbsp;

Meanwhile, Asian shares on Friday rallied for a second session as investors awaited major economic data, and cryptocurrency bitcoin shot above $16,600 to its highest ever.&nbsp;Spot gold may drop more to $1,239 per ounce, according to Reuters technicals analyst Wang Tao.&nbsp;Silver rose 0.3 percent to $15.77 an ounce, after slipping to its lowest since mid-July on Thursday.&nbsp;Platinum climbed 0.3 percent to $894 an ounce, while palladium was 0.1 percent lower at $1,012.25.&nbsp;

Gold, the precious yellow metal dropped to its lowest in last four months. Even the U.S. gold futures were lower than expected

Gold edged up in early trade on Friday as investors resorted to bargain hunting after the yellow metal dropped below its recent trading range to hit the lowest in more than four months overnight. Spot gold was up 0.2 percent at $1,248.86 an ounce, by 0328 GMT, after hitting its lowest since July 26 at $1,243.71 in the previous session. The metal was down for a third straight week, headed for its biggest weekly decline since early May. U.S. gold futures were 0.2 percent lower at $1,250.70. "Even as the dollar is firmer, there seems to be a bit of bargain hunting around. I do, however, think that the pressure is on the downside and rallies will still be sold", a Hong Kong-based trader said. The dollar inched higher on Friday, as the passage of a bill to temporarily extend U.S. government funding raised investors' optimism that a tax reform bill would also pass. The greenback took a brief knock earlier this week on concerns over a government shutdown, and as U.S. President Donald Trump raised tensions in the Middle East after he recognised Jerusalem as the capital of Israel. The Islamist group Hamas urged Palestinians on Thursday to abandon peace efforts and launch a new uprising against Israel in response to Trump's recognition of Jerusalem as its capital. "Gold might have found some support in that but it seems to be just the dollar strength across the board now heading into the end of the year", the trader said. The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting a rapid tightening of the labor market that bolsters expectations the Federal Reserve will raise benchmark interest rates next week. Higher U.S. interest rates tend to boost the dollar, making greenback-denominated gold more expensive for holders in other currencies. Markets will be eyeing the U.S. non-farm payrolls report due later in the day, which will be last employment report before the Fed meeting next week. "Market-watchers are likely positioning for an FOMC rate hike next week. Overnight, the improvement in risk appetite considering the postponing of the U.S. partial government shutdown and further progress in Brexit talks should buoy market sentiment into the next week", said OCBC analyst Barnabas Gan. Meanwhile, Asian shares on Friday rallied for a second session as investors awaited major economic data, and cryptocurrency bitcoin shot above $16,600 to its highest ever. Spot gold may drop more to $1,239 per ounce, according to Reuters technicals analyst Wang Tao. Silver rose 0.3 percent to $15.77 an ounce, after slipping to its lowest since mid-July on Thursday. Platinum climbed 0.3 percent to $894 an ounce, while palladium was 0.1 percent lower at $1,012.25.

Gold rises on bargain hunting after slumping to over four-month low

Oil prices were stable on Friday, held back by a strengthening U.S. dollar but supported by China&#39;s relentless thirst for crude amid the OPEC-led supply cuts that have already tightened the market this year.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $56.68 a barrel at 0535 GMT, virtually unchanged from their last settlement at $56.69.&nbsp;Brent crude futures, the international benchmark for oil prices, were steady at $62.20 a barrel.&nbsp;

Traders said a stronger dollar, which has gained 0.9 percent this month against a basket of other leading currencies, was weighing on prices.&nbsp;A rising greenback attracts financial traders who switch investments in commodity futures and foreign exchange. A strong dollar is also seen by many as a brake on crude prices, as it makes dollar-denominated oil purchases more expensive in countries that use other currencies.

&quot;A strong U.S. dollar could act as a headwind to commodities&quot;, Bank of America Merrill Lynch (BoAML) said in its 2018 outlook.&nbsp;Despite this, China&#39;s booming oil demand will overtake the United States as the world&#39;s biggest crude importer, this year.

China&#39;s crude oil imports rose to 37.04 million tonnes in November, or 9.01 million barrels per day (bpd), the second highest on record, data from the General Administration of Customs showed on Friday.&nbsp;&quot;China&#39;s crude oil imports will continue to rise over the coming years, as output declines from several of its giant onshore fields... This will inevitably see China become more reliant on crude oil imports over our forecast period, with import dependency set to increase from a record 68.0 percent in 2017 to nearly 80 percent by 2021&quot;, BMI Research said.

Bank of America Merrill Lynch, meanwhile, said healthy global demand and tight supplies should see Brent crude oil rise to $70 per barrel by mid-year.&nbsp;U.S. investment bank Jefferies said it expects 2018 global oil demand growth of 1.5 million bpd, driven by near 10 percent demand growth in China.&nbsp;

On the supply side, oil prices have been receiving support from the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, most importantly Russia, which has been withholding supplies to tighten the market.&nbsp;Largely because of these voluntary production cuts, oil prices rose sharply between June and October, with Brent gaining around 40 percent in value.

Threatening to undermine OPEC&#39;s goal to tighten markets is U.S. oil production, which has risen by more than 15 percent since mid-2016 to 9.7 million barrels per day (bpd), the highest level since the early 1970s and close to the output of top producers Russia and Saudi Arabia.&nbsp;The EIA monthly data on U.S. crude production published November 30 was also somewhat bearish.

Oil prices in the world were stable on Friday as China's thirst for crude countered continuously strengthening U.S. dollar. It is speculated that China's booming oil demand will result in it becoming the world's biggest crude importer

Oil prices were stable on Friday, held back by a strengthening U.S. dollar but supported by China's relentless thirst for crude amid the OPEC-led supply cuts that have already tightened the market this year. US West Texas Intermediate (WTI) crude futures were at $56.68 a barrel at 0535 GMT, virtually unchanged from their last settlement at $56.69. Brent crude futures, the international benchmark for oil prices, were steady at $62.20 a barrel. Traders said a stronger dollar, which has gained 0.9 percent this month against a basket of other leading currencies, was weighing on prices. A rising greenback attracts financial traders who switch investments in commodity futures and foreign exchange. A strong dollar is also seen by many as a brake on crude prices, as it makes dollar-denominated oil purchases more expensive in countries that use other currencies. "A strong U.S. dollar could act as a headwind to commodities", Bank of America Merrill Lynch (BoAML) said in its 2018 outlook. Despite this, China's booming oil demand will overtake the United States as the world's biggest crude importer, this year. China's crude oil imports rose to 37.04 million tonnes in November, or 9.01 million barrels per day (bpd), the second highest on record, data from the General Administration of Customs showed on Friday. "China's crude oil imports will continue to rise over the coming years, as output declines from several of its giant onshore fields... This will inevitably see China become more reliant on crude oil imports over our forecast period, with import dependency set to increase from a record 68.0 percent in 2017 to nearly 80 percent by 2021", BMI Research said. Bank of America Merrill Lynch, meanwhile, said healthy global demand and tight supplies should see Brent crude oil rise to $70 per barrel by mid-year. U.S. investment bank Jefferies said it expects 2018 global oil demand growth of 1.5 million bpd, driven by near 10 percent demand growth in China. On the supply side, oil prices have been receiving support from the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, most importantly Russia, which has been withholding supplies to tighten the market. Largely because of these voluntary production cuts, oil prices rose sharply between June and October, with Brent gaining around 40 percent in value. Threatening to undermine OPEC's goal to tighten markets is U.S. oil production, which has risen by more than 15 percent since mid-2016 to 9.7 million barrels per day (bpd), the highest level since the early 1970s and close to the output of top producers Russia and Saudi Arabia. The EIA monthly data on U.S. crude production published November 30 was also somewhat bearish.

Oil prices steady as Chinese demand counters stronger dollar

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