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

The rupee tumbled 43 paise to end at a near two-week low of 72.91 against the US dollar Monday amid a strengthening greenback and steady capital outflows.

Higher US Treasury yields, which rose above the 3 per cent mark, boosted the appeal for the dollar, analysts said.

The dollar rose to near 1-month highs against global currencies.

Meanwhile, the local unit opened at 72.61, marginally higher as compared to its Friday's close of 72.48.

It touched a low of 72.95 on strong dollar demand, before recovering to 72.60.

The rupee finally closed at 72.91, down 43 paise.&nbsp;

Foreign institutional investors net sold shares worth Rs 1,841.63 crore Monday, provisional data showed.

Meanwhile, the Reserve Bank Monday announced that it will inject Rs 36,000 crore liquidity into the system through the purchase of government bonds in October to meet the festival season demand for funds.

The auctions to purchase government bonds as part of the Open Market Operations (OMO) will be conducted in the second, third and fourth week of October.

"Rupee continues to be weak as crude oil prices remain high. Unless we have comfort from crude oil prices, we are likely to see weakness in rupee.&nbsp;

It is going to hover in the 70-72 range," a senior Treasury official said.

Brent crude was trading at $82.94 per barrel, up 0.25 per cent.

"The central bank's Rs 36,000 crore OMO to provide domestic liquidity could not stem the fall for the rupee. Surging crude oil prices is the main&nbsp;worry for the currency markets.&nbsp;

"Among the emerging market currencies, the rupee was the worst performer with the loss of 42 paise to 72.91 against the Dollar today. Forex traders are awaiting some concrete steps from RBI MPC meeting scheduled on October 5," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities.

Equity benchmarks snapped their three-day losing streak Monday as the RBI announced measures to shore up liquidity amid the government pressing for a change of management at the crisis-hit IL&amp;FS.

The 30-share BSE Sensex soared 299 points in see-saw trade to close at 36,526.14, while the NSE Nifty jumped 77.85 points to reclaim the 11,000-mark.&nbsp;

The rupee tumbled 43 paise to end at a near two-week low of 72.91 against the US dollar Monday amid a strengthening greenback and steady capital outflows. Higher US Treasury yields, which rose above the 3 per cent mark, boosted the appeal for the dollar, analysts said.

The rupee tumbled 43 paise to end at a near two-week low of 72.91 against the US dollar Monday amid a strengthening greenback and steady capital outflows. Higher US Treasury yields, which rose above the 3 per cent mark, boosted the appeal for the dollar, analysts said. The dollar rose to near 1-month highs against global currencies. Meanwhile, the local unit opened at 72.61, marginally higher as compared to its Friday's close of 72.48. It touched a low of 72.95 on strong dollar demand, before recovering to 72.60. The rupee finally closed at 72.91, down 43 paise. Foreign institutional investors net sold shares worth Rs 1,841.63 crore Monday, provisional data showed. Meanwhile, the Reserve Bank Monday announced that it will inject Rs 36,000 crore liquidity into the system through the purchase of government bonds in October to meet the festival season demand for funds. The auctions to purchase government bonds as part of the Open Market Operations (OMO) will be conducted in the second, third and fourth week of October. "Rupee continues to be weak as crude oil prices remain high. Unless we have comfort from crude oil prices, we are likely to see weakness in rupee. It is going to hover in the 70-72 range," a senior Treasury official said. Brent crude was trading at $82.94 per barrel, up 0.25 per cent. "The central bank's Rs 36,000 crore OMO to provide domestic liquidity could not stem the fall for the rupee. Surging crude oil prices is the main worry for the currency markets. "Among the emerging market currencies, the rupee was the worst performer with the loss of 42 paise to 72.91 against the Dollar today. Forex traders are awaiting some concrete steps from RBI MPC meeting scheduled on October 5," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities. Equity benchmarks snapped their three-day losing streak Monday as the RBI announced measures to shore up liquidity amid the government pressing for a change of management at the crisis-hit IL&FS. The 30-share BSE Sensex soared 299 points in see-saw trade to close at 36,526.14, while the NSE Nifty jumped 77.85 points to reclaim the 11,000-mark.

Rupee slumps 43 paise to 72.91 against US dollar, ends near 2-week low 

Rupee depreciation does not benefit exporters, instead, a stable currency is needed for long-term sustainable growth of India's international trade, industry body CII said Monday.

In the present globalised environment, a majority of costs like raw material, shipping charges, warehousing and other related services are denominated in foreign currency or at import parity price, the chamber said in a statement.

Besides, most of the exporters do long-term hedging at the time of booking of orders, while importers press for a reduction in prices citing depreciation of the rupee, it said.

"Hence, it is more of a perception than reality that depreciation of the rupee helps exporters. What is required is a stable range-bound currency which will give stability and certainty for quoting prices and accepting orders in today's competitive global environment," Chairman of CII National Committee on Exports and Imports Sanjay Budhia 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 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.

Rupee depreciation does not benefit exporters, instead, a stable currency is needed for long-term sustainable growth of India's international trade, industry body CII said Monday.

Rupee depreciation does not benefit exporters, instead, a stable currency is needed for long-term sustainable growth of India's international trade, industry body CII said Monday. In the present globalised environment, a majority of costs like raw material, shipping charges, warehousing and other related services are denominated in foreign currency or at import parity price, the chamber said in a statement. Besides, most of the exporters do long-term hedging at the time of booking of orders, while importers press for a reduction in prices citing depreciation of the rupee, it said. "Hence, it is more of a perception than reality that depreciation of the rupee helps exporters. What is required is a stable range-bound currency which will give stability and certainty for quoting prices and accepting orders in today's competitive global environment," Chairman of CII National Committee on Exports and Imports Sanjay Budhia 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 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.

Stable currency needed to boost India's international trade: CII

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 rupee on Thursday opened on a positive note against the American dollar at 72.41, almost 20 paise up. This comes a day after the Indian government decided to hike import tariffs on 19 "non-essential items" in a bid to strengthen the tumbling Indian currency.

The new tariff structure, which goes into effect Thursday, will see the government raise customs duties on items such as air conditioners, refrigerators, footwear, speakers, luggage and aviation turbine fuel, among other items, news agency Reuters reported.

"This is positive news for the rupee given that it will help reduce India's current account deficit," said a forex trader at a foreign bank.

"This is a sentiment booster for the rupee," said SBI Chief Economist Soumya Kanti Ghosh, adding that the overall impact on current account deficit will be muted.

"The central bank needs to intervene more actively in the forex market to support the rupee. These tariff measures won't help in the long term," said Ghosh.

Meanwhile, Indian markets opened in green today with Sensitive Index (Sensex) of the BSE, which had closed at 36,542.27 points on Wednesday, opening higher at 36,691.93 points in the morning trade.

Nifty registered a hike of 8 points at 11,060.&nbsp;

 
&nbsp;

The rupee on Thursday opened on a positive note against the American dollar at 72.41, almost 20 paise up. This comes a day after the Indian government decided to hike import tariffs on 19 "non-essential items" in a bid to strengthen the tumbling Indian currency.

The rupee on Thursday opened on a positive note against the American dollar at 72.41, almost 20 paise up. This comes a day after the Indian government decided to hike import tariffs on 19 "non-essential items" in a bid to strengthen the tumbling Indian currency. The new tariff structure, which goes into effect Thursday, will see the government raise customs duties on items such as air conditioners, refrigerators, footwear, speakers, luggage and aviation turbine fuel, among other items, news agency Reuters reported. "This is positive news for the rupee given that it will help reduce India's current account deficit," said a forex trader at a foreign bank. "This is a sentiment booster for the rupee," said SBI Chief Economist Soumya Kanti Ghosh, adding that the overall impact on current account deficit will be muted. "The central bank needs to intervene more actively in the forex market to support the rupee. These tariff measures won't help in the long term," said Ghosh. Meanwhile, Indian markets opened in green today with Sensitive Index (Sensex) of the BSE, which had closed at 36,542.27 points on Wednesday, opening higher at 36,691.93 points in the morning trade. Nifty registered a hike of 8 points at 11,060.

Rupee up by 20 paise against US dollar at Rs 72.41

The government on Wednesday said it is raising import tariffs on 19 "non-essential items," marking a further tilt toward protectionism as it tries to reduce its widening current account deficit and tackle a sharp slide in the rupee.

The new tariff structure, which goes into effect Thursday, will see the government raise customs duties on items such as air conditioners, refrigerators, footwear, speakers, luggage and aviation turbine fuel, among other items.

The move could hit imports from countries like China and South Korea, which manufacture some of the high-end washing machines, refrigerators and air conditioners sold in India.

Amid a growing climate of protectionism, the government had earlier said it was contemplating such a move to take pressure off the rupee, which has weakened by more than 12 per cent this year and is Asia's worst performing currency.

"This is positive news for the rupee given that it will help reduce India's current account deficit," said a forex trader at a foreign bank.

Other bankers were more sceptical about whether the move can rein in rupee weakness, noting that demand for the high-end goods largely prices inelastic.

"This is a sentiment booster for the rupee," said SBI Chief Economist Soumya Kanti Ghosh, adding that the overall impact on current account deficit will be muted.

"The central bank needs to intervene more actively in the forex market to support the rupee. These tariff measures won't help in the long term," said Ghosh.

The total value of imports of the 19 items in last fiscal year ended March was about 860 billion Indian rupees ($11.84 billion), the government said in a circular.

Indian imports in the same period totalled $459.67 billion.

The hike in import duties on the identified non-essential items is likely to have a modest impact on curtailing the size of the current account deficit in fiscal 2019. The deficit last stood at around 2.4 per cent of GDP, in the April-June quarter, and it is expected to widen to 2.8 per cent for the year ending March 2019.

The latest move could impact companies like South Korean electronics giants Samsung Electronics Co and LG Electronics Inc, along with the likes of big name brands such as footwear maker Nike Inc, luggage maker Samsonite International SA and audio products maker Bose Corp.

The companies were not immediately reachable for comment.

The decision could also sting India's vast gem and jewellery sector as the government has raised tariffs on imported diamonds and gemstones, along with increasing tariffs on jewellery items.

The move is the PM Narendra Modi-led government's latest toward protectionism, as it promotes its 'Make in India' programme.

India announced higher import tax on electronics products such as mobile phones and television sets in December, and then on 40 more items in the budget in February. These include goods as varied as sunglasses, juices and auto components.

Reuters earlier this month has also reported that India's steel ministry is mulling increasing the effective import duty on some steel products.

The government on Wednesday said it is raising import tariffs on 19 "non-essential items," marking a further tilt toward protectionism as it tries to reduce its widening current account deficit and tackle a sharp slide in the rupee.

The government on Wednesday said it is raising import tariffs on 19 "non-essential items," marking a further tilt toward protectionism as it tries to reduce its widening current account deficit and tackle a sharp slide in the rupee. The new tariff structure, which goes into effect Thursday, will see the government raise customs duties on items such as air conditioners, refrigerators, footwear, speakers, luggage and aviation turbine fuel, among other items. The move could hit imports from countries like China and South Korea, which manufacture some of the high-end washing machines, refrigerators and air conditioners sold in India. Amid a growing climate of protectionism, the government had earlier said it was contemplating such a move to take pressure off the rupee, which has weakened by more than 12 per cent this year and is Asia's worst performing currency. "This is positive news for the rupee given that it will help reduce India's current account deficit," said a forex trader at a foreign bank. Other bankers were more sceptical about whether the move can rein in rupee weakness, noting that demand for the high-end goods largely prices inelastic. "This is a sentiment booster for the rupee," said SBI Chief Economist Soumya Kanti Ghosh, adding that the overall impact on current account deficit will be muted. "The central bank needs to intervene more actively in the forex market to support the rupee. These tariff measures won't help in the long term," said Ghosh. The total value of imports of the 19 items in last fiscal year ended March was about 860 billion Indian rupees ($11.84 billion), the government said in a circular. Indian imports in the same period totalled $459.67 billion. The hike in import duties on the identified non-essential items is likely to have a modest impact on curtailing the size of the current account deficit in fiscal 2019. The deficit last stood at around 2.4 per cent of GDP, in the April-June quarter, and it is expected to widen to 2.8 per cent for the year ending March 2019. The latest move could impact companies like South Korean electronics giants Samsung Electronics Co and LG Electronics Inc, along with the likes of big name brands such as footwear maker Nike Inc, luggage maker Samsonite International SA and audio products maker Bose Corp. The companies were not immediately reachable for comment. The decision could also sting India's vast gem and jewellery sector as the government has raised tariffs on imported diamonds and gemstones, along with increasing tariffs on jewellery items. The move is the PM Narendra Modi-led government's latest toward protectionism, as it promotes its 'Make in India' programme. India announced higher import tax on electronics products such as mobile phones and television sets in December, and then on 40 more items in the budget in February. These include goods as varied as sunglasses, juices and auto components. Reuters earlier this month has also reported that India's steel ministry is mulling increasing the effective import duty on some steel products.

India raises import tariffs on 19 items in bid to stem rupee slide

The rupee recovered by 8 paise to 72.61 against the dollar in early trade Wednesday on mild selling of the US currency by exporters amid easing crude oil prices.

Currency traders said weakness in the dollar against some global currencies overseas and a higher opening of the domestic equity market supported the rupee.

The rupee had lost 6 paise to close at 72.69 on Tuesday due to sustained demand for the American currency amid soaring crude prices.

In the international market, Brent crude slipped by 0.10 per cent to USD 81.18 per barrel after surging to USD 82.55 in Tuesday's trade.

Meanwhile, the benchmark BSE Sensex rose by 200.76 points or 0.55 per cent to 36,852.82 in early trade.

Foreign portfolio investors withdrew Rs 1,231.70 crore on a net basis from the stock market on Tuesday, according to BSE data.

The rupee recovered by 8 paise to 72.61 against the dollar in early trade Wednesday on mild selling of the US currency by exporters amid easing crude oil prices.

The rupee recovered by 8 paise to 72.61 against the dollar in early trade Wednesday on mild selling of the US currency by exporters amid easing crude oil prices. Currency traders said weakness in the dollar against some global currencies overseas and a higher opening of the domestic equity market supported the rupee. The rupee had lost 6 paise to close at 72.69 on Tuesday due to sustained demand for the American currency amid soaring crude prices. In the international market, Brent crude slipped by 0.10 per cent to USD 81.18 per barrel after surging to USD 82.55 in Tuesday's trade. Meanwhile, the benchmark BSE Sensex rose by 200.76 points or 0.55 per cent to 36,852.82 in early trade. Foreign portfolio investors withdrew Rs 1,231.70 crore on a net basis from the stock market on Tuesday, according to BSE data.

Rupee recovers 8 paise against US dollar

Indian Rupee sunk to <a href="http://www.wionews.com/business-economy/government-soon-curb-imports-bring-rupee-68-70-level-against-us-dollar-167231">72.96 falling 33 </a><a href="http://www.wionews.com/business-economy/government-soon-curb-imports-bring-rupee-68-70-level-against-us-dollar-167231">paisa</a><a href="http://www.wionews.com/business-economy/government-soon-curb-imports-bring-rupee-68-70-level-against-us-dollar-167231"> in early trade</a> on Tuesday.

<a href="http://www.wionews.com/business-%26-economy/indias-struggle-to-defend-rupee-shifts-focus-to-rate-hikes-166621">Also Read:&nbsp;India's struggle to defend rupee shifts focus to rate hikes</a>

The Indian currency had closed at 72.63, down 43 paisa on Monday ahead of impending US sanctions on Iran.&nbsp;

The slide this morning was mainly due to rising crude prices which touched $81.39 per barrel and is expected to touch $100 according to analysts. On Monday, the petrol price in Mumbai had surpassed the Rs 90-run mark as it was being retailed at Rs 90.22 per litre, while diesel was being sold at Rs 78.69 per litre.

India's pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the Indian rupee varies accordingly.

On Tuesday, petrol prices were hiked 14 paise whereas diesel rose by 10 paise. Department of Economic Affairs Secretary Subhash Chandra Garg had said earlier that discussions are taking place with the United States regarding the reduction of oil imports from Iran.

US President Trump is set to sanction Iran from exporting oil which has triggered global anxiety across the world market.&nbsp;

Trump has demanded that the Organization of the Petroleum Exporting Countries (OPEC), and Russia increase their supplies to make up for the expected fall in Iranian exports, however, neither the petroleum cartel nor Russia has obliged so far.

Traders said besides sustained demand of the US currency from importers and dollar's strength against some currencies overseas ahead of US Federal Reserve's meet, a lower opening in the domestic equity markets too weighed on the domestic unit.

The benchmark BSE Sensex too fell 79.02 points, or 0.22 per cent, to 36,226.&nbsp;

Indian Rupee sunk to 72.96 falling 33 paisa in early trade on Tuesday. Also Read: India's struggle to defend rupee shifts focus to rate hikes The Indian currency had closed at 72.

Indian Rupee sunk to 72.96 falling 33 paisa in early trade on Tuesday. Also Read: India's struggle to defend rupee shifts focus to rate hikes The Indian currency had closed at 72.63, down 43 paisa on Monday ahead of impending US sanctions on Iran. The slide this morning was mainly due to rising crude prices which touched $81.39 per barrel and is expected to touch $100 according to analysts. On Monday, the petrol price in Mumbai had surpassed the Rs 90-run mark as it was being retailed at Rs 90.22 per litre, while diesel was being sold at Rs 78.69 per litre. India's pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the Indian rupee varies accordingly. On Tuesday, petrol prices were hiked 14 paise whereas diesel rose by 10 paise. Department of Economic Affairs Secretary Subhash Chandra Garg had said earlier that discussions are taking place with the United States regarding the reduction of oil imports from Iran. US President Trump is set to sanction Iran from exporting oil which has triggered global anxiety across the world market. Trump has demanded that the Organization of the Petroleum Exporting Countries (OPEC), and Russia increase their supplies to make up for the expected fall in Iranian exports, however, neither the petroleum cartel nor Russia has obliged so far. Traders said besides sustained demand of the US currency from importers and dollar's strength against some currencies overseas ahead of US Federal Reserve's meet, a lower opening in the domestic equity markets too weighed on the domestic unit. The benchmark BSE Sensex too fell 79.02 points, or 0.22 per cent, to 36,226.

Rupee sinks to new low over Trump's Iran oil sanctions fear, spike in crude

In the wake of a revision in the Know Your Client (KYC) norms and eligibility conditions for Foreign Portfolio Investors (FPIs), Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg said an increase in FPIs would take place, which would have a positive impact on capital inflow and the current situation of the Indian Rupee.

"In April, the Securities and Exchange Board of India (SEBI) had come out with a circular for Persons of Indian Origin (PIOs) and Non-resident Indians (NRIs) who dealt with investments via asset management companies. However, there were some issues with the norms mentioned in this circular. Soon after, the SEBI constituted a committee and looked into the grievances of these people and released a new circular. I feel that now, investors will enthusiastically enter the market once again. Also, an increase in FPIs positively impacts capital inflow and the Rupee," Garg told ANI.

The market regulator on Friday announced a revision in the KYC norms for FPIs, taking cognisance of the recommendations of the SEBI Working Group headed by HR&nbsp;Khan.

As per the new norms, NRIs and Overseas Citizens of India (OCIs) shall have the same meaning as assigned to them under regulation 2 of the Foreign Exchange Management (Transfer or issue of security by a Person Resident outside India) Regulations, 2017, the SEBI noted.

NRIs, OCIs and Resident Indians (RIs), the SEBI noted, can be constituents of FPIs, if the contribution made by them, including those of NRI/ OCI/ RI controlled investment managers (IMs), is below 25 per cent from a single NRI/ OCI/ RI and in aggregate, below 50 per cent to corpus of FPI. The SEBI also stated that NRIs/ OCIs/ RIs should not be in control of FPIs.

As per the latest norms, FPIs can be controlled by IMs which are controlled and/or owned by NRIs/ OCIs/ RIs if IMs are appropriately regulated in their home jurisdiction and are registered with the SEBI as non-investing FPIs; or an IM is incorporated or set up under Indian laws and appropriately registered with the SEBI.

Furthermore, a non-investing FPI may be directly or indirectly fully owned and/or controlled by an NRI/ OCI/ RI. The restriction that NRIs/OCIs/RIs should not be in control of

FPIs, the SEBI said, will not apply to FPIs which are 'offshore funds' for which a no-objection certificate has been provided by the Board in terms of SEBI (Mutual Funds) Regulations, 1996.

Existing FPIs and new applicants shall be given a time period of two years from the date of coming into force of the amended regulations or from the date of registration, whichever is later, in order to satisfy these eligibility conditions. In case of temporary breach, a time period of 90 days will be given to ensure compliance with the prescribed conditions, the SEBI said.

In the wake of a revision in the Know Your Client (KYC) norms and eligibility conditions for Foreign Portfolio Investors (FPIs), Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg said an increase in FPIs would take place, which would have a positive impact on capital inflow and the current situation of the Indian Rupee.

In the wake of a revision in the Know Your Client (KYC) norms and eligibility conditions for Foreign Portfolio Investors (FPIs), Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg said an increase in FPIs would take place, which would have a positive impact on capital inflow and the current situation of the Indian Rupee. "In April, the Securities and Exchange Board of India (SEBI) had come out with a circular for Persons of Indian Origin (PIOs) and Non-resident Indians (NRIs) who dealt with investments via asset management companies. However, there were some issues with the norms mentioned in this circular. Soon after, the SEBI constituted a committee and looked into the grievances of these people and released a new circular. I feel that now, investors will enthusiastically enter the market once again. Also, an increase in FPIs positively impacts capital inflow and the Rupee," Garg told ANI. The market regulator on Friday announced a revision in the KYC norms for FPIs, taking cognisance of the recommendations of the SEBI Working Group headed by HR Khan. As per the new norms, NRIs and Overseas Citizens of India (OCIs) shall have the same meaning as assigned to them under regulation 2 of the Foreign Exchange Management (Transfer or issue of security by a Person Resident outside India) Regulations, 2017, the SEBI noted. NRIs, OCIs and Resident Indians (RIs), the SEBI noted, can be constituents of FPIs, if the contribution made by them, including those of NRI/ OCI/ RI controlled investment managers (IMs), is below 25 per cent from a single NRI/ OCI/ RI and in aggregate, below 50 per cent to corpus of FPI. The SEBI also stated that NRIs/ OCIs/ RIs should not be in control of FPIs. As per the latest norms, FPIs can be controlled by IMs which are controlled and/or owned by NRIs/ OCIs/ RIs if IMs are appropriately regulated in their home jurisdiction and are registered with the SEBI as non-investing FPIs; or an IM is incorporated or set up under Indian laws and appropriately registered with the SEBI. Furthermore, a non-investing FPI may be directly or indirectly fully owned and/or controlled by an NRI/ OCI/ RI. The restriction that NRIs/OCIs/RIs should not be in control of FPIs, the SEBI said, will not apply to FPIs which are 'offshore funds' for which a no-objection certificate has been provided by the Board in terms of SEBI (Mutual Funds) Regulations, 1996. Existing FPIs and new applicants shall be given a time period of two years from the date of coming into force of the amended regulations or from the date of registration, whichever is later, in order to satisfy these eligibility conditions. In case of temporary breach, a time period of 90 days will be given to ensure compliance with the prescribed conditions, the SEBI said.

Surge in Foreign Portfolio Investments will impact rupee positively: Economic Affairs Secretary

Continuing its uptrend, the rupee firmed by another 53 paise to trade at over a two-week high of 71.84 against the US dollar in early trade Friday at the Interbank Foreign Exchange on increased selling of the American currency by exporters and banks.

Besides, the dollar's weakness against some currencies overseas on easing trade war concerns and a higher opening of the domestic equity market supported the rupee, forex dealers said.

On Wednesday, the rupee had gained 61 paise, notching up its best single-day gain since March 2017 to close at 72.37 against the US currency supported by heavy dollar selling by banks and weakness in the greenback in global markets.

Meanwhile, the benchmark BSE Sensex recovered by 231.40 points, or 0.62 per cent, to 37,352.62 in morning trade.

The stock market was shut Thursday on account of Muharram.

The Sensex had lost 969.42 points in the previous three sessions.

The NSE Nifty went past 11,300 to trade at 11,318.50, gaining 84.15, or 0.75 per cent.

Sectoral indices, including metal, oil and gas, PSU, power, infrastructure, healthcare, consumer durables, FMCG, capital goods, auto and banking stocks, rose up to 1.62 per cent.

Continuing its uptrend, the rupee firmed by another 53 paise to trade at over a two-week high of 71.84 against the US dollar in early trade Friday at the Interbank Foreign Exchange on increased selling of the American currency by exporters and banks.

Continuing its uptrend, the rupee firmed by another 53 paise to trade at over a two-week high of 71.84 against the US dollar in early trade Friday at the Interbank Foreign Exchange on increased selling of the American currency by exporters and banks. Besides, the dollar's weakness against some currencies overseas on easing trade war concerns and a higher opening of the domestic equity market supported the rupee, forex dealers said. On Wednesday, the rupee had gained 61 paise, notching up its best single-day gain since March 2017 to close at 72.37 against the US currency supported by heavy dollar selling by banks and weakness in the greenback in global markets. Meanwhile, the benchmark BSE Sensex recovered by 231.40 points, or 0.62 per cent, to 37,352.62 in morning trade. The stock market was shut Thursday on account of Muharram. The Sensex had lost 969.42 points in the previous three sessions. The NSE Nifty went past 11,300 to trade at 11,318.50, gaining 84.15, or 0.75 per cent. Sectoral indices, including metal, oil and gas, PSU, power, infrastructure, healthcare, consumer durables, FMCG, capital goods, auto and banking stocks, rose up to 1.62 per cent.

Rupee at 2-week high, markets open in green

The government is planning to ask state oil firms to lock in their crude futures purchase prices, a government source said on Thursday, anticipating a spike when US&nbsp;sanctions on Iran snap back again in November.

The move would be another step to tackle a slide in the rupee, as oil prices are putting pressure on India, which imports some 80 per cent of its crude demand. Its currency has fallen sharply this year against the US&nbsp;dollar, amid a wider sell-off in emerging markets.

"The futures should be locked in when the crude price is down," said the source, who is familiar with deliberations on the matter, adding the step should have been taken earlier.

The rupee, Asia's worst performing currency this year, has depreciated about 12 per cent year-to-date against the US&nbsp;dollar, closing at 72.39 on Wednesday, after a record low of 72.99 on Tuesday. Markets were closed on Thursday.

The government is expected to announce a set of measures to discourage non-essential imports to stem the slump in the currency.

Separately, a senior finance ministry official said there was a view that the rupee could weaken further in the next two months if proposed steps failed to kill "speculation in the rupee market".

"The gap between the announcement of steps and action is creating a space for speculation. We have to stop this," said the official.

Officials at oil companies said they were open to the idea of locking in futures if the government asked.

A senior official at Indian Oil Corp, a state-owned oil marketing company, said they were considering some options in terms of forwarding contracts. He declined to give details saying this was "market sensitive information".

An official at BPCL, another state-owned oil firm, said they were trying to hedge margins, under a policy reviewed every quarter.

BPCL is also studying a proposal to buy dollars directly from the Reserve Bank of India instead of the market, in a bid to quell strong dollar demand that is denting the rupee.

"Whenever there is sharp volatility in exchange rates, this dollar window is opened. We're studying the proposal," he said.

Another official at state-run HPCL said the government had not officially asked for it to examine forward contracts.

"In case it is needed, or the government wants us to, we will then look into it," the HPCL official said.

The officials declined to be named as the proposals are still under consideration.

Country's risk-averse state-owned refiners have in the past been reluctant to engage in futures trading or hedging strategies, fearing administrative blow-back if bets go wrong.

The refiners typically buy up to 70 per cent of their oil needs through term deals and the remainder through spot markets.

Unlike state refiners, private players Reliance Industries and Nayara Energy use hedging tools to lock in costs on the international market.

The government is planning to ask state oil firms to lock in their crude futures purchase prices, a government source said on Thursday, anticipating a spike when US sanctions on Iran snap back again in November.

The government is planning to ask state oil firms to lock in their crude futures purchase prices, a government source said on Thursday, anticipating a spike when US sanctions on Iran snap back again in November. The move would be another step to tackle a slide in the rupee, as oil prices are putting pressure on India, which imports some 80 per cent of its crude demand. Its currency has fallen sharply this year against the US dollar, amid a wider sell-off in emerging markets. "The futures should be locked in when the crude price is down," said the source, who is familiar with deliberations on the matter, adding the step should have been taken earlier. The rupee, Asia's worst performing currency this year, has depreciated about 12 per cent year-to-date against the US dollar, closing at 72.39 on Wednesday, after a record low of 72.99 on Tuesday. Markets were closed on Thursday. The government is expected to announce a set of measures to discourage non-essential imports to stem the slump in the currency. Separately, a senior finance ministry official said there was a view that the rupee could weaken further in the next two months if proposed steps failed to kill "speculation in the rupee market". "The gap between the announcement of steps and action is creating a space for speculation. We have to stop this," said the official. Officials at oil companies said they were open to the idea of locking in futures if the government asked. A senior official at Indian Oil Corp, a state-owned oil marketing company, said they were considering some options in terms of forwarding contracts. He declined to give details saying this was "market sensitive information". An official at BPCL, another state-owned oil firm, said they were trying to hedge margins, under a policy reviewed every quarter. BPCL is also studying a proposal to buy dollars directly from the Reserve Bank of India instead of the market, in a bid to quell strong dollar demand that is denting the rupee. "Whenever there is sharp volatility in exchange rates, this dollar window is opened. We're studying the proposal," he said. Another official at state-run HPCL said the government had not officially asked for it to examine forward contracts. "In case it is needed, or the government wants us to, we will then look into it," the HPCL official said. The officials declined to be named as the proposals are still under consideration. Country's risk-averse state-owned refiners have in the past been reluctant to engage in futures trading or hedging strategies, fearing administrative blow-back if bets go wrong. The refiners typically buy up to 70 per cent of their oil needs through term deals and the remainder through spot markets. Unlike state refiners, private players Reliance Industries and Nayara Energy use hedging tools to lock in costs on the international market.

India may look to lock in oil futures to stem rupee slide: Report

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

The expected arrival on time of the southwest monsoon over India`s mainland as well as a fall in global crude oil prices lifted the key domestic equity indices for the third consecutive session on Monday.

According to market analysts, the rebound in rupee strength and healthy buying by domestic investors also supported the key indices.

The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.&nbsp

Among the Sensex constituents, Sun Pharma, Coal India, L&T, Asian Paints and SBI emerged as the top five gainers. Sector-wise, pharma, bank, auto and FMCG led the gains.&nbsp

A widening of positions by retail investors amid continued buying by domestic institutional investors (DIIs) kept the bullish sentiment intact.

In the Asian markets too, a firming trend was seen today as geopolitical worries eased after the US and North Korean officials met to resume preparations for a summit between the leaders of the two countries. &nbsp &nbsp

In yet another positive sign, prices of Brent crude -- an international benchmark for crude oil — fell further by 1.88 per cent to USD 75 per barrel in global markets.

On Friday, Brent sank 3 per cent and WTI fell 4 per cent, and in early Asia business, they were both down a further 2 per cent. &nbsp &nbsp

Further lifting investors' mood, the rupee today strengthened by 49 paise to 67.29 (intra-day) against the dollar at the interbank forex market today. 
&nbsp &nbsp &nbsp 
"Fall in oil price in expectation of more supply from OPEC and improved optimism on US and N. Korea summit influenced the market to rally.On domestic front, 10-year yield inched lower while rupee gained some traction which will give cushion on inflation front and fiscal path," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.&nbsp

He said that additionally, market optimism may increase as monsoon is about to hit the southern peninsula regions which will support the consumption-led story and rural economy.&nbsp

Driven by capital goods, oil and gas, PSU and healthcare, the flagship Sensex reclaimed the 35,000-mark at the outset to hit a high of 35,240.96 before settling at 35,165.48, up 240.61 points, or 0.69 per cent. It also touched a low of 35,006.50.

The gauge had climbed 579.96 points in the previous two days. 
For the 50-share NSE Nifty, the closing came in at 10,688.65, higher by 83.50 points, or 0.79 per cent, after hovering between 10,709.80 and 10,640.55.

Stocks of state-run oil marketing and aviation companies were in the limelight after crude oil prices dropped in global markets. HPCL, BPCL and IOC gained by up to 6.10 per cent per cent after global crude corrected to USD 75 a barrel from the 2018 high of USD 80.50 a barrel.

In the aviation space, Spicejet Ltd climbed 20 per cent, Jet Airways up 7.67 per cent, while InterGlobe Aviation gained 2.38 per cent. 
Domestic financial institutions continued to hold ground and retail investors built up more bets amid a firming Asian trend.

Domestic institutional investors (DIIs) picked up shares worth a net Rs 887.76 crore on Friday. Foreign portfolio investors (FPIs) exited, pulling out shares amounting to Rs 768.29 crore on a net basis, showed provisional data.

During the session, stocks of automakers attracted investors' attention ahead of sale numbers data for May later this week.

Sun Pharma topped the Sensex list by surging 7.11 per cent after the drug maker on Friday posted 6.96 per cent increase in its consolidated net profit at Rs 1,308.96 crore for the fourth quarter ended March 2018.

State-run power giant NTPC ended higher by 1.36 per cent after the company today posted 40.69 per cent jump in its standalone net profit at Rs 2,925.59 crore for the quarter ended on March 31, 2018.

Other big movers of the day were Coal India rose 3.22 per cent, L&T 2.52 per cent, Asian Paint 2.31 per cent, SBI 1.97 per cent, Maruti Suzuki 1.86 per cent, Yes Bank 1.52 per cent, HDFC Bank 1.52 per cent, Axis Bank 1.49 per cent, Tata Steel 1.48 per cent, Bajaj Auto 1.45 per cent, Hero MotoCorp 1.30 per cent, ITC Ltd 1.18 per cent, Dr Reddy's 0.97 per cent.&nbsp

Among other gainers were ICICI Bank 0.93 per cent, Tata Motors 0.68 per cent, HDFC Ltd 0.57 per cent, Hind Unilever 0.39 per cent and ONGC 0.34 per cent.

However, tech stocks such as TCS fell 0.39 per cent, Infosys 1.16 per cent and Wipro 0.60 per cent on worries that a stronger rupee could hit returns from the US market, the biggest source of revenue for Indian IT companies. 
As for sectoral indices, the BSE capital goods took the lead by rising 2.50 per cent, followed by oil & gas 2.47 per cent, PSU (2.45 pc), healthcare (2.11 pc), realty (1.58 pc), power (1.25 pc), bankex (1.18 pc), infrastructure (1.16 pc), auto (1.12 pc), metal (0.95 pc), FMCG (0.55 pc) and consumer durables (0.09 pc).

While IT index lost 1.72 per cent following more appreciation in rupee's value, while teck ended 1.33 per cent down.

Broader markets such as small-cap and mid-cap indices too rallied in step with key indices, surging by 1.60 per cent and 1.35 per cent, respectively.&nbsp 
In the Asian region, Hong Kong's Hang Seng rose 0.72 per cent, while Japan's Nikkei gained 0.13 per cent. Taiwan up 0.42 per cent, while Singapore rose 0.20 per cent but China's Shanghai Composite Index shed 0.20 per cent.

Key indices in Europe were in a better shape in their early session. Frankfurt's DAX was up 0.59 per cent and Paris CAC 40 gained 0.46 per cent.

(With inputs from PTI)

Among the Sensex constituents, Sun Pharma, Coal India, L&T, Asian Paints and SBI emerged as the top five gainers.

The expected arrival on time of the southwest monsoon over India`s mainland as well as a fall in global crude oil prices lifted the key domestic equity indices for the third consecutive session on Monday. According to market analysts, the rebound in rupee strength and healthy buying by domestic investors also supported the key indices. The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65. Among the Sensex constituents, Sun Pharma, Coal India, L&T, Asian Paints and SBI emerged as the top five gainers. Sector-wise, pharma, bank, auto and FMCG led the gains. A widening of positions by retail investors amid continued buying by domestic institutional investors (DIIs) kept the bullish sentiment intact. In the Asian markets too, a firming trend was seen today as geopolitical worries eased after the US and North Korean officials met to resume preparations for a summit between the leaders of the two countries. In yet another positive sign, prices of Brent crude -- an international benchmark for crude oil — fell further by 1.88 per cent to USD 75 per barrel in global markets. On Friday, Brent sank 3 per cent and WTI fell 4 per cent, and in early Asia business, they were both down a further 2 per cent. Further lifting investors' mood, the rupee today strengthened by 49 paise to 67.29 (intra-day) against the dollar at the interbank forex market today. "Fall in oil price in expectation of more supply from OPEC and improved optimism on US and N. Korea summit influenced the market to rally.On domestic front, 10-year yield inched lower while rupee gained some traction which will give cushion on inflation front and fiscal path," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said. He said that additionally, market optimism may increase as monsoon is about to hit the southern peninsula regions which will support the consumption-led story and rural economy. Driven by capital goods, oil and gas, PSU and healthcare, the flagship Sensex reclaimed the 35,000-mark at the outset to hit a high of 35,240.96 before settling at 35,165.48, up 240.61 points, or 0.69 per cent. It also touched a low of 35,006.50. The gauge had climbed 579.96 points in the previous two days. For the 50-share NSE Nifty, the closing came in at 10,688.65, higher by 83.50 points, or 0.79 per cent, after hovering between 10,709.80 and 10,640.55. Stocks of state-run oil marketing and aviation companies were in the limelight after crude oil prices dropped in global markets. HPCL, BPCL and IOC gained by up to 6.10 per cent per cent after global crude corrected to USD 75 a barrel from the 2018 high of USD 80.50 a barrel. In the aviation space, Spicejet Ltd climbed 20 per cent, Jet Airways up 7.67 per cent, while InterGlobe Aviation gained 2.38 per cent. Domestic financial institutions continued to hold ground and retail investors built up more bets amid a firming Asian trend. Domestic institutional investors (DIIs) picked up shares worth a net Rs 887.76 crore on Friday. Foreign portfolio investors (FPIs) exited, pulling out shares amounting to Rs 768.29 crore on a net basis, showed provisional data. During the session, stocks of automakers attracted investors' attention ahead of sale numbers data for May later this week. Sun Pharma topped the Sensex list by surging 7.11 per cent after the drug maker on Friday posted 6.96 per cent increase in its consolidated net profit at Rs 1,308.96 crore for the fourth quarter ended March 2018. State-run power giant NTPC ended higher by 1.36 per cent after the company today posted 40.69 per cent jump in its standalone net profit at Rs 2,925.59 crore for the quarter ended on March 31, 2018. Other big movers of the day were Coal India rose 3.22 per cent, L&T 2.52 per cent, Asian Paint 2.31 per cent, SBI 1.97 per cent, Maruti Suzuki 1.86 per cent, Yes Bank 1.52 per cent, HDFC Bank 1.52 per cent, Axis Bank 1.49 per cent, Tata Steel 1.48 per cent, Bajaj Auto 1.45 per cent, Hero MotoCorp 1.30 per cent, ITC Ltd 1.18 per cent, Dr Reddy's 0.97 per cent. Among other gainers were ICICI Bank 0.93 per cent, Tata Motors 0.68 per cent, HDFC Ltd 0.57 per cent, Hind Unilever 0.39 per cent and ONGC 0.34 per cent. However, tech stocks such as TCS fell 0.39 per cent, Infosys 1.16 per cent and Wipro 0.60 per cent on worries that a stronger rupee could hit returns from the US market, the biggest source of revenue for Indian IT companies. As for sectoral indices, the BSE capital goods took the lead by rising 2.50 per cent, followed by oil & gas 2.47 per cent, PSU (2.45 pc), healthcare (2.11 pc), realty (1.58 pc), power (1.25 pc), bankex (1.18 pc), infrastructure (1.16 pc), auto (1.12 pc), metal (0.95 pc), FMCG (0.55 pc) and consumer durables (0.09 pc). While IT index lost 1.72 per cent following more appreciation in rupee's value, while teck ended 1.33 per cent down. Broader markets such as small-cap and mid-cap indices too rallied in step with key indices, surging by 1.60 per cent and 1.35 per cent, respectively. In the Asian region, Hong Kong's Hang Seng rose 0.72 per cent, while Japan's Nikkei gained 0.13 per cent. Taiwan up 0.42 per cent, while Singapore rose 0.20 per cent but China's Shanghai Composite Index shed 0.20 per cent. Key indices in Europe were in a better shape in their early session. Frankfurt's DAX was up 0.59 per cent and Paris CAC 40 gained 0.46 per cent. (With inputs from PTI)

Sensex surges 240 points, Nifty settles at 10,688; rupee recovers

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

Even as monsoon is predicted to be normal this year, its uneven distribution could spike food prices, and inflation is likely to edge further, says a report.

According to Dun & Bradstreet, rising fuel prices in India, which touched an all-time high, is likely to feed into other segments and keep the rate of inflation higher.

D&B expects CPI inflation to be in the range of 4.6-4.7 per cent and WPI inflation around 3.6-3.8 per cent this month.

"The assumption of a normal monsoon has been one of the primary factors considered for improvement in demand in the current year.&nbsp

"However, spatial distribution of rainfall needs to be monitored carefully before setting in firm expectations as uneven distribution of rainfall could flare up food inflation," said Arun Singh, Lead Economist D&B India.

Moreover, factors like geopolitical risks, escalating tensions in global trade, volatility in international crude oil prices and sharp depreciation in rupee underline the upside risk to inflation.

"Domestically, we look forward for the government to fulfil its commitment to revive investments, execute infrastructure projects and continue the policy momentum," Singh said.

The report further said the consistent growth clocked by the capital and infrastructure goods sector is likely to support the IIP growth rates going ahead.

D&B expects Index of Industrial Production (IIP) to have grown by 6.5-7.5 per cent during April this year.

The report further said the consistent growth clocked by the capital and infrastructure goods sector is likely to support the IIP growth rates going ahead.

Even as monsoon is predicted to be normal this year, its uneven distribution could spike food prices, and inflation is likely to edge further, says a report. According to Dun & Bradstreet, rising fuel prices in India, which touched an all-time high, is likely to feed into other segments and keep the rate of inflation higher. D&B expects CPI inflation to be in the range of 4.6-4.7 per cent and WPI inflation around 3.6-3.8 per cent this month. "The assumption of a normal monsoon has been one of the primary factors considered for improvement in demand in the current year. "However, spatial distribution of rainfall needs to be monitored carefully before setting in firm expectations as uneven distribution of rainfall could flare up food inflation," said Arun Singh, Lead Economist D&B India. Moreover, factors like geopolitical risks, escalating tensions in global trade, volatility in international crude oil prices and sharp depreciation in rupee underline the upside risk to inflation. "Domestically, we look forward for the government to fulfil its commitment to revive investments, execute infrastructure projects and continue the policy momentum," Singh said. The report further said the consistent growth clocked by the capital and infrastructure goods sector is likely to support the IIP growth rates going ahead. D&B expects Index of Industrial Production (IIP) to have grown by 6.5-7.5 per cent during April this year.

Uneven monsoon could spike food prices, inflation to edge higher: Report

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

Asian markets built on the past week's gains Friday following another rally in New York as traders welcomed a below-forecast US inflation read that dampened expectations for a sharp lift in interest rates.

While geopolitical tensions continue to linger after Donald Trump pulled out of the Iran nuclear pact this week, dealers were buoyed by the prospect of cheaper borrowing after data showed consumer prices edged up only slightly in April.

News that Trump and Kim Jong Un had agreed to meet on June 12 in Singapore -- the first US-North Korean summit in history -- lifted optimism and fuelled hopes for peace on the Korean peninsula.

The inflation data provided some relief to trading floors, which have fluctuated over recent months on worries that an improving US economy and an expected surge in inflation will force the Federal Reserve to tighten monetary policy.

"The market is breathing a sigh of relief that there was not an upside surprise to the inflation stats," Peter Boockvar, the chief investment officer of Bleakley Financial Group, wrote in an email to clients.

The news lifted all three main indexes on Wall Street and those gains extended into Asia.

Hong Kong rose one per cent, marking a fifth-straight gain, while Tokyo ended 1.2 per cent higher.

Singapore climbed 0.8 per cent and Seoul added 0.6 per cent, while Wellington, Jakarta and Taipei also posted healthy gains.

Manila was 2.3 per cent higher a day after data showed the economy expanded at a strong pace in the first three months of the year, and despite a central bank interest rate hike.

However, Sydney finished marginally lower and Shanghai lost 0.4 per cent.

Oil rally sputters

Greg McKenna, chief market strategist at AxiTrader, offered a word of caution, warning: "Sure, (consumer price) inflation didn't surprise on the upside.

"But that doesn't mean the Fed isn't still going to raise rates two or three more times this year and it doesn't mean quantitative tightening isn't going to continue."

Still, lower expectations for US rates hurt the dollar on Thursday and it struggled to recover in Asia with high-yielding currencies such as the Australian dollar, Mexican peso, Indonesian rupiah and South Korean won gaining ground.

Even the pound held its own despite the Bank of England slashing its economic growth and inflation outlook.

Movements in the crude market were tepid after recent surges that came on the back of Trump's Iran decision and data showing US demand for the commodity appeared to be picking up.

However, both main contracts remain around highs not seen since November 2014 and there is still talk of further rises to around $80 a barrel.

An exchange of rockets between Israel and Iran was also keeping traders wary of a flare-up in the volatile Middle East, with the Syria crisis still raging.

In early European trade London and Frankfurt each rose 0.1 per cent but Paris shed 0.2 per cent.

Singapore climbed 0.8 per cent and Seoul added 0.6 per cent, while Wellington, Jakarta and Taipei also posted healthy gains

Asian markets built on the past week's gains Friday following another rally in New York as traders welcomed a below-forecast US inflation read that dampened expectations for a sharp lift in interest rates. While geopolitical tensions continue to linger after Donald Trump pulled out of the Iran nuclear pact this week, dealers were buoyed by the prospect of cheaper borrowing after data showed consumer prices edged up only slightly in April. News that Trump and Kim Jong Un had agreed to meet on June 12 in Singapore -- the first US-North Korean summit in history -- lifted optimism and fuelled hopes for peace on the Korean peninsula. The inflation data provided some relief to trading floors, which have fluctuated over recent months on worries that an improving US economy and an expected surge in inflation will force the Federal Reserve to tighten monetary policy. "The market is breathing a sigh of relief that there was not an upside surprise to the inflation stats," Peter Boockvar, the chief investment officer of Bleakley Financial Group, wrote in an email to clients. The news lifted all three main indexes on Wall Street and those gains extended into Asia. Hong Kong rose one per cent, marking a fifth-straight gain, while Tokyo ended 1.2 per cent higher. Singapore climbed 0.8 per cent and Seoul added 0.6 per cent, while Wellington, Jakarta and Taipei also posted healthy gains. Manila was 2.3 per cent higher a day after data showed the economy expanded at a strong pace in the first three months of the year, and despite a central bank interest rate hike. However, Sydney finished marginally lower and Shanghai lost 0.4 per cent. Oil rally sputters Greg McKenna, chief market strategist at AxiTrader, offered a word of caution, warning: "Sure, (consumer price) inflation didn't surprise on the upside. "But that doesn't mean the Fed isn't still going to raise rates two or three more times this year and it doesn't mean quantitative tightening isn't going to continue." Still, lower expectations for US rates hurt the dollar on Thursday and it struggled to recover in Asia with high-yielding currencies such as the Australian dollar, Mexican peso, Indonesian rupiah and South Korean won gaining ground. Even the pound held its own despite the Bank of England slashing its economic growth and inflation outlook. Movements in the crude market were tepid after recent surges that came on the back of Trump's Iran decision and data showing US demand for the commodity appeared to be picking up. However, both main contracts remain around highs not seen since November 2014 and there is still talk of further rises to around $80 a barrel. An exchange of rockets between Israel and Iran was also keeping traders wary of a flare-up in the volatile Middle East, with the Syria crisis still raging. In early European trade London and Frankfurt each rose 0.1 per cent but Paris shed 0.2 per cent.

Most Asian markets end healthy week on a positive note

The rupee depreciated 12 paise to 65.11 against the US dollar in opening trade on Wednesday ahead of the release of US Fed meeting minutes scheduled later in the day.

However, weakness in the US dollar against select currencies overseas and a higher opening in domestic equities capped the losses.

Meanwhile, foreign portfolio investors (FPIs) sold equities worth Rs 684.99 crore yesterday, provisional data showed.

Yesterday, The rupee had ended higher by 3 paise at 64.99 against the American currency amid easing US-China trade war fears.

Meanwhile, the benchmark BSE Sensex advanced by 92.26 points, or 0.27 per cent, at 33,972.51 in early deals. 
&nbsp;

However, weakness in the US dollar against select currencies overseas and a higher opening in domestic equities capped the losses

The rupee depreciated 12 paise to 65.11 against the US dollar in opening trade on Wednesday ahead of the release of US Fed meeting minutes scheduled later in the day. However, weakness in the US dollar against select currencies overseas and a higher opening in domestic equities capped the losses. Meanwhile, foreign portfolio investors (FPIs) sold equities worth Rs 684.99 crore yesterday, provisional data showed. Yesterday, The rupee had ended higher by 3 paise at 64.99 against the American currency amid easing US-China trade war fears. Meanwhile, the benchmark BSE Sensex advanced by 92.26 points, or 0.27 per cent, at 33,972.51 in early deals.

Rupee sheds 12 paise against US dollar

The Indian rupee was trading little changed against the US dollar ahead of the US Federal Reserve&rsquo;s policy statement due later on Wednesday.

The rupee opened at 65.23 a dollar. At 9.15am, the home currency was trading at 65.20 a dollar, the same level as its Tuesday&rsquo;s close. 
Besides, the dollar&#39;s weakness against some currencies overseas, fresh selling of the American currency by exporters as well as banks supported the rupee, forex dealers said.

A higher opening in the domestic equity market influenced the currency&#39;s movement, they added.

Yesterday, the domestic unit had slipped by 3 paise to end at 65.20 a dollar due to demand uptick for the greenback.

Meanwhile, the benchmark BSE Sensex rose 226.86 points, or 0.69 per cent, at 33,223.62 in opening trade today.

The rupee opened at 65.23 a dollar. At 9.15am, the home currency was trading at 65.20 a dollar, the same level as its Tuesday’s close

The Indian rupee was trading little changed against the US dollar ahead of the US Federal Reserve’s policy statement due later on Wednesday. The rupee opened at 65.23 a dollar. At 9.15am, the home currency was trading at 65.20 a dollar, the same level as its Tuesday’s close. Besides, the dollar's weakness against some currencies overseas, fresh selling of the American currency by exporters as well as banks supported the rupee, forex dealers said. A higher opening in the domestic equity market influenced the currency's movement, they added. Yesterday, the domestic unit had slipped by 3 paise to end at 65.20 a dollar due to demand uptick for the greenback. Meanwhile, the benchmark BSE Sensex rose 226.86 points, or 0.69 per cent, at 33,223.62 in opening trade today.

Rupee trades flat against US dollar ahead of Fed policy decision

&nbsp;The benchmark BSE Sensex today cracked below the 33,000-mark by falling nearly 253 points, extending its slide for the fifth straight session on unabated foreign fund outflows amid weak global cues.

Overall market sentiment remained weak after the RBI data released after market hours on Friday showed current account deficit (CAD) rose to 2 per cent of the GDP at $13.5 billion in the December quarter, up from 1.4 per cent in the year-ago period, due to a higher trade deficit.

The rupee also depreciated by 19 paise intra-day against the dollar at 65.13, which too had a negative influence.

Global cues too were weak as investors moved cautiously before the US Federal Reserve meeting, that is likely to raise US interest rates.

The BSE 30-share barometer opened higher at 33,268.97 and advanced to 33,275.79 in morning trade on value-buying in recently battered stocks by investors.

However, across-the-board profit booking at every rise, pulled it down to a low of 32,856.54.

The 30-share index finally settled down 252.88 points or 0.76 per cent at 32,923.12. This is the weakest closing since December 6 last when it settled at 32,597.18.

The gauge lost 741.94 points in the previous four sessions.

The wider NSE Nifty too fell by 100.90 points or 0.99 per cent to end at 10,094.25. It shuttled between 10,224.55 and 10,075.30 during the session.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 150.46 crore on Friday, while domestic institutional investors (DIIs) sold shares worth Rs 770.53 crore, as per the provisional data.&nbsp;

The rupee also depreciated by 19 paise intra-day against the dollar at 65.13, which too had a negative influence.

The benchmark BSE Sensex today cracked below the 33,000-mark by falling nearly 253 points, extending its slide for the fifth straight session on unabated foreign fund outflows amid weak global cues. Overall market sentiment remained weak after the RBI data released after market hours on Friday showed current account deficit (CAD) rose to 2 per cent of the GDP at $13.5 billion in the December quarter, up from 1.4 per cent in the year-ago period, due to a higher trade deficit. The rupee also depreciated by 19 paise intra-day against the dollar at 65.13, which too had a negative influence. Global cues too were weak as investors moved cautiously before the US Federal Reserve meeting, that is likely to raise US interest rates. The BSE 30-share barometer opened higher at 33,268.97 and advanced to 33,275.79 in morning trade on value-buying in recently battered stocks by investors. However, across-the-board profit booking at every rise, pulled it down to a low of 32,856.54. The 30-share index finally settled down 252.88 points or 0.76 per cent at 32,923.12. This is the weakest closing since December 6 last when it settled at 32,597.18. The gauge lost 741.94 points in the previous four sessions. The wider NSE Nifty too fell by 100.90 points or 0.99 per cent to end at 10,094.25. It shuttled between 10,224.55 and 10,075.30 during the session. Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 150.46 crore on Friday, while domestic institutional investors (DIIs) sold shares worth Rs 770.53 crore, as per the provisional data.

Sensex falls below 33,000-mark at close

The benchmark BSE Sensex drifted <a href="http://www.wionews.com/business-economy/money-market-rupee-opens-higher-against-dollar-35751">150 points lower and the NSE Nifty</a> slipped below the 10,400-mark in early deals today on selling in metal, PSU and realty counters amid weak global cues.

Asian stocks declined following an overnight slide in US equities after President Donald Trump replaced his Secretary of State Rex Tillerson with CIA Director Mike Pompeo, extending a shake-up of his administration, spurring concerns about a one-sided approach to international trade.

The 30-share index dropped 166.17 points or 0.49 per cent to 33,690.61. The gauge had lost 61.16 points in the previous session.

Similarly, the NSE Nifty fell 37.90 points or 0.36 per cent to 10,388.95.

Sectoral indices led by metal, PSU, realty, oil &amp; gas, auto, power and bank stocks were trading in the negative zone, falling up to 0.87 per cent.

Banking shares such as SBI, ICICI Bank, Axis Bank, Bank of India, Yes Bank, Andhra Bank and Canara Bank also declined up to 2.30 per cent.

However, TCS, Infosys, Maruti Suzuki, Dr Reddy&#39;s, L&amp;T and Asian Paints trading in the green, gaining up to 0.74 per cent.

PNB stocks fell 4.23 per cent to Rs 93.85 after reports that the bank&#39;s exposure to alleged fraud may be over $2 billion.

Shares of Gitanjali Gems cracked 4.90 per cent to Rs 13.60 after National Stock Exchange (NSE) levied penalty on the company for failure to file financial results for quarter-ended 31 December.

Brokers said that the sentiment remained negative on weak trend in other Asian markets following a drop in Wall Street as US President Donald Trump replaced his secretary of state, and plans to impose new tariffs on China.

Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 1,613.39 crore while foreign portfolio investors (FPIs) also bought shares worth Rs 7,028.42 crore yesterday, provisional data showed.

In the Asian region, Japan&#39;s Nikkei fell 1.03 per cent, Hong Kong&#39;s Hang Seng shed 1.18 per cent in early trade. China&#39;s Shanghai Composite index too down 0.46 per cent.

NSE Nifty fell 37.90 points or 0.36 per cent to 10,388.95

The benchmark BSE Sensex drifted 150 points lower and the NSE Nifty slipped below the 10,400-mark in early deals today on selling in metal, PSU and realty counters amid weak global cues. Asian stocks declined following an overnight slide in US equities after President Donald Trump replaced his Secretary of State Rex Tillerson with CIA Director Mike Pompeo, extending a shake-up of his administration, spurring concerns about a one-sided approach to international trade. The 30-share index dropped 166.17 points or 0.49 per cent to 33,690.61. The gauge had lost 61.16 points in the previous session. Similarly, the NSE Nifty fell 37.90 points or 0.36 per cent to 10,388.95. Sectoral indices led by metal, PSU, realty, oil & gas, auto, power and bank stocks were trading in the negative zone, falling up to 0.87 per cent. Banking shares such as SBI, ICICI Bank, Axis Bank, Bank of India, Yes Bank, Andhra Bank and Canara Bank also declined up to 2.30 per cent. However, TCS, Infosys, Maruti Suzuki, Dr Reddy's, L&T and Asian Paints trading in the green, gaining up to 0.74 per cent. PNB stocks fell 4.23 per cent to Rs 93.85 after reports that the bank's exposure to alleged fraud may be over $2 billion. Shares of Gitanjali Gems cracked 4.90 per cent to Rs 13.60 after National Stock Exchange (NSE) levied penalty on the company for failure to file financial results for quarter-ended 31 December. Brokers said that the sentiment remained negative on weak trend in other Asian markets following a drop in Wall Street as US President Donald Trump replaced his secretary of state, and plans to impose new tariffs on China. Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 1,613.39 crore while foreign portfolio investors (FPIs) also bought shares worth Rs 7,028.42 crore yesterday, provisional data showed. In the Asian region, Japan's Nikkei fell 1.03 per cent, Hong Kong's Hang Seng shed 1.18 per cent in early trade. China's Shanghai Composite index too down 0.46 per cent.

Sensex, Nifty fall in early trade

Amid mixed global cues, the rupee opened 2 paise higher at 64.87 against the US dollar today at the Interbank Foreign Exchange on selling of the greenback by exporters and banks.

The dollar weakened against some currencies overseas after US President Donald Trump sacked Secretary of State Rex Tillerson.

The release of US consumer price inflation data that was in line with expectations, dampening more aggressive rate-hike forecasts added to the weakness in dollar and lent some support to the domestic unit. However, a lower opening of equity market here capped any gains gain, forex dealers said.

Yesterday, the rupee had gained 15 paise to close at 64.89 against the US currency on heavy foreign fund inflows after strong macro-economic data.

Meanwhile, the benchmark BSE Sensex fell 142.82 points, or 0.42 per cent, to 33,713.96 in morning trade.

The dollar weakened against some currencies overseas after US President Donald Trump sacked Secretary of State Rex Tillerson.

Amid mixed global cues, the rupee opened 2 paise higher at 64.87 against the US dollar today at the Interbank Foreign Exchange on selling of the greenback by exporters and banks. The dollar weakened against some currencies overseas after US President Donald Trump sacked Secretary of State Rex Tillerson. The release of US consumer price inflation data that was in line with expectations, dampening more aggressive rate-hike forecasts added to the weakness in dollar and lent some support to the domestic unit. However, a lower opening of equity market here capped any gains gain, forex dealers said. Yesterday, the rupee had gained 15 paise to close at 64.89 against the US currency on heavy foreign fund inflows after strong macro-economic data. Meanwhile, the benchmark BSE Sensex fell 142.82 points, or 0.42 per cent, to 33,713.96 in morning trade.

Money market: Rupee opens higher against dollar

The Indian rupee on Wednesday slipped to a three month low in the early trade at the forex market. It opened lower by 25 paise at Rs. 65.12 per dollar versus Rs. 64.87 on Tuesday.

Forex dealers said sustained month-end demand for the American currency from importers, foreign fund outflows and the dollar&#39;s gains against other global currencies weighed on the rupee, according to moneycontrol.

Market indices recovered in afternoon trade, after a morning slump.

In the afternoon trade, the Sensex was down 151 points, trading at 34,194. Nifty, on the other hand, was trading at 10,503, down by 50 points.

Infosys, UPL, GAIL, Cipla were up about one percent.

HPCL, ICICI Bank, Yes Bank, Adani Ports, and Vedanta were down about two to three percent.

The market extended losses in opening trade, tracking weakness in global peers, and due to selling pressure in banking and financials.

Sensex was down 265 points at 34,080 and Nifty slipped 86 points to 10,467.

Moreover, shares of Punjab National Bank (PNB) slumped over six percent intraday and fell to a 20-month low on the bourses after Nirav Modi&#39;s Firestar Diamond filed a bankruptcy plea in the United States, and a local court in Mumbai issued summons to the accused diamantaire. (ANI)

 
&nbsp;

Forex dealers said sustained month-end demand for American dollars from importers, foreign fund outflows, and the dollar's gains against other global currencies weighed on the rupee

The Indian rupee on Wednesday slipped to a three month low in the early trade at the forex market. It opened lower by 25 paise at Rs. 65.12 per dollar versus Rs. 64.87 on Tuesday. Forex dealers said sustained month-end demand for the American currency from importers, foreign fund outflows and the dollar's gains against other global currencies weighed on the rupee, according to moneycontrol. Market indices recovered in afternoon trade, after a morning slump. In the afternoon trade, the Sensex was down 151 points, trading at 34,194. Nifty, on the other hand, was trading at 10,503, down by 50 points. Infosys, UPL, GAIL, Cipla were up about one percent. HPCL, ICICI Bank, Yes Bank, Adani Ports, and Vedanta were down about two to three percent. The market extended losses in opening trade, tracking weakness in global peers, and due to selling pressure in banking and financials. Sensex was down 265 points at 34,080 and Nifty slipped 86 points to 10,467. Moreover, shares of Punjab National Bank (PNB) slumped over six percent intraday and fell to a 20-month low on the bourses after Nirav Modi's Firestar Diamond filed a bankruptcy plea in the United States, and a local court in Mumbai issued summons to the accused diamantaire. (ANI)

Rupee hits three-month low

The benchmark BSE Sensex gained over 132 points to 34,578.39 in early trade today, rising for the third straight session today on buying by domestic institutional investors (DIIs) amid strong global cues. 
 
Investors are also eyeing Q3 GDP data, to be released tomorrow. Market sentiment was bolstered after a Morgan Stanley report said India&#39;s economic recovery is expected to have gathered momentum and GDP growth for the December quarter is likely to have accelerated to 7 per cent, broker said.

Benchmark BSE Sensex advanced by 132.64 points, or 0.38 per cent, to 34,578.39 in early session today.

The gauge has gained 626.25 points in the previous two sessions.

All sectoral indices were trading in the green, led by gains in oil and gas, consumer durables, auto, banking, power, PSU, metals, FMCG and healthcare counters.

The NSE Nifty50 reclaimed the 10,600-mark, by rising 32.65, or 0.30 per cent, to 10,615.25.

On a net basis, DIIs bought shares worth Rs 1,409.45 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,119.51 crore yesterday, provisional data released by stock exchanges showed.

Top gainers included Yes Bank, RIL, ONGC, TCS, Dr Reddy&#39;s, Asian Paints, M&amp;M, Wipro, HDFC Bank and Coal India, rising up to 1.75 per cent.

Meanwhile, shares of Punjab National Bank today slumped as much as 9 per cent to touch its 52 week low level in morning trade after the lender said the amount of fraudulent transactions could be as much as Rs 12,700 crore.

Gitanjali gems, too, cracked nearly 5 per cent.

Overseas, Asian shares were trading higher following gains on Wall Street overnight ahead of Fed chair Jerome Powell&#39;s first congressional testimony later in the day.

Japan&#39;s Nikkei gained 1.39 per cent, Hong Kong&#39;s Hang Seng was up 0.06 per cent, while Shanghai Composite was down 0.97 per cent in early trading today.

The US Dow Jones Industrial Average ended 1.58 per cent higher yesterday on fall in US bond yields.&nbsp;

The Sensex rose 132 points in early trade today

The benchmark BSE Sensex gained over 132 points to 34,578.39 in early trade today, rising for the third straight session today on buying by domestic institutional investors (DIIs) amid strong global cues. Investors are also eyeing Q3 GDP data, to be released tomorrow. Market sentiment was bolstered after a Morgan Stanley report said India's economic recovery is expected to have gathered momentum and GDP growth for the December quarter is likely to have accelerated to 7 per cent, broker said. Benchmark BSE Sensex advanced by 132.64 points, or 0.38 per cent, to 34,578.39 in early session today. The gauge has gained 626.25 points in the previous two sessions. All sectoral indices were trading in the green, led by gains in oil and gas, consumer durables, auto, banking, power, PSU, metals, FMCG and healthcare counters. The NSE Nifty50 reclaimed the 10,600-mark, by rising 32.65, or 0.30 per cent, to 10,615.25. On a net basis, DIIs bought shares worth Rs 1,409.45 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,119.51 crore yesterday, provisional data released by stock exchanges showed. Top gainers included Yes Bank, RIL, ONGC, TCS, Dr Reddy's, Asian Paints, M&M, Wipro, HDFC Bank and Coal India, rising up to 1.75 per cent. Meanwhile, shares of Punjab National Bank today slumped as much as 9 per cent to touch its 52 week low level in morning trade after the lender said the amount of fraudulent transactions could be as much as Rs 12,700 crore. Gitanjali gems, too, cracked nearly 5 per cent. Overseas, Asian shares were trading higher following gains on Wall Street overnight ahead of Fed chair Jerome Powell's first congressional testimony later in the day. Japan's Nikkei gained 1.39 per cent, Hong Kong's Hang Seng was up 0.06 per cent, while Shanghai Composite was down 0.97 per cent in early trading today. The US Dow Jones Industrial Average ended 1.58 per cent higher yesterday on fall in US bond yields.

Sensex extends rally, Nifty climbs over 10,600

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 BSE benchmark <a href="http://www.wionews.com/business-economy/rupee-at-2-week-high-in-opening-trade-32928">Sensex surged over 167 points</a>, staging a strong recovery in early trade today on firm cues from global markets.

A stronger rupee against the dollar also influenced market sentiment.

The 30-share index was trading higher by 167.12 points, or 0.48 per cent, at 34,323.07. The gauge had lost 144.52 points in the previous session.&nbsp;The NSE Nifty gained 47.45 points, or 0.45 per cent, to 10.548.35.

Widespread buying was seen in metal, healthcare and realty counters. Major gainers were Adani ports, HDFC, ICICI Bank, SBI, Dr Reddy&#39;s, Tata Motors, Yes Bank, Reliance Industries and Maruti Suzuki, rising up to 2.17 per cent.

Punjab National Bank dropped sharply by 8.47 per cent following the Rs 11,400 crore scam at one of its Mumbai branches.

Gitanjali Gems plunged nearly 19 per cent on reports over its involvement in the PNB fraud case.

Brokers said a firm trend at other Asian markets boosted investor sentiment, following overnight gains on Wall Street as investors shrugged off stronger-than-expected inflation data.

Meanwhile, Hong Kong&#39;s Hang Seng was up 1.69 per cent and Shanghai Composite Index by rose 0.45 per cent in early trade. Japan&#39;s Nikkei also gained 1.33 per cent. The US Dow Jones Industrial Average ended 1.03 per cent higher yesterday.

The 30-share index was trading higher by 167.12 points, or 0.48 per cent, at 34,323.07

The BSE benchmark Sensex surged over 167 points, staging a strong recovery in early trade today on firm cues from global markets. A stronger rupee against the dollar also influenced market sentiment. The 30-share index was trading higher by 167.12 points, or 0.48 per cent, at 34,323.07. The gauge had lost 144.52 points in the previous session. The NSE Nifty gained 47.45 points, or 0.45 per cent, to 10.548.35. Widespread buying was seen in metal, healthcare and realty counters. Major gainers were Adani ports, HDFC, ICICI Bank, SBI, Dr Reddy's, Tata Motors, Yes Bank, Reliance Industries and Maruti Suzuki, rising up to 2.17 per cent. Punjab National Bank dropped sharply by 8.47 per cent following the Rs 11,400 crore scam at one of its Mumbai branches. Gitanjali Gems plunged nearly 19 per cent on reports over its involvement in the PNB fraud case. Brokers said a firm trend at other Asian markets boosted investor sentiment, following overnight gains on Wall Street as investors shrugged off stronger-than-expected inflation data. Meanwhile, Hong Kong's Hang Seng was up 1.69 per cent and Shanghai Composite Index by rose 0.45 per cent in early trade. Japan's Nikkei also gained 1.33 per cent. The US Dow Jones Industrial Average ended 1.03 per cent higher yesterday.

Sensex rises 167 points in early trade

The rupee gained another 14 paise to trade at a two-week high of 63.95 against the US dollar in opening trade today on dollar selling by exporters and banks amid firm equities.

The dollar&#39;s weakness against other currencies overseas also supported the rupee sentiment, a currency dealer said.

The rupee moved between 63.98 per dollar and 63.93 per dollar at the interbank forex market in early trade.

The dollar fell further against the yen to hit a 15-month low in Asian trade while the euro gained after a firm German growth.

Yesterday, the rupee had gained 23 paise to close at 64.09 a dollar on sustained selling of the American currency by exporters and banks.

Meanwhile, the benchmark BSE Sensex rose by 167.12 points, or 0.48 per cent, to trade at 34,323.07 in morning trade.

The dollar fell further against the yen to hit a 15-month low in Asian trade while the euro gained after a firm German growth.

The rupee gained another 14 paise to trade at a two-week high of 63.95 against the US dollar in opening trade today on dollar selling by exporters and banks amid firm equities. The dollar's weakness against other currencies overseas also supported the rupee sentiment, a currency dealer said. The rupee moved between 63.98 per dollar and 63.93 per dollar at the interbank forex market in early trade. The dollar fell further against the yen to hit a 15-month low in Asian trade while the euro gained after a firm German growth. Yesterday, the rupee had gained 23 paise to close at 64.09 a dollar on sustained selling of the American currency by exporters and banks. Meanwhile, the benchmark BSE Sensex rose by 167.12 points, or 0.48 per cent, to trade at 34,323.07 in morning trade.

Rupee at 2-week high in opening trade

The rupee recovered by 15 paise to 64.25 against the dollar in opening trade today on fresh selling of the US currency by exporters and banks amid a higher opening in domestic equity markets.

Forex dealers said the dollar&#39;s losses against major global currencies overseas after last week&#39;s rally supported the rupee.

On Friday, the rupee had dropped 14 paise against the greenback to end at a near two-month low of 64.40 on bouts of dollar demand from importers and banks.

Meanwhile, the benchmark BSE Sensex rose by 260.12 points or 0.78 per cent to trade at 34,265.88. The broad-based NSE Nifty was up 81.50 points, or 0.78 per cent at 10,536.45 in early trade.&nbsp;

The rupee recovered by 15 paise to 64.25 against the dollar in opening trade today on fresh selling of the US currency by exporters and banks amid a higher opening in domestic equity markets

The rupee recovered by 15 paise to 64.25 against the dollar in opening trade today on fresh selling of the US currency by exporters and banks amid a higher opening in domestic equity markets. Forex dealers said the dollar's losses against major global currencies overseas after last week's rally supported the rupee. On Friday, the rupee had dropped 14 paise against the greenback to end at a near two-month low of 64.40 on bouts of dollar demand from importers and banks. Meanwhile, the benchmark BSE Sensex rose by 260.12 points or 0.78 per cent to trade at 34,265.88. The broad-based NSE Nifty was up 81.50 points, or 0.78 per cent at 10,536.45 in early trade.

Rupee rebounds 15 paise in opening trade

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

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