The Indian rupee — which has been in constant decline this year, it fell over 13% in 2018 — may be a top performer of 2019, analysts have said.

Tumbling oil prices have put the rupee on course for the best quarter in nearly two years.&nbsp;

The rally is expected to run well into the new year. During most of this year, elevated energy costs and a strong dollar combined to make the rupee Asia’s worst performer.

But a slump in crude oil prices and a slowdown in the pace of tightening by the federal reserve mean that rupee may resume its winning ways in 2019.

The rupee jumped nearly 2.1 per cent on Monday and Tuesday alone. This is welcome news as political uncertainties were expected to trip up the currency. Lower crude prices have, however, offset that.

Some analysts say that in the short term, the rupee will appreciate further.&nbsp;

Softening of inflation, less hawkishness from the US Federal and hopes of increased capital inflows, a consequence of falling crude oil prices, are some of the reasons which have led to a surge in the Indian rupee against the greenback.

The recent surge is quite significant because rupee was heading towards its worst year since 2013 until the appreciation in the last few days.

It's not only the US Central bank's decision that is aiding the rupee. Reserve bank of India has decided to increase liquidity infusion by 10,000 crore rupees this month. The overall liquidity infusion by RBI will be 50,000 crore rupees. Not just that. RBI has already infused 20,000 crore rupees through purchase auctions open market operations.

All of these are likely to give some respite to the Indian rupee.

The Indian rupee — which has been in constant decline this year, it fell over 13% in 2018 — may be a top performer of 2019, analysts have said. Tumbling oil prices have put the rupee on course for the best quarter in nearly two years.

The Indian rupee — which has been in constant decline this year, it fell over 13% in 2018 — may be a top performer of 2019, analysts have said. Tumbling oil prices have put the rupee on course for the best quarter in nearly two years. The rally is expected to run well into the new year. During most of this year, elevated energy costs and a strong dollar combined to make the rupee Asia’s worst performer. But a slump in crude oil prices and a slowdown in the pace of tightening by the federal reserve mean that rupee may resume its winning ways in 2019. The rupee jumped nearly 2.1 per cent on Monday and Tuesday alone. This is welcome news as political uncertainties were expected to trip up the currency. Lower crude prices have, however, offset that. Some analysts say that in the short term, the rupee will appreciate further. Softening of inflation, less hawkishness from the US Federal and hopes of increased capital inflows, a consequence of falling crude oil prices, are some of the reasons which have led to a surge in the Indian rupee against the greenback. The recent surge is quite significant because rupee was heading towards its worst year since 2013 until the appreciation in the last few days. It's not only the US Central bank's decision that is aiding the rupee. Reserve bank of India has decided to increase liquidity infusion by 10,000 crore rupees this month. The overall liquidity infusion by RBI will be 50,000 crore rupees. Not just that. RBI has already infused 20,000 crore rupees through purchase auctions open market operations. All of these are likely to give some respite to the Indian rupee.

After very troubled year, Indian rupee to be a top performer of 2019?

After logging its single best gain on Tuesday in over five years, the rupee appreciated another 50 paise to breach the 70 per dollar-mark in opening trade Wednesday on a persistent drop in crude prices amid fresh foreign fund inflows and sustained selling of the American currency by exporters and banks.

Besides, the dollar's weakness against some currencies overseas ahead of US Federal Reserve's policy meet outcome later in the day also supported the rupee.

The domestic unit opened with strength at Rs 70.05 at the Interbank Foreign Exchange and advanced further to 69.87 against the US dollar.

Brent crude, an international benchmark, dropped 4.2 per cent lower to USD 57.07 per barrel Tuesday, a 14-month low.

The rupee Tuesday rallied by a whopping 112 paise, its best single-day gains in over five years, to settle at 70.44 against the US dollar as softening crude oil prices eased concerns over India's current account deficit expansion.

Foreign institutional investors (FIIs) bought shares worth Rs 144.76 crore Tuesday, as per provisional data.

Meanwhile, the benchmark BSE Sensex rose 112.32 points, or 0.31 per cent, to 36,459.09 in opening trade.

After logging its single best gain on Tuesday in over five years, the rupee appreciated another 50 paise to breach the 70 per dollar-mark in opening trade Wednesday on a persistent drop in crude prices amid fresh foreign fund inflows and sustained selling of the American currency by exporters and banks.

After logging its single best gain on Tuesday in over five years, the rupee appreciated another 50 paise to breach the 70 per dollar-mark in opening trade Wednesday on a persistent drop in crude prices amid fresh foreign fund inflows and sustained selling of the American currency by exporters and banks. Besides, the dollar's weakness against some currencies overseas ahead of US Federal Reserve's policy meet outcome later in the day also supported the rupee. The domestic unit opened with strength at Rs 70.05 at the Interbank Foreign Exchange and advanced further to 69.87 against the US dollar. Brent crude, an international benchmark, dropped 4.2 per cent lower to USD 57.07 per barrel Tuesday, a 14-month low. The rupee Tuesday rallied by a whopping 112 paise, its best single-day gains in over five years, to settle at 70.44 against the US dollar as softening crude oil prices eased concerns over India's current account deficit expansion. Foreign institutional investors (FIIs) bought shares worth Rs 144.76 crore Tuesday, as per provisional data. Meanwhile, the benchmark BSE Sensex rose 112.32 points, or 0.31 per cent, to 36,459.09 in opening trade.

After best single-day gain in five years, Rupee continues rising spree against US dollar

The rupee appreciated 37 paise to 71.19 against the US dollar in early trade at the interbank foreign exchange Tuesday after crude prices fell to a 14-month low level in the international market.

The rise in the rupee was also<a href="http://www.wionews.com/business-economy/rupee-rises-16-paise-to-7174-against-us-dollar-184763"> supported by dollar-selling by exporters</a> and banks and the US unit's weakness against some currencies overseas ahead of US Federal Reserve Monetary policy decision Wednesday, traders said. 
At the interbank forex market, the rupee commenced with strength at 71.34 and appreciated further to quote 37 paise higher at 71.19 against the US dollar.

The<a href="http://www.wionews.com/business-economy/rupee-gains-34-paise-higher-at-7156-against-us-dollar-184873"> rupee had gained 34 paise</a> to close at 71.56 against the US dollar Monday as forex market sentiments were driven by the country's narrowing trade deficit in November as also smart gains in domestic equities.

Brent crude, the international benchmark, dropped by 1.22 per cent to a 14-month low of USD 58.85 barrel.

The US Federal Reserve's policy decision is expected on December 19, and the market is expecting another rate hike, traders said.

However, a lower opening in the domestic equity market capped the gain in the domestic currency.

The benchmark BSE Sensex fell by 170.50 points, 0.47 per cent, to 36,099.57 in early trade.&nbsp;

The rupee appreciated 37 paise to 71.19 against the US dollar in early trade at the interbank foreign exchange Tuesday after crude prices fell to a 14-month low level in the international market.

The rupee appreciated 37 paise to 71.19 against the US dollar in early trade at the interbank foreign exchange Tuesday after crude prices fell to a 14-month low level in the international market. The rise in the rupee was also supported by dollar-selling by exporters and banks and the US unit's weakness against some currencies overseas ahead of US Federal Reserve Monetary policy decision Wednesday, traders said. At the interbank forex market, the rupee commenced with strength at 71.34 and appreciated further to quote 37 paise higher at 71.19 against the US dollar. The rupee had gained 34 paise to close at 71.56 against the US dollar Monday as forex market sentiments were driven by the country's narrowing trade deficit in November as also smart gains in domestic equities. Brent crude, the international benchmark, dropped by 1.22 per cent to a 14-month low of USD 58.85 barrel. The US Federal Reserve's policy decision is expected on December 19, and the market is expecting another rate hike, traders said. However, a lower opening in the domestic equity market capped the gain in the domestic currency. The benchmark BSE Sensex fell by 170.50 points, 0.47 per cent, to 36,099.57 in early trade.

Rupee rises 37 paise to 71.19 against US dollar on falling crude prices

The rupee Friday depreciated by 14 paise to 71.82 in early trade on the forex market as the American currency strengthened, while the domestic equity market opened on a weak note.

Forex traders said strengthening of the US dollar against some currencies overseas and caution ahead of RBI central board meeting under new Governor Shaktikanta Das, weighed on the local unit.

At the Interbank Foreign Exchange, the rupee opened on a weak note at 71.80 against the US dollar, then lost further ground and fell to 71.82 showing a decline of 14 paise over it's previous closing.

On Thursday the rupee appreciated by 33 paise to 71.68 per US dollar.

However, fresh foreign fund inflows capped the losses for the domestic unit.

Foreign funds bought shares worth Rs 675.14 crore from the capital markets on a net basis Thursday, while domestic institutional investors sold shares worth Rs 51.86 crore, provisional data showed.

The global benchmark, brent crude oil was trading at $ 61.16 per barrel, lower by 0.47 per cent.

Meanwhile, domestic equity market opened on cautious note. The 30-share BSE benchmark Sensex, was trading at 35,995.07, up 25.43 points in early trade. The wide-based Nifty was also trading with gains of 4.15 points at 10,795.70.

The rupee Friday depreciated by 14 paise to 71.82 in early trade on the forex market as the American currency strengthened, while the domestic equity market opened on a weak note.

The rupee Friday depreciated by 14 paise to 71.82 in early trade on the forex market as the American currency strengthened, while the domestic equity market opened on a weak note. Forex traders said strengthening of the US dollar against some currencies overseas and caution ahead of RBI central board meeting under new Governor Shaktikanta Das, weighed on the local unit. At the Interbank Foreign Exchange, the rupee opened on a weak note at 71.80 against the US dollar, then lost further ground and fell to 71.82 showing a decline of 14 paise over it's previous closing. On Thursday the rupee appreciated by 33 paise to 71.68 per US dollar. However, fresh foreign fund inflows capped the losses for the domestic unit. Foreign funds bought shares worth Rs 675.14 crore from the capital markets on a net basis Thursday, while domestic institutional investors sold shares worth Rs 51.86 crore, provisional data showed. The global benchmark, brent crude oil was trading at $ 61.16 per barrel, lower by 0.47 per cent. Meanwhile, domestic equity market opened on cautious note. The 30-share BSE benchmark Sensex, was trading at 35,995.07, up 25.43 points in early trade. The wide-based Nifty was also trading with gains of 4.15 points at 10,795.70.

Rupee rises 14 paise to 71.82 against US dollar in early trade

The rupee Thursday appreciated by 42 paise to 71.59 in early trade after the new RBI governor Shaktikanta Das took charge and stressed on the need of a consultative approach to tackle pressing economic issues.

Forex traders said a higher opening of domestic equity markets and weakening of the US dollar against some currencies overseas boosted the local unit.

"The new RBI governor's first speech confirms our initial impression that he is likely to be more communicative and consultative in his approach, which is a positive," Japanese financial services major Nomura said in a research note.

At the Interbank Foreign Exchange, the rupee opened on a strong note at 71.70 against the US dollar, then appreciated further to 71.59 showing a rise of 42 paise over it's previous closing.

On Wednesday the rupee had declined by 16 paise to 72.01 per US dollar.

Traders however said that significant foreign fund outflows and rising crude oil prices weighed on the domestic currency and capped the upmove.

Foreign funds sold shares worth Rs 1,299.43 crore from the capital markets on a net basis Wednesday, while domestic institutional investors bought shares worth Rs 1,121.29 crore, provisional data showed.

The global benchmark Brent crude was trading higher by 0.68 per cent at 60.56 per barrel.

Meanwhile, domestic equity market opened on a higher note. The 30-share BSE benchmark <a href="http://www.wionews.com/business-economy/sensex-rises-over-200-points-nifty-reclaims-10800-mark-183603">Sensex,</a> was trading at 35,985.34, up 206.27 points in early trade. The wide-based Nifty was also trading with gains of 61.30 points at 10,798.90.&nbsp;

The rupee Thursday appreciated by 42 paise to 71.59 in early trade after the new RBI governor Shaktikanta Das took charge and stressed on the need of a consultative approach to tackle pressing economic issues.

The rupee Thursday appreciated by 42 paise to 71.59 in early trade after the new RBI governor Shaktikanta Das took charge and stressed on the need of a consultative approach to tackle pressing economic issues. Forex traders said a higher opening of domestic equity markets and weakening of the US dollar against some currencies overseas boosted the local unit. "The new RBI governor's first speech confirms our initial impression that he is likely to be more communicative and consultative in his approach, which is a positive," Japanese financial services major Nomura said in a research note. At the Interbank Foreign Exchange, the rupee opened on a strong note at 71.70 against the US dollar, then appreciated further to 71.59 showing a rise of 42 paise over it's previous closing. On Wednesday the rupee had declined by 16 paise to 72.01 per US dollar. Traders however said that significant foreign fund outflows and rising crude oil prices weighed on the domestic currency and capped the upmove. Foreign funds sold shares worth Rs 1,299.43 crore from the capital markets on a net basis Wednesday, while domestic institutional investors bought shares worth Rs 1,121.29 crore, provisional data showed. The global benchmark Brent crude was trading higher by 0.68 per cent at 60.56 per barrel. Meanwhile, domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex, was trading at 35,985.34, up 206.27 points in early trade. The wide-based Nifty was also trading with gains of 61.30 points at 10,798.90.

Rupee rises 42 paise to 71.59 per US dollar in early trade

The Indian rupee Wednesday plunged 32 paise to 72.17 per US dollar in early trade on the forex market after the appointment of former bureaucrat Shaktikanta Das as the new governor of the Reserve Bank of India.

Das Tuesday was named the new governor of the Reserve Bank of India after Urjit Patel abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank.

At the Interbank Foreign Exchange, the rupee opened weak at 72.10 against the US dollar, then depreciated further to 72.17, showing a decline of 32 paise over its previous closing.

On Tuesday the Indian rupee had plunged 53 paise to 71.85 per US dollar.

Forex traders said factors such as significant foreign fund outflows and rising crude oil prices also weighed on the domestic currency.

Foreign funds sold shares worth Rs 2,421.06 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 2,255.68 crore.

The global benchmark Brent crude was trading higher by 1.08 per cent at 60.85 per barrel.

Meanwhile, the domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex was trading at 35,285.85, up 135.84 points in early trade. The wide-based Nifty was also trading with gains of 53.40 points at 10,602.55.

The Indian rupee Wednesday plunged 32 paise to 72.17 per US dollar in early trade on the forex market after the appointment of former bureaucrat Shaktikanta Das as the new governor of the Reserve Bank of India.

The Indian rupee Wednesday plunged 32 paise to 72.17 per US dollar in early trade on the forex market after the appointment of former bureaucrat Shaktikanta Das as the new governor of the Reserve Bank of India. Das Tuesday was named the new governor of the Reserve Bank of India after Urjit Patel abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank. At the Interbank Foreign Exchange, the rupee opened weak at 72.10 against the US dollar, then depreciated further to 72.17, showing a decline of 32 paise over its previous closing. On Tuesday the Indian rupee had plunged 53 paise to 71.85 per US dollar. Forex traders said factors such as significant foreign fund outflows and rising crude oil prices also weighed on the domestic currency. Foreign funds sold shares worth Rs 2,421.06 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 2,255.68 crore. The global benchmark Brent crude was trading higher by 1.08 per cent at 60.85 per barrel. Meanwhile, the domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex was trading at 35,285.85, up 135.84 points in early trade. The wide-based Nifty was also trading with gains of 53.40 points at 10,602.55.

Rupee falls 32 paise to 72.17 against US dollar

The rupee depreciated 59 paise to 71.40 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening US dollar against some currencies overseas.

Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee.

The rupee opened lower at 71.28 against the dollar and dropped further to 71.41, 59 paise down over its previous close.

On Friday, the domestic currency recuperated by 8 paise to close at 70.82 against the US dollar.

Traders said a lower opening in the domestic equity market, rising crude prices and foreign fund outflows put additional pressure on the local unit. 
The 30-share BSE Sensex plummeted 551.74 points, or 1.55 per cent, to 35,121.51 in the opening session.

Global crude oil prices rose after Opec members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices.

Energy ministers reached the deal, which takes effect from January 1 but has already sent prices surging on oil markets, after two days of talks at Opec headquarters in Vienna.

Brent crude, the international benchmark, was trading 0.68 per cent up at USD 62.09 per barrel.

Meanwhile, foreign funds pulled out Rs 817.40 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 242.56 crore Friday, provisional data showed.&nbsp;

The rupee depreciated 59 paise to 71.40 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening US dollar against some currencies overseas.

The rupee depreciated 59 paise to 71.40 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening US dollar against some currencies overseas. Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee. The rupee opened lower at 71.28 against the dollar and dropped further to 71.41, 59 paise down over its previous close. On Friday, the domestic currency recuperated by 8 paise to close at 70.82 against the US dollar. Traders said a lower opening in the domestic equity market, rising crude prices and foreign fund outflows put additional pressure on the local unit. The 30-share BSE Sensex plummeted 551.74 points, or 1.55 per cent, to 35,121.51 in the opening session. Global crude oil prices rose after Opec members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices. Energy ministers reached the deal, which takes effect from January 1 but has already sent prices surging on oil markets, after two days of talks at Opec headquarters in Vienna. Brent crude, the international benchmark, was trading 0.68 per cent up at USD 62.09 per barrel. Meanwhile, foreign funds pulled out Rs 817.40 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 242.56 crore Friday, provisional data showed.

Rupee falls 59 paise to 71.40 against US dollar

The Indian rupee Monday tumbled 50 paise to close at 71.32 against the US dollar as nagging worries on the global trade war front and uncertain crude prices hurt forex market sentiment.

Besides, the trading pattern in the forex market was impacted by massive sell-offs in domestic equities as investors panicked over exit polls suggesting the Congress giving a tough fight to the ruling BJP in state elections.

It was a virtual collapse for the Indian unit during the session as investors hit the panic button in view of several headwinds confronting trading sentiment.

The rupee opened lower at 71.28 against the US dollar and dropped further to 71.44. The Indian unit hit a high of 71.23 during the day.

However, global crude oil declined on Monday, in line with plunging global stock markets, wiping out the gains made last week when cartel OPEC and other non-members agreed to slash their crude production from January.

Brent crude oil was trading at $61.03, a decline of 1.04 per cent.

"Rupee and bond prices were under pressure also due to rising current account deficit...The 10-year government bond yield rose 13 bps at 7.59 per cent from its previous close of 7.464 per cent," an analyst said.

The Indian rupee is likely to face extreme volatility during Tuesday's session amid crucial event of state election results, he added.

Exit polls for the recently concluded assembly elections have predicted a tight finish between the ruling BJP and the Congress in Madhya Pradesh and Chhattisgarh and a win for the opposition party in Rajasthan, impacting trading pattern on the domestic bourses in a big way.

A heightened risk associated with the current account deficit against the grim backdrop of surging global crude prices and global turmoil have all contributed to excess volatility on the trading front.

Escalating global trade tensions could prompt further weakening the domestic currency along with the exodus of capital from a nation also added excess volatility.

The Financial Benchmarks India private limited (FBIL) meanwhile fixed the reference rate for the rupee/dollar at 71.3257 and for the rupee/euro at 81.5738. 
The reference rate for rupee/British pound was fixed at 90.9108 and for rupee/100 Japanese yen at 63.43. 
&nbsp;

The Indian rupee Monday tumbled 50 paise to close at 71.32 against the US dollar as nagging worries on the global trade war front and uncertain crude prices hurt forex market sentiment.

The Indian rupee Monday tumbled 50 paise to close at 71.32 against the US dollar as nagging worries on the global trade war front and uncertain crude prices hurt forex market sentiment. Besides, the trading pattern in the forex market was impacted by massive sell-offs in domestic equities as investors panicked over exit polls suggesting the Congress giving a tough fight to the ruling BJP in state elections. It was a virtual collapse for the Indian unit during the session as investors hit the panic button in view of several headwinds confronting trading sentiment. The rupee opened lower at 71.28 against the US dollar and dropped further to 71.44. The Indian unit hit a high of 71.23 during the day. However, global crude oil declined on Monday, in line with plunging global stock markets, wiping out the gains made last week when cartel OPEC and other non-members agreed to slash their crude production from January. Brent crude oil was trading at $61.03, a decline of 1.04 per cent. "Rupee and bond prices were under pressure also due to rising current account deficit...The 10-year government bond yield rose 13 bps at 7.59 per cent from its previous close of 7.464 per cent," an analyst said. The Indian rupee is likely to face extreme volatility during Tuesday's session amid crucial event of state election results, he added. Exit polls for the recently concluded assembly elections have predicted a tight finish between the ruling BJP and the Congress in Madhya Pradesh and Chhattisgarh and a win for the opposition party in Rajasthan, impacting trading pattern on the domestic bourses in a big way. A heightened risk associated with the current account deficit against the grim backdrop of surging global crude prices and global turmoil have all contributed to excess volatility on the trading front. Escalating global trade tensions could prompt further weakening the domestic currency along with the exodus of capital from a nation also added excess volatility. The Financial Benchmarks India private limited (FBIL) meanwhile fixed the reference rate for the rupee/dollar at 71.3257 and for the rupee/euro at 81.5738. The reference rate for rupee/British pound was fixed at 90.9108 and for rupee/100 Japanese yen at 63.43.

Rupee plunges 50 paise to 71.32 against US dollar

India will retain its position as the world's top recipient of remittances this year with its diaspora sending a whopping US $80 billion back home, the World Bank said in a report Saturday.

India is followed by China (US $67 billion), Mexico and the Philippines (US $34 billion each) and Egypt (US $26 billion), according to the global lender.

With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief.

The Bank estimates that officially-recorded remittances to developing countries will increase by 10.8 per cent to reach US $528 billion in 2018. This new record level follows a robust growth of 7.8 per cent in 2017.

Global remittances, which include flows to high-income countries, are projected to grow by 10.3 per cent to US $689 billion, it said.

Over the last three years, India has registered a significant flow of remittances from US $62.7 billion in 2016 to US $65.3 billion 2017. In 2017, remittances constituted 2.7 per cent of India's GDP, it said.

The Bank said remittances to South Asia are projected to increase by 13.5 per cent to US $132 billion in 2018, a stronger pace than the 5.7 per cent growth seen in 2017.

The upsurge is driven by stronger economic conditions in advanced economies, particularly the US, and the increase in oil prices having a positive impact on outflows from some GCC countries such as the UAE which reported a 13 per cent growth in outflows for the first half of 2018.

Bangladesh and Pakistan both experienced strong upticks of 17.9 per cent and 6.2 per cent in 2018, respectively, the Bank said.

For 2019, it is projected that remittances growth for the region will slow to 4.3 per cent due to a moderation of growth in advanced economies, lower migration to the GCC and the benefits from the oil price spurt dissipating.

The Gulf Cooperation Council (GCC) is a regional inter-governmental political and economic bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

As global growth is projected to moderate, future remittances to low- and middle-income countries are expected to grow moderately by four per cent to reach US $549 billion in 2019. Global remittances are expected to grow 3.7 per cent to US $715 billion in 2019.

The Brief notes that the global average cost of sending US $200 remains high at 6.9 per cent in the third quarter of 2018. Reducing remittance flows to three per cent by 2030 is a global target under Sustainable Development Goal (SDG) 10.7.

Increasing the volume of remittances is also a global goal under the proposals for raising financing for the SDGs, it said.

"Even with technological advances, remittances fees remain too high, double the SDG target of 3 per cent. Opening up markets to competition and promoting the use of low-cost technologies will ease the burden on poorer customers," said Mahmoud Mohieldin, Senior Vice President for the 2030 Development Agenda, United Nations Relations, and Partnerships at the Bank.

The average cost of remitting in South Asia was the lowest at 5.4 per cent, while Sub-Saharan Africa continued to have the highest at 9 per cent.

No solutions are yet in sight for practices that drive up costs, such as de-risking action of banks, which lead to closure of bank accounts of remittance service providers.

Another persistent factor that keeps fees high is the exclusive partnership between national post office systems and any single money transfer operator, as it allows the operator to charge higher fees to poorer customers dependent on post offices, the Bank said.

"The future growth of remittances is vulnerable to lower oil prices, restrictive migration policies, and an overall moderation of economic growth.

"Remittances have a direct impact on alleviating poverty for many households, and the World Bank is well positioned to work with countries to facilitate remittance flows," said Michal Rutkowski, Senior Director of the Social Protection and Jobs Global Practice at the World Bank.&nbsp;

India will retain its position as the world's top recipient of remittances this year with its diaspora sending a whopping US $80 billion back home, the World Bank said in a report Saturday.

India will retain its position as the world's top recipient of remittances this year with its diaspora sending a whopping US $80 billion back home, the World Bank said in a report Saturday. India is followed by China (US $67 billion), Mexico and the Philippines (US $34 billion each) and Egypt (US $26 billion), according to the global lender. With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief. The Bank estimates that officially-recorded remittances to developing countries will increase by 10.8 per cent to reach US $528 billion in 2018. This new record level follows a robust growth of 7.8 per cent in 2017. Global remittances, which include flows to high-income countries, are projected to grow by 10.3 per cent to US $689 billion, it said. Over the last three years, India has registered a significant flow of remittances from US $62.7 billion in 2016 to US $65.3 billion 2017. In 2017, remittances constituted 2.7 per cent of India's GDP, it said. The Bank said remittances to South Asia are projected to increase by 13.5 per cent to US $132 billion in 2018, a stronger pace than the 5.7 per cent growth seen in 2017. The upsurge is driven by stronger economic conditions in advanced economies, particularly the US, and the increase in oil prices having a positive impact on outflows from some GCC countries such as the UAE which reported a 13 per cent growth in outflows for the first half of 2018. Bangladesh and Pakistan both experienced strong upticks of 17.9 per cent and 6.2 per cent in 2018, respectively, the Bank said. For 2019, it is projected that remittances growth for the region will slow to 4.3 per cent due to a moderation of growth in advanced economies, lower migration to the GCC and the benefits from the oil price spurt dissipating. The Gulf Cooperation Council (GCC) is a regional inter-governmental political and economic bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. As global growth is projected to moderate, future remittances to low- and middle-income countries are expected to grow moderately by four per cent to reach US $549 billion in 2019. Global remittances are expected to grow 3.7 per cent to US $715 billion in 2019. The Brief notes that the global average cost of sending US $200 remains high at 6.9 per cent in the third quarter of 2018. Reducing remittance flows to three per cent by 2030 is a global target under Sustainable Development Goal (SDG) 10.7. Increasing the volume of remittances is also a global goal under the proposals for raising financing for the SDGs, it said. "Even with technological advances, remittances fees remain too high, double the SDG target of 3 per cent. Opening up markets to competition and promoting the use of low-cost technologies will ease the burden on poorer customers," said Mahmoud Mohieldin, Senior Vice President for the 2030 Development Agenda, United Nations Relations, and Partnerships at the Bank. The average cost of remitting in South Asia was the lowest at 5.4 per cent, while Sub-Saharan Africa continued to have the highest at 9 per cent. No solutions are yet in sight for practices that drive up costs, such as de-risking action of banks, which lead to closure of bank accounts of remittance service providers. Another persistent factor that keeps fees high is the exclusive partnership between national post office systems and any single money transfer operator, as it allows the operator to charge higher fees to poorer customers dependent on post offices, the Bank said. "The future growth of remittances is vulnerable to lower oil prices, restrictive migration policies, and an overall moderation of economic growth. "Remittances have a direct impact on alleviating poverty for many households, and the World Bank is well positioned to work with countries to facilitate remittance flows," said Michal Rutkowski, Senior Director of the Social Protection and Jobs Global Practice at the World Bank.

India to retain top position in remittances with US $80 billion: World Bank

The rupee appreciated by 46 paise to 70.44 against the US dollar in early trade Friday at the interbank foreign exchange, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities.

Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.

At the interbank forex market, the rupee opened higher at 70.58 and rose further to quote at 70.44, showing a rise of 46 paise over its previous close.

On Thursday, the rupee fell by 44 paise against the dollar to close at 70.90.

The local unit also gathered momentum following easing crude oil prices.&nbsp;

Globally, Brent crude, the international benchmark, was trading 0.53 per cent down at USD 59.74 per barrel.

Meanwhile, on net basis, foreign funds bought shares worth Rs 72.47 crore, while DIIs sold share to the tune of Rs 389.78 crore Thursday, provisional data showed.

The 30-share index rose 157.23 points, or 0.45 per cent, to trade at 35,469.36. In similar movement, the NSE Nifty was trading 50.45 points, or 0.37 per cent, higher at 10,640.70. 
&nbsp;

The rupee appreciated by 46 paise to 70.44 against the US dollar in early trade Friday at the interbank foreign exchange, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities.

The rupee appreciated by 46 paise to 70.44 against the US dollar in early trade Friday at the interbank foreign exchange, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities. Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency. At the interbank forex market, the rupee opened higher at 70.58 and rose further to quote at 70.44, showing a rise of 46 paise over its previous close. On Thursday, the rupee fell by 44 paise against the dollar to close at 70.90. The local unit also gathered momentum following easing crude oil prices. Globally, Brent crude, the international benchmark, was trading 0.53 per cent down at USD 59.74 per barrel. Meanwhile, on net basis, foreign funds bought shares worth Rs 72.47 crore, while DIIs sold share to the tune of Rs 389.78 crore Thursday, provisional data showed. The 30-share index rose 157.23 points, or 0.45 per cent, to trade at 35,469.36. In similar movement, the NSE Nifty was trading 50.45 points, or 0.37 per cent, higher at 10,640.70.

Rupee rises 46 paise to 70.44 against US dollar in early trade

The Indian rupee Friday recuperated by 8 paise to close at 70.82 against the US dollar in line with rally in domestic stocks and positive global cues.

Forex dealers said the local unit recovered lost ground tracking weakness in American dollar against some currencies overseas following reports that the Federal Reserve could slow down its pace of interest rate hikes next year.

At the Interbank Foreign Exchange (forex), the rupee opened on a firm footing at 70.58 against the US dollar and surged further to touch a high of 70.44 during the day.

The local unit finally settled for the day at 70.82, higher by 8 paise over its previous closing price. On Thursday, the rupee fell by 44 paise against the dollar to close at 70.90.

The BSE Sensex rallied 361.12 points, or 1.02 per cent, to close at 35,673.25. Similarly, the broader NSE Nifty jumped 92.55 points, or 0.87 per cent, to 10,693.70.

Meanwhile, Brent crude, the international oil benchmark, was trading 0.52 per cent higher at USD 60.37 per barrel Friday.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.5663 and for rupee/euro at 80.2245. The reference rate for rupee/British pound was fixed at 90.1212 and for rupee/100 Japanese yen at 62.53.&nbsp;

The Indian rupee Friday recuperated by 8 paise to close at 70.82 against the US dollar in line with rally in domestic stocks and positive global cues. Forex dealers said the local unit recovered lost ground tracking weakness in American dollar against some currencies overseas following reports that the Federal Reserve could slow down its pace of interest rate hikes next year.

The Indian rupee Friday recuperated by 8 paise to close at 70.82 against the US dollar in line with rally in domestic stocks and positive global cues. Forex dealers said the local unit recovered lost ground tracking weakness in American dollar against some currencies overseas following reports that the Federal Reserve could slow down its pace of interest rate hikes next year. At the Interbank Foreign Exchange (forex), the rupee opened on a firm footing at 70.58 against the US dollar and surged further to touch a high of 70.44 during the day. The local unit finally settled for the day at 70.82, higher by 8 paise over its previous closing price. On Thursday, the rupee fell by 44 paise against the dollar to close at 70.90. The BSE Sensex rallied 361.12 points, or 1.02 per cent, to close at 35,673.25. Similarly, the broader NSE Nifty jumped 92.55 points, or 0.87 per cent, to 10,693.70. Meanwhile, Brent crude, the international oil benchmark, was trading 0.52 per cent higher at USD 60.37 per barrel Friday. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.5663 and for rupee/euro at 80.2245. The reference rate for rupee/British pound was fixed at 90.1212 and for rupee/100 Japanese yen at 62.53.

Rupee claws back some lost ground, rises 8 paise against US dollar 

The rupee depreciated by 44 paise to close at 70.90 against the US dollar Thursday amid a strengthening greenback and sharp decline in equity markets.

The dollar and yen rose on safe-haven buying after the arrest of a top executive of Chinese telecom giant Huawei in Canada for suspected Iran sanctions violations renewed concerns over US-China relations.

Brent crude, the international benchmark, dropped 2.76 per cent to trade at USD 59.86 per barrel amid a crucial meeting of Opec members.

Meanwhile, Saudi Arabia's Oil Minister Khalid al Falih said Opec is looking for a "sufficient" cut in oil production to prop up plunging crude prices.

Forex traders said increasing demand for the greenback weighed on the domestic unit, which slipped below the 71 mark during the day.

After opening lower at 70.82, the rupee plunged to the day's low of 71.14 and finally settled for the day at 70.90, down 44 paise over its previous closing price.

On Wednesday, the rupee ticked higher by 3 paise to 70.46 against the US dollar.

"The US yield curve inverted signalling the possibility of a slowdown ahead for the US economy. Domestically, market participants remain concerned about election outcomes with state elections results due next week.

"These events were enough for investors to take money off the table and we witnessed a flight to quality as the INR weakened versus the dollar," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

Benchmark equity indices cracked for the third consecutive session Thursday on negative global cues. The BSE Sensex plunged 572.28 points, or 1.59 per cent, to close at 35,312.13. Similarly, the broader NSE Nifty fell 181.75 points, or 1.69 per cent, to 10,601.15.

Foreign portfolio investors (FPIs) net bought shares worth Rs 72.47 crore Thursday, while domestic institutional investors (DIIs) offloaded equities to the tune of Rs 389.78 crore, provisional data showed.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.0371 and for rupee/euro at 80.5457. The reference rate for rupee/British pound was fixed at 90.2953 and for rupee/100 Japanese yen at 62.99.&nbsp;

The rupee depreciated by 44 paise to close at 70.90 against the US dollar Thursday amid a strengthening greenback and sharp decline in equity markets. The dollar and yen rose on safe-haven buying after the arrest of a top executive of Chinese telecom giant Huawei in Canada for suspected Iran sanctions violations renewed concerns over US-China relations.

The rupee depreciated by 44 paise to close at 70.90 against the US dollar Thursday amid a strengthening greenback and sharp decline in equity markets. The dollar and yen rose on safe-haven buying after the arrest of a top executive of Chinese telecom giant Huawei in Canada for suspected Iran sanctions violations renewed concerns over US-China relations. Brent crude, the international benchmark, dropped 2.76 per cent to trade at USD 59.86 per barrel amid a crucial meeting of Opec members. Meanwhile, Saudi Arabia's Oil Minister Khalid al Falih said Opec is looking for a "sufficient" cut in oil production to prop up plunging crude prices. Forex traders said increasing demand for the greenback weighed on the domestic unit, which slipped below the 71 mark during the day. After opening lower at 70.82, the rupee plunged to the day's low of 71.14 and finally settled for the day at 70.90, down 44 paise over its previous closing price. On Wednesday, the rupee ticked higher by 3 paise to 70.46 against the US dollar. "The US yield curve inverted signalling the possibility of a slowdown ahead for the US economy. Domestically, market participants remain concerned about election outcomes with state elections results due next week. "These events were enough for investors to take money off the table and we witnessed a flight to quality as the INR weakened versus the dollar," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. Benchmark equity indices cracked for the third consecutive session Thursday on negative global cues. The BSE Sensex plunged 572.28 points, or 1.59 per cent, to close at 35,312.13. Similarly, the broader NSE Nifty fell 181.75 points, or 1.69 per cent, to 10,601.15. Foreign portfolio investors (FPIs) net bought shares worth Rs 72.47 crore Thursday, while domestic institutional investors (DIIs) offloaded equities to the tune of Rs 389.78 crore, provisional data showed. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.0371 and for rupee/euro at 80.5457. The reference rate for rupee/British pound was fixed at 90.2953 and for rupee/100 Japanese yen at 62.99.

Rupee drops 44 paise to 70.90 against dollar amid sharp sell-off in equities

The rupee depreciated by 54 paise and hit the 71 per dollar mark in early trade Thursday amid strengthening American currency and weak opening in the domestic equity market.

Forex traders said the strength of the US dollar against other overseas currencies and foreign fund outflows weighed on the local unit.

At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.82, then fell further to 71 against the American currency, down 54 paise over it's previous closing price.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 357.82 crore Wednesday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 791.59 crore, provisional data available with BSE showed.

Meanwhile, the 30-share Sensex was trading 347.53 points, or 0.97 per cent, lower at 35,536.88 at 1000 hours.&nbsp;

Oil prices extended losses ahead of the meeting of Opec and non-Opec production companies. Brent crude, the international benchmark, was trading 0.83 per cent lower at US $61.05 per barrel.

The rupee depreciated by 54 paise and hit the 71 per dollar mark in early trade Thursday amid strengthening American currency and weak opening in the domestic equity market.

The rupee depreciated by 54 paise and hit the 71 per dollar mark in early trade Thursday amid strengthening American currency and weak opening in the domestic equity market. Forex traders said the strength of the US dollar against other overseas currencies and foreign fund outflows weighed on the local unit. At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.82, then fell further to 71 against the American currency, down 54 paise over it's previous closing price. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 357.82 crore Wednesday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 791.59 crore, provisional data available with BSE showed. Meanwhile, the 30-share Sensex was trading 347.53 points, or 0.97 per cent, lower at 35,536.88 at 1000 hours. Oil prices extended losses ahead of the meeting of Opec and non-Opec production companies. Brent crude, the international benchmark, was trading 0.83 per cent lower at US $61.05 per barrel.

Rupee falls 54 paise, touches 71 level against US dollar

The rupee will weaken over the six next months as uncertainty builds heading into national elections due in May, a Reuters poll showed.

While a sharp drop in oil prices should help the slowing economy and the rupee, concerns will also persist over sluggish domestic demand which weighed more heavily on July-September growth than expected.

Most major Asian currencies have had a bruising year amid a strong US&nbsp;dollar, though many have made some gains this week after the United States and China agreed at the weekend to a 90-day truce in their trade war.

But the rupee — which is <a href="http://www.wionews.com/business-economy/rupee-breaches-74-mark-for-first-time-as-rbi-keeps-key-rates-unchanged-169613">the worst performing major Asian currency this year</a> with a fall of more than 10 percent&nbsp;— was an exception, weakening more than 1 percent on Monday.

This week's surge in oil prices, alongside official figures on Friday showing weaker economic growth in India during the July-September quarter, is offsetting hopes for an easing in the trade war.

Despite a few recent advances, the rupee is on track for its worst yearly performance in five years in 2018 and is forecast to weaken further.

"Politics is likely to decide the course for the Indian rupee in 2019. The political heat is already rising as the elections being held in five states currently will set the tone for the national elections in May 2019," noted Prakash Sakpal, Asia economist at ING.

Sakpal said it will be tough for Prime Minister Narendra Modi government to retain power for another term, noting lingering public anger followed a chaotic demonetisation in late 2016 and the implementation of a Goods and Services Tax in mid-2017.

"We expect it to be a too-close-to-call poll."

The Nov. 28-Dec. 4 survey of around 40 strategists forecast the rupee would weaken over 2 percent by the end of May 2019, just after the general election, to 72.00 against the dollar. It was trading around 70.49 on Tuesday.

But the currency is expected to have regained some of that lost ground a year from now, when it is seen at 71.62.

Those results are in line with a separate poll of equity strategists who for the first time this year downgraded their outlook for Indian equities in 2019. Any gains were predicted to come only after next year's elections.

However, the outlook for the rupee was slightly better in the latest poll from previously.

Nearly half of 51 analysts predicted in the last poll the rupee would breach its all-time low of 74.48 at some point in the coming 12 months, compared with only 13 of 49 respondents in this survey.

The Indian currency touched a record low on Oct. 11, hurt by the Reserve Bank of India's surprise decision to keep rates on hold.

But a recent cooling of tensions between the Indian government and central bank, accompanied by a sharp drop in oil prices since early October, gave a modest boost to the rupee in recent weeks.

The central bank and government have been at loggerheads over the latter's demands, which included easing of lending and capital rules for some banks.

"The thawing of tensions between the RBI and the government is another positive for now, though recent tensions will continue to lurk in the background and are not positive for the currency," added Sakpal.

Improved sentiment over the rupee was also reflected in a separate Reuters poll which showed bets against the currency declined in the past two weeks to their lowest since April.

With October inflation below the central bank's medium-term target of 4 percent for a third month, the RBI is expected to keep the repo rate on hold at 6.5 percent on Wednesday and until at least April, when it would hike again before pausing for at least another year.

But the rupee is likely to find it difficult to regain lost ground without the central bank's support.

"Despite the current relief for the INR, India remains vulnerable to domestic and external woes. Its weak external fundamentals leave it prone to another round of sell-offs," noted Amy Yuan Zhuang, chief Asia analyst at Nordea.

"Moreover, a liquidity crunch in the financial system combined with excessive bad debts among banks diminishes confidence in Indian assets," she added.

The rupee will weaken over the six next months as uncertainty builds heading into national elections due in May, a Reuters poll showed. While a sharp drop in oil prices should help the slowing economy and the rupee, concerns will also persist over sluggish domestic demand which weighed more heavily on July-September growth than expected.

The rupee will weaken over the six next months as uncertainty builds heading into national elections due in May, a Reuters poll showed. While a sharp drop in oil prices should help the slowing economy and the rupee, concerns will also persist over sluggish domestic demand which weighed more heavily on July-September growth than expected. Most major Asian currencies have had a bruising year amid a strong US dollar, though many have made some gains this week after the United States and China agreed at the weekend to a 90-day truce in their trade war. But the rupee — which is the worst performing major Asian currency this year with a fall of more than 10 percent — was an exception, weakening more than 1 percent on Monday. This week's surge in oil prices, alongside official figures on Friday showing weaker economic growth in India during the July-September quarter, is offsetting hopes for an easing in the trade war. Despite a few recent advances, the rupee is on track for its worst yearly performance in five years in 2018 and is forecast to weaken further. "Politics is likely to decide the course for the Indian rupee in 2019. The political heat is already rising as the elections being held in five states currently will set the tone for the national elections in May 2019," noted Prakash Sakpal, Asia economist at ING. Sakpal said it will be tough for Prime Minister Narendra Modi government to retain power for another term, noting lingering public anger followed a chaotic demonetisation in late 2016 and the implementation of a Goods and Services Tax in mid-2017. "We expect it to be a too-close-to-call poll." The Nov. 28-Dec. 4 survey of around 40 strategists forecast the rupee would weaken over 2 percent by the end of May 2019, just after the general election, to 72.00 against the dollar. It was trading around 70.49 on Tuesday. But the currency is expected to have regained some of that lost ground a year from now, when it is seen at 71.62. Those results are in line with a separate poll of equity strategists who for the first time this year downgraded their outlook for Indian equities in 2019. Any gains were predicted to come only after next year's elections. However, the outlook for the rupee was slightly better in the latest poll from previously. Nearly half of 51 analysts predicted in the last poll the rupee would breach its all-time low of 74.48 at some point in the coming 12 months, compared with only 13 of 49 respondents in this survey. The Indian currency touched a record low on Oct. 11, hurt by the Reserve Bank of India's surprise decision to keep rates on hold. But a recent cooling of tensions between the Indian government and central bank, accompanied by a sharp drop in oil prices since early October, gave a modest boost to the rupee in recent weeks. The central bank and government have been at loggerheads over the latter's demands, which included easing of lending and capital rules for some banks. "The thawing of tensions between the RBI and the government is another positive for now, though recent tensions will continue to lurk in the background and are not positive for the currency," added Sakpal. Improved sentiment over the rupee was also reflected in a separate Reuters poll which showed bets against the currency declined in the past two weeks to their lowest since April. With October inflation below the central bank's medium-term target of 4 percent for a third month, the RBI is expected to keep the repo rate on hold at 6.5 percent on Wednesday and until at least April, when it would hike again before pausing for at least another year. But the rupee is likely to find it difficult to regain lost ground without the central bank's support. "Despite the current relief for the INR, India remains vulnerable to domestic and external woes. Its weak external fundamentals leave it prone to another round of sell-offs," noted Amy Yuan Zhuang, chief Asia analyst at Nordea. "Moreover, a liquidity crunch in the financial system combined with excessive bad debts among banks diminishes confidence in Indian assets," she added.

More trouble ahead for bruised rupee: Poll

The rupee slipped further by 3 paise to close at 70.49 against the US dollar Tuesday due to increased demand for the American currency from importers and firming global crude oil prices.

Forex traders said the dollar strengthening against major global currencies overseas and losses in the domestic equity market also weighed on the local unit.

At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.50 and fell further to touch the day's low of 70.68 a dollar.

The domestic currency, however, pared some losses and finally ended at 70.49 per dollar, down by 3 paise against its previous close.

On Monday, the rupee had dropped by 88 paise, its biggest single-day loss in more than three months, to close at 70.46 against the US currency. 
The rupee came under pressure following heavy selling in domestic equities and rise in crude oil prices.

Brent crude, the international benchmark, again and was quoted at USD 63.09 per barrel Tuesday, higher by 2.27 per cent, putting pressure on the local unit.

Building on Monday's surge, oil prices continued to rise Tuesday fuelled by the Russia-Saudi Arabia pact to cap output. Moreover, global investors also cheered the deal between Donald Trump and Xi Jinping announced Saturday, to halt the tariffs battle for 90 days while they try to resolve their differences.

The BSE Sensex ended lower by 106.69 points, or 0.29 per cent, to close at 36,134.31. Similarly, the broader NSE Nifty edged up by 14.25 points, or 0.13 per cent, to end at 10,869.50.

Foreign funds withdrew Rs 55 crore on a net basis from capital markets, provisional data showed.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.3455 and for rupee/euro at 80.0790. The reference rate for rupee/British pound was fixed at 89.6450 and for rupee/100 Japanese yen was 62.21.

The rupee slipped further by 3 paise to close at 70.49 against the US dollar Tuesday due to increased demand for the American currency from importers and firming global crude oil prices.

The rupee slipped further by 3 paise to close at 70.49 against the US dollar Tuesday due to increased demand for the American currency from importers and firming global crude oil prices. Forex traders said the dollar strengthening against major global currencies overseas and losses in the domestic equity market also weighed on the local unit. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.50 and fell further to touch the day's low of 70.68 a dollar. The domestic currency, however, pared some losses and finally ended at 70.49 per dollar, down by 3 paise against its previous close. On Monday, the rupee had dropped by 88 paise, its biggest single-day loss in more than three months, to close at 70.46 against the US currency. The rupee came under pressure following heavy selling in domestic equities and rise in crude oil prices. Brent crude, the international benchmark, again and was quoted at USD 63.09 per barrel Tuesday, higher by 2.27 per cent, putting pressure on the local unit. Building on Monday's surge, oil prices continued to rise Tuesday fuelled by the Russia-Saudi Arabia pact to cap output. Moreover, global investors also cheered the deal between Donald Trump and Xi Jinping announced Saturday, to halt the tariffs battle for 90 days while they try to resolve their differences. The BSE Sensex ended lower by 106.69 points, or 0.29 per cent, to close at 36,134.31. Similarly, the broader NSE Nifty edged up by 14.25 points, or 0.13 per cent, to end at 10,869.50. Foreign funds withdrew Rs 55 crore on a net basis from capital markets, provisional data showed. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.3455 and for rupee/euro at 80.0790. The reference rate for rupee/British pound was fixed at 89.6450 and for rupee/100 Japanese yen was 62.21.

Rupee slips further 3 paise to 70.49 against dollar as crude pursue climb

The rupee depreciated by 50 paise to 70.08 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.

Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets capped the losses.

The rupee opened lower at 69.87 against the dollar then dropped further to quote at 70.08, down 50 paise over its previous close.

The rupee had strengthened by 27 paise to close at a four-month high of 69.58 against the US currency Friday.

The benchmark BSE Sensex opened over 250 points higher Monday on positive global cues after US President Donald Trump and his Chinese counterpart

Xi Jinping ended the trade war and agreed to a truce.&nbsp;

The 30-share index was trading 132.25 points or 0.37 per cent, higher at 36,326.55. In a similar movement, the NSE Nifty was trading 30.80 points, or 0.28 per cent, up at 10,907.55.&nbsp;

Forex traders said a rise in crude oil prices and foreign fund outflows also weighed on the domestic currency.

On net basis, foreign funds sold shares worth Rs 332.62 crore, while DIIs purchased share to the tune of Rs 1,489.65 crore Friday, provisional data showed.

Globally, Brent crude, the international benchmark, was trading 4.78 per cent up at 62.30 per barrel.&nbsp; 
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The rupee depreciated by 50 paise to 70.08 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.

The rupee depreciated by 50 paise to 70.08 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas. Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets capped the losses. The rupee opened lower at 69.87 against the dollar then dropped further to quote at 70.08, down 50 paise over its previous close. The rupee had strengthened by 27 paise to close at a four-month high of 69.58 against the US currency Friday. The benchmark BSE Sensex opened over 250 points higher Monday on positive global cues after US President Donald Trump and his Chinese counterpart Xi Jinping ended the trade war and agreed to a truce. The 30-share index was trading 132.25 points or 0.37 per cent, higher at 36,326.55. In a similar movement, the NSE Nifty was trading 30.80 points, or 0.28 per cent, up at 10,907.55. Forex traders said a rise in crude oil prices and foreign fund outflows also weighed on the domestic currency. On net basis, foreign funds sold shares worth Rs 332.62 crore, while DIIs purchased share to the tune of Rs 1,489.65 crore Friday, provisional data showed. Globally, Brent crude, the international benchmark, was trading 4.78 per cent up at 62.30 per barrel.

Rupee falls 50 paise to 70.08 against strengthening dollar

Rising for the fourth straight day, the rupee climbed 21 paise to a three month high of 69.64 against the US dollar in early trade Friday, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities.

Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.

At the interbank forex market, the rupee opened higher at 69.68 and rose further to quote at 69.64, showing a rise of 21 paise over its previous close. 
On Thursday the rupee had vaulted 77 paise to a three-month high of 69.85 per US dollar.

The local unit also gathered momentum following easing crude oil prices, which slipped below the US $60 per dollar mark as investors fretted over a supply glut.

Globally, Brent crude, the international benchmark, was trading 0.42 per cent up at US $59.76 per barrel.

Meanwhile, on net basis, foreign funds bought shares worth Rs 823.47 crore, while DIIs purchased share to the tune of Rs 973.31 crore Thursday, provisional data showed.

The benchmark BSE Sensex gained over 150 points and the NSE Nifty began the December derivatives series by hitting the 10,900 mark in early trade Friday on positive cues from other Asian bourses ahead of the two-day G20 Summit.

The 30-share index rose 175.75 points, or 0.49 per cent, to trade at 36,346.16. In similar movement, the NSE Nifty breached the 10,900 mark, and was trading 50.45 points, or 0.46 per cent, higher at 10,909.15.

Rising for the fourth straight day, the rupee climbed 21 paise to a three month high of 69.64 against the US dollar in early trade Friday, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities.

Rising for the fourth straight day, the rupee climbed 21 paise to a three month high of 69.64 against the US dollar in early trade Friday, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities. Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency. At the interbank forex market, the rupee opened higher at 69.68 and rose further to quote at 69.64, showing a rise of 21 paise over its previous close. On Thursday the rupee had vaulted 77 paise to a three-month high of 69.85 per US dollar. The local unit also gathered momentum following easing crude oil prices, which slipped below the US $60 per dollar mark as investors fretted over a supply glut. Globally, Brent crude, the international benchmark, was trading 0.42 per cent up at US $59.76 per barrel. Meanwhile, on net basis, foreign funds bought shares worth Rs 823.47 crore, while DIIs purchased share to the tune of Rs 973.31 crore Thursday, provisional data showed. The benchmark BSE Sensex gained over 150 points and the NSE Nifty began the December derivatives series by hitting the 10,900 mark in early trade Friday on positive cues from other Asian bourses ahead of the two-day G20 Summit. The 30-share index rose 175.75 points, or 0.49 per cent, to trade at 36,346.16. In similar movement, the NSE Nifty breached the 10,900 mark, and was trading 50.45 points, or 0.46 per cent, higher at 10,909.15.

Rupee rises 21 paise to 3-month high of 69.64 against dollar

The rupee vaulted 77 paise to a three-month high of 69.85 per US dollar Thursday, propelled by easing crude oil prices and fresh foreign capital inflows.

In a major relief to energy importers like India, oil prices slipped below the $60 per dollar mark as investors fretted over a supply glut.

Forex dealers said a bullish trend in the equity market and a weak greenback further propped up the local unit, which racked up gains for the third straight day.

The dollar weakened against some currencies overseas after US Federal Reserve Chairman Jerome Powell said that the central bank's benchmark interest rate is likely near a "neutral level".

At the Interbank Foreign Exchange (forex), the rupee opened on a firm footing at 70.15 against the US dollar. It then breached the crucial 70 per USD mark and rallied to the day's high of 69.78 following dollar selling by exporters.

The local unit finally finished at 69.85, showing a gain of 77 paise over its previous close.

The last time the rupee closed below 70 was on August 24, when it had finished at 69.91.

"The rupee remains firm on account of sharp decline in the crude oil prices in the international market. This is positive for India as decline in crude oil prices may push inflation and current account deficit lower," said Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers.

He added that there is a lot of uncertainty in the global financial markets and domestic equities are quite volatile too, hence we may see importers rushing to cover their exposure for 2-3 months.

"Near-term range for the rupee is 69.50 to 71.00 levels," he said. 
Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, said, "The INR appreciated on account of renewed interest by FIIs in India.&nbsp;

After a steep 15 per cent falls in the Rupee earlier this year, the Rupee has bounced back 6 per cent. After pulling out $5 billion cumulatively in September and October, FIIs have bought Indian equities worth $558 million in November."

Globally, Brent crude, the international benchmark, was trading 1.04 per cent down at USD 58.15 per barrel.

The 30-share Sensex surged 453.46 points, or 1.27 per cent, to end at 36,170.41, while the broader NSE Nifty jumped 129.85 points, or 1.21 per cent, to 10,858.70.

Meanwhile, on net basis, foreign funds bought shares worth Rs 823.47 crore, while DIIs purchased share to the tune of Rs 973.31 crore Thursday, provisional data showed.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.9159 and for rupee/euro at 79.5801. The reference rate for rupee/British pound was fixed at 89.7389 and for rupee/100 Japanese yen at 61.71.

The rupee vaulted 77 paise to a three-month high of 69.85 per US dollar Thursday, propelled by easing crude oil prices and fresh foreign capital inflows. In a major relief to energy importers like India, oil prices slipped below the $60 per dollar mark as investors fretted over a supply glut.

The rupee vaulted 77 paise to a three-month high of 69.85 per US dollar Thursday, propelled by easing crude oil prices and fresh foreign capital inflows. In a major relief to energy importers like India, oil prices slipped below the $60 per dollar mark as investors fretted over a supply glut. Forex dealers said a bullish trend in the equity market and a weak greenback further propped up the local unit, which racked up gains for the third straight day. The dollar weakened against some currencies overseas after US Federal Reserve Chairman Jerome Powell said that the central bank's benchmark interest rate is likely near a "neutral level". At the Interbank Foreign Exchange (forex), the rupee opened on a firm footing at 70.15 against the US dollar. It then breached the crucial 70 per USD mark and rallied to the day's high of 69.78 following dollar selling by exporters. The local unit finally finished at 69.85, showing a gain of 77 paise over its previous close. The last time the rupee closed below 70 was on August 24, when it had finished at 69.91. "The rupee remains firm on account of sharp decline in the crude oil prices in the international market. This is positive for India as decline in crude oil prices may push inflation and current account deficit lower," said Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers. He added that there is a lot of uncertainty in the global financial markets and domestic equities are quite volatile too, hence we may see importers rushing to cover their exposure for 2-3 months. "Near-term range for the rupee is 69.50 to 71.00 levels," he said. Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, said, "The INR appreciated on account of renewed interest by FIIs in India. After a steep 15 per cent falls in the Rupee earlier this year, the Rupee has bounced back 6 per cent. After pulling out $5 billion cumulatively in September and October, FIIs have bought Indian equities worth $558 million in November." Globally, Brent crude, the international benchmark, was trading 1.04 per cent down at USD 58.15 per barrel. The 30-share Sensex surged 453.46 points, or 1.27 per cent, to end at 36,170.41, while the broader NSE Nifty jumped 129.85 points, or 1.21 per cent, to 10,858.70. Meanwhile, on net basis, foreign funds bought shares worth Rs 823.47 crore, while DIIs purchased share to the tune of Rs 973.31 crore Thursday, provisional data showed. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.9159 and for rupee/euro at 79.5801. The reference rate for rupee/British pound was fixed at 89.7389 and for rupee/100 Japanese yen at 61.71.

Rupee soars 77 paise, breaches 70 per US dollar mark after 3 months

The rupee depreciated by 10 paise to 70.89 against the US dollar in early trade Wednesday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.

Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets, capped the losses.

The rupee opened lower at 70.88 per dollar against and dropped further to quote at 70.89, 10 paise down over its previous close.

The rupee recovered by 8 paise to close at 70.79 against the US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices.

Meanwhile, on net basis, foreign funds bought shares worth Rs 811.52 crore, while DIIs purchased share to the tune of Rs 31.21 crore Tuesday, provisional data showed.

The BSE benchmark Sensex opened on a positive note for the third successive session, rising nearly 200 points, on positive global cues ahead of key G20 and Opec meetings. The NSE Nifty too witnessed similar movement, and was trading 35.20 points, or 0.35 per cent, lower at 10,725.60.&nbsp;

The rupee depreciated by 10 paise to 70.89 against the US dollar in early trade Wednesday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.

The rupee depreciated by 10 paise to 70.89 against the US dollar in early trade Wednesday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas. Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets, capped the losses. The rupee opened lower at 70.88 per dollar against and dropped further to quote at 70.89, 10 paise down over its previous close. The rupee recovered by 8 paise to close at 70.79 against the US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices. Meanwhile, on net basis, foreign funds bought shares worth Rs 811.52 crore, while DIIs purchased share to the tune of Rs 31.21 crore Tuesday, provisional data showed. The BSE benchmark Sensex opened on a positive note for the third successive session, rising nearly 200 points, on positive global cues ahead of key G20 and Opec meetings. The NSE Nifty too witnessed similar movement, and was trading 35.20 points, or 0.35 per cent, lower at 10,725.60.

Rupee falls 10 paise to 70.89 against US dollar in early trade

The rupee depreciated by 15 paise to 71.02 against the US dollar in early trade Tuesday at the interbank foreign exchange, after US President Donald Trump suggested a tariff hike on Chinese goods.

The domestic unit opened weak in line with other Asian currencies after Trump Monday said that for any trade deal China has to treat his country "fairly".

"Here's what the bottom line is: China has to treat us fairly. They haven't been. They have to treat us fairly," Trump told reporters at the White House.

At the interbank forex market, the rupee opened lower at 70.91 and declined further to quote at 71.02, showing a fall of 15 paise over its previous close.

The rupee Monday fell by 18 paise to close at 70.87 against the US dollar.

Forex dealers said fresh demand for the American currency from importers amid a marginal rise in crude prices weighed on the domestic unit.

The international benchmark, Brent crude was trading higher by 0.28 per cent to USD 60.65 per barrel.

Traders said, fresh foreign inflows restricted the decline in the local unit.

Foreign institutional investors (FIIs) made fresh purchases worth Rs 62.74 crore Monday, as per provisional data.&nbsp;

Meanwhile, the 30-share Sensex was trading 27.28 points, or 0.08 per cent, lower at 35,326.80. The NSE Nifty too witnessed similar movement and was trading 18.70 points, or 0.18 per cent, lower at 10,609.90.

The rupee depreciated by 15 paise to 71.02 against the US dollar in early trade Tuesday at the interbank foreign exchange, after US President Donald Trump suggested a tariff hike on Chinese goods.

The rupee depreciated by 15 paise to 71.02 against the US dollar in early trade Tuesday at the interbank foreign exchange, after US President Donald Trump suggested a tariff hike on Chinese goods. The domestic unit opened weak in line with other Asian currencies after Trump Monday said that for any trade deal China has to treat his country "fairly". "Here's what the bottom line is: China has to treat us fairly. They haven't been. They have to treat us fairly," Trump told reporters at the White House. At the interbank forex market, the rupee opened lower at 70.91 and declined further to quote at 71.02, showing a fall of 15 paise over its previous close. The rupee Monday fell by 18 paise to close at 70.87 against the US dollar. Forex dealers said fresh demand for the American currency from importers amid a marginal rise in crude prices weighed on the domestic unit. The international benchmark, Brent crude was trading higher by 0.28 per cent to USD 60.65 per barrel. Traders said, fresh foreign inflows restricted the decline in the local unit. Foreign institutional investors (FIIs) made fresh purchases worth Rs 62.74 crore Monday, as per provisional data. Meanwhile, the 30-share Sensex was trading 27.28 points, or 0.08 per cent, lower at 35,326.80. The NSE Nifty too witnessed similar movement and was trading 18.70 points, or 0.18 per cent, lower at 10,609.90.

Rupee sheds 15 paise after Trump suggests raising tariffs on Chinese imports

Rising for the eighth straight day, the rupee climbed 39 paise to 70.30 against the US dollar in early trade Monday, as global crude prices slipped below the $60 per barrel mark.

Traders said the weakness in the greenback against some currencies overseas and a higher opening of domestic equities supported the rupee.

At the interbank forex market, the rupee opened higher at 70.48 and rose further to quote at 70.30, showing a rise of 39 paise over its previous close.

The rupee had rallied 77 paise to end at 70.69 against the US dollar Thursday, in lock-step with softening crude oil prices and foreign capital inflows.

The forex market was closed Friday on account of Gurunanak Jayanti.

In the last seven trading sessions, the rupee has gained a healthy 220 paise.

Forex traders said the uptrend in the local unit was largely driven by foreign funds inflows to capital markets and softening crude oil prices.

Foreign funds poured in Rs 446.24 crore into the capital markets on a net basis Thursday, while domestic institutional investors also net bought shares worth Rs 49.68 crore, provisional data showed.

Globally, Brent crude, the international benchmark, slipped below the $60 per barrel mark and was trading at $59.47 per barrel Monday.

Meanwhile, the benchmark BSE Sensex opened on a positive note higher by 137.07 points, at 35,118.09 in opening trade.

Rising for the eighth straight day, the rupee climbed 39 paise to 70.30 against the US dollar in early trade Monday, as global crude prices slipped below the $60 per barrel mark.

Rising for the eighth straight day, the rupee climbed 39 paise to 70.30 against the US dollar in early trade Monday, as global crude prices slipped below the $60 per barrel mark. Traders said the weakness in the greenback against some currencies overseas and a higher opening of domestic equities supported the rupee. At the interbank forex market, the rupee opened higher at 70.48 and rose further to quote at 70.30, showing a rise of 39 paise over its previous close. The rupee had rallied 77 paise to end at 70.69 against the US dollar Thursday, in lock-step with softening crude oil prices and foreign capital inflows. The forex market was closed Friday on account of Gurunanak Jayanti. In the last seven trading sessions, the rupee has gained a healthy 220 paise. Forex traders said the uptrend in the local unit was largely driven by foreign funds inflows to capital markets and softening crude oil prices. Foreign funds poured in Rs 446.24 crore into the capital markets on a net basis Thursday, while domestic institutional investors also net bought shares worth Rs 49.68 crore, provisional data showed. Globally, Brent crude, the international benchmark, slipped below the $60 per barrel mark and was trading at $59.47 per barrel Monday. Meanwhile, the benchmark BSE Sensex opened on a positive note higher by 137.07 points, at 35,118.09 in opening trade.

Rupee rises 39 paise to 70.30 against US dollar in early trade

Prime Minister Narendra Modi Saturday hit out at the Congress Saturday, days after its leader Raj Babbar compared the rupee's slide with the age of his mother, saying those who did not have issues to talk about, resort to abusing someone else's mother.&nbsp;

Addressing a rally here, Modi, in an apparent dig at UPA chairperson Sonia Gandhi, said 125 crore people of the country were the "high-command" of his government, which was "not remote-controlled by a madam".

Hitting out at the Congress on Babbar's remarks, he said, "When one doesn't have issues to talk about, he resorts to abusing somebody else's mother."&nbsp;

The Congress leader had kicked up a row in Indore Thursday when he compared the falling value of rupee against US dollar with the age of the prime minister's mother.

Attacking Gandhi, Modi alleged that "coffers of banks were emptied for the rich during the madam's government". "However, our government opened doors of banks for the needy youth," Modi said.

The prime minister asked why the Congress was worried about Madhya Pradesh Chief Minister Shivraj Singh Chouhan being called "mama".

"They are worried Shivraj is called mama...Why, don't you remember (Ottavio) Quattrocchi mama and Warren Anderson (then chairman of the Union Carbide) mama," he said, referring to the Bofors scandal and the 1984 Bhopal Gas tragedy.

He said the Congress was voted out of power in Madhya Pradesh 15 years ago because it indulged in the politics of divisiveness.

Prime Minister Narendra Modi Saturday hit out at the Congress Saturday, days after its leader Raj Babbar compared the rupee's slide with the age of his mother, saying those who did not have issues to talk about, resort to abusing someone else's mother.

Prime Minister Narendra Modi Saturday hit out at the Congress Saturday, days after its leader Raj Babbar compared the rupee's slide with the age of his mother, saying those who did not have issues to talk about, resort to abusing someone else's mother. Addressing a rally here, Modi, in an apparent dig at UPA chairperson Sonia Gandhi, said 125 crore people of the country were the "high-command" of his government, which was "not remote-controlled by a madam". Hitting out at the Congress on Babbar's remarks, he said, "When one doesn't have issues to talk about, he resorts to abusing somebody else's mother." The Congress leader had kicked up a row in Indore Thursday when he compared the falling value of rupee against US dollar with the age of the prime minister's mother. Attacking Gandhi, Modi alleged that "coffers of banks were emptied for the rich during the madam's government". "However, our government opened doors of banks for the needy youth," Modi said. The prime minister asked why the Congress was worried about Madhya Pradesh Chief Minister Shivraj Singh Chouhan being called "mama". "They are worried Shivraj is called mama...Why, don't you remember (Ottavio) Quattrocchi mama and Warren Anderson (then chairman of the Union Carbide) mama," he said, referring to the Bofors scandal and the 1984 Bhopal Gas tragedy. He said the Congress was voted out of power in Madhya Pradesh 15 years ago because it indulged in the politics of divisiveness.

Modi targets Congress, says coffers of banks were emptied for rich during 'madam's' govt

Congress leader Raj Babbar's remark comparing the rupee's falling value against the US dollar with the age of Prime Minister Narendra Modi's mother kicked up a controversy on Friday, with the BJP demanding an apology from the opposition party's president Rahul Gandhi.

Babbar made the controversial remark while addressing a rally in poll-bound Madhya Pradesh's Indore city on Thursday. Madhya Pradesh goes to polls on November 28 and results will be declared on December 11.

"(Before becoming the prime minister) Modi used to say that compared to the (US) dollar, the value of the rupee has fallen to a level where it is almost the same as the age of the then Prime Minister (Manmohan Singh)," Babbar, the Uttar Pradesh Congress chief, said.

"Mr Prime Minister, at that time, you had not taken his (Manmohan Singh) name out of respect. Although our tradition does not allow this, we wish to say that now the value of the rupee has fallen to the age of your respected mother," he added.

Modi's mother, Hiraba, is a nonagenarian.

The rupee has seen a continued fall against the US dollar this year, hovering a little over the 70-mark on Friday.

The BJP condemned Babbar's remark.

The party's national spokesperson Sambit Patra said it was not proper to use unparliamentary words or drag any person's mother into politics.

"But the Congress' attitude against the Prime Minister's mother has been improper from the beginning and such language was used even against the Prime Minister," Patra claimed.

"Rahul Gandhi should apologise and he should clarify whether he endorses such controversial statements," he said.&nbsp;

Congress leader Raj Babbar's remark comparing the rupee's falling value against the US dollar with the age of Prime Minister Narendra Modi's mother kicked up a controversy on Friday, with the BJP demanding an apology from the opposition party's president Rahul Gandhi.

Congress leader Raj Babbar's remark comparing the rupee's falling value against the US dollar with the age of Prime Minister Narendra Modi's mother kicked up a controversy on Friday, with the BJP demanding an apology from the opposition party's president Rahul Gandhi. Babbar made the controversial remark while addressing a rally in poll-bound Madhya Pradesh's Indore city on Thursday. Madhya Pradesh goes to polls on November 28 and results will be declared on December 11. "(Before becoming the prime minister) Modi used to say that compared to the (US) dollar, the value of the rupee has fallen to a level where it is almost the same as the age of the then Prime Minister (Manmohan Singh)," Babbar, the Uttar Pradesh Congress chief, said. "Mr Prime Minister, at that time, you had not taken his (Manmohan Singh) name out of respect. Although our tradition does not allow this, we wish to say that now the value of the rupee has fallen to the age of your respected mother," he added. Modi's mother, Hiraba, is a nonagenarian. The rupee has seen a continued fall against the US dollar this year, hovering a little over the 70-mark on Friday. The BJP condemned Babbar's remark. The party's national spokesperson Sambit Patra said it was not proper to use unparliamentary words or drag any person's mother into politics. "But the Congress' attitude against the Prime Minister's mother has been improper from the beginning and such language was used even against the Prime Minister," Patra claimed. "Rahul Gandhi should apologise and he should clarify whether he endorses such controversial statements," he said.

Babbar compares rupee's falling value with age of Modi's mother, BJP demands apology

Continuing its rising spree for the sixth straight day, the rupee appreciated by another 29 paise to trade at the nearly three-month high of 71.38 against the dollar in opening trade Tuesday on persistent foreign fund inflows.

Besides, the dollar's weakness against some currencies overseas also supported the rupee.

The domestic unit opened with strength at Rs 71.39 at the Interbank Foreign Exchange and advanced further to trade at 71.38 against the US dollar. This is the highest level since September 4.

Meanwhile, the Reserve Bank and the government Monday agreed to refer to an expert committee the contentious issue of the appropriate size of reserves that the RBI must hold, while restructuring of stressed loans of small businesses would be considered by the central bank.

The domestic currency had gained 26 paise to end at a 10-week high of 71.67 against the dollar Tuesday supported by steady forex inflows amid a crucial RBI board meeting.

Foreign Institutional Investors (Fiis) bought shares worth Rs 1,103.36 crore Tuesday, as per provisional data.

Meanwhile, the benchmark BSE Sensex slipped by 104.41 points, or 0.29 per cent, to 35,670.47 in opening trade.

Continuing its rising spree for the sixth straight day, the rupee appreciated by another 29 paise to trade at the nearly three-month high of 71.38 against the dollar in opening trade Tuesday on persistent foreign fund inflows.

Continuing its rising spree for the sixth straight day, the rupee appreciated by another 29 paise to trade at the nearly three-month high of 71.38 against the dollar in opening trade Tuesday on persistent foreign fund inflows. Besides, the dollar's weakness against some currencies overseas also supported the rupee. The domestic unit opened with strength at Rs 71.39 at the Interbank Foreign Exchange and advanced further to trade at 71.38 against the US dollar. This is the highest level since September 4. Meanwhile, the Reserve Bank and the government Monday agreed to refer to an expert committee the contentious issue of the appropriate size of reserves that the RBI must hold, while restructuring of stressed loans of small businesses would be considered by the central bank. The domestic currency had gained 26 paise to end at a 10-week high of 71.67 against the dollar Tuesday supported by steady forex inflows amid a crucial RBI board meeting. Foreign Institutional Investors (Fiis) bought shares worth Rs 1,103.36 crore Tuesday, as per provisional data. Meanwhile, the benchmark BSE Sensex slipped by 104.41 points, or 0.29 per cent, to 35,670.47 in opening trade.

Rupee strengthens 29 paise to 71.38 against US dollar

The rupee rose by 21 paise to end at 71.46 against the US dollar Tuesday on increased selling of the greenback by exporters amid softening crude oil prices, and persistent foreign fund inflows.

This is the sixth straight session of gains for the domestic unit as the US dollar weakened against some currencies overseas. In the last six trading sessions, the rupee has gained 143 paise.

"Domestic currency strengthened for a sixth day after RBI's OMOs supported rupee's rise that has been set off by declining oil prices and continued capital inflows. The appreciation has happened even as Dollar fell to a two week low following Fed's cautious comments over a potential global slow down," Anand James, Chief Market Strategist at Geojit Financial Services, said.

The Reserve Bank Monday said it will inject Rs 8,000 crore into the system through the purchase of government securities on November 22.

At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 71.39. It gained further ground to hit a high of 71.27, following dollar selling by exporters.

The local unit, however, pared the initial gains and finally settled the day at 71.46 to the US dollar, up 21 paise.

On Monday, the rupee had increased by 26 paise to close at a 10-week high of 71.67 against the US currency.

Forex traders said the uptrend in the local unit was largely driven by foreign funds inflows to capital markets.

Foreign institutional investors (FIIs), made fresh purchases worth Rs 1,103.36 crore Monday, as per provisional data.

Meanwhile, the Reserve Bank and the government Monday agreed to refer to an expert committee the contentious issue of the appropriate size of reserves that the RBI must hold, while restructuring of stressed loans of small businesses would be considered by the central bank.

Globally, Brent crude, the international benchmark, was trading at USD 66.56 per barrel Tuesday.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.3276 and for rupee/euro at 81.6867. The reference rate for rupee/British pound was fixed at 91.7197 and for rupee/100 Japanese yen at 63.40.

Meanwhile, the Sensex fell over 300 points or 0.84 per cent, to 35,474.51 on heavy selling by market participants, in step with a global selloff. The 50-share NSE Nifty too dropped by 107.20 points, or 1 per cent, to 10,656.20.&nbsp;

The rupee rose by 21 paise to end at 71.46 against the US dollar Tuesday on increased selling of the greenback by exporters amid softening crude oil prices, and persistent foreign fund inflows.

The rupee rose by 21 paise to end at 71.46 against the US dollar Tuesday on increased selling of the greenback by exporters amid softening crude oil prices, and persistent foreign fund inflows. This is the sixth straight session of gains for the domestic unit as the US dollar weakened against some currencies overseas. In the last six trading sessions, the rupee has gained 143 paise. "Domestic currency strengthened for a sixth day after RBI's OMOs supported rupee's rise that has been set off by declining oil prices and continued capital inflows. The appreciation has happened even as Dollar fell to a two week low following Fed's cautious comments over a potential global slow down," Anand James, Chief Market Strategist at Geojit Financial Services, said. The Reserve Bank Monday said it will inject Rs 8,000 crore into the system through the purchase of government securities on November 22. At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 71.39. It gained further ground to hit a high of 71.27, following dollar selling by exporters. The local unit, however, pared the initial gains and finally settled the day at 71.46 to the US dollar, up 21 paise. On Monday, the rupee had increased by 26 paise to close at a 10-week high of 71.67 against the US currency. Forex traders said the uptrend in the local unit was largely driven by foreign funds inflows to capital markets. Foreign institutional investors (FIIs), made fresh purchases worth Rs 1,103.36 crore Monday, as per provisional data. Meanwhile, the Reserve Bank and the government Monday agreed to refer to an expert committee the contentious issue of the appropriate size of reserves that the RBI must hold, while restructuring of stressed loans of small businesses would be considered by the central bank. Globally, Brent crude, the international benchmark, was trading at USD 66.56 per barrel Tuesday. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.3276 and for rupee/euro at 81.6867. The reference rate for rupee/British pound was fixed at 91.7197 and for rupee/100 Japanese yen at 63.40. Meanwhile, the Sensex fell over 300 points or 0.84 per cent, to 35,474.51 on heavy selling by market participants, in step with a global selloff. The 50-share NSE Nifty too dropped by 107.20 points, or 1 per cent, to 10,656.20.

Rupee gains for 6th straight session, rises 21 paise

The rupee firmed 10 paise to 71.87 against the US dollar Friday on increased selling of the US currency by exporters and banks.

Besides, weakness in the greenback against some currencies overseas, increased foreign fund inflows and a higher opening of domestic equities supported the rupee, traders said.

Foreign funds bought shares worth a net of Rs 2,043.06 crore Thursday, as per provisional data.

At the interbank forex market, the rupee opened higher at 71.94, and advanced 10 paise to 71.87 against the US dollar.

The rupee had vaulted 34 paise to close at a two-month high of 71.97 against the US dollar Thursday on robust foreign fund inflows amid low crude oil prices.

Meanwhile, the benchmark BSE Sensex rose 96.29 points, or 0.28 per cent, to 35,356.83 in early session Friday.

The rupee firmed 10 paise to 71.87 against the US dollar Friday on increased selling of the US currency by exporters and banks. Besides, weakness in the greenback against some currencies overseas, increased foreign fund inflows and a higher opening of domestic equities supported the rupee, traders said.

The rupee firmed 10 paise to 71.87 against the US dollar Friday on increased selling of the US currency by exporters and banks. Besides, weakness in the greenback against some currencies overseas, increased foreign fund inflows and a higher opening of domestic equities supported the rupee, traders said. Foreign funds bought shares worth a net of Rs 2,043.06 crore Thursday, as per provisional data. At the interbank forex market, the rupee opened higher at 71.94, and advanced 10 paise to 71.87 against the US dollar. The rupee had vaulted 34 paise to close at a two-month high of 71.97 against the US dollar Thursday on robust foreign fund inflows amid low crude oil prices. Meanwhile, the benchmark BSE Sensex rose 96.29 points, or 0.28 per cent, to 35,356.83 in early session Friday.

Rupee rises 10 paise against US dollar to 71.87

The rupee appreciated 24 paise to 72.07 against the US dollar at the interbank foreign exchange Thursday on fresh foreign fund inflows and easing crude oil prices.

Foreign institutional investors (FIIs) bought shares worth Rs 277.38 crore Wednesday, provisional data showed.

Dealers said the strength in the rupee was also supported by increased selling of dollars by exporters and the American currency's weakness against some currencies overseas.

A higher opening of the domestic equity market too influenced the rupee, they said.

The benchmark BSE Sensex was up 67.09 points, or 0.19 per cent, to quote at 35,209.08 in early trade.&nbsp;

The rupee had gained 36 paise to end at 72.31 against the US dollar Wednesday as global crude oil prices hovered near one-year lows, easing concerns over expanding current account deficit and inflation.

Brent crude, the international benchmark, fell eased by 0.47 per cent to $65.81 a barrel.

The rupee appreciated 24 paise to 72.07 against the US dollar at the interbank foreign exchange Thursday on fresh foreign fund inflows and easing crude oil prices.

The rupee appreciated 24 paise to 72.07 against the US dollar at the interbank foreign exchange Thursday on fresh foreign fund inflows and easing crude oil prices. Foreign institutional investors (FIIs) bought shares worth Rs 277.38 crore Wednesday, provisional data showed. Dealers said the strength in the rupee was also supported by increased selling of dollars by exporters and the American currency's weakness against some currencies overseas. A higher opening of the domestic equity market too influenced the rupee, they said. The benchmark BSE Sensex was up 67.09 points, or 0.19 per cent, to quote at 35,209.08 in early trade. The rupee had gained 36 paise to end at 72.31 against the US dollar Wednesday as global crude oil prices hovered near one-year lows, easing concerns over expanding current account deficit and inflation. Brent crude, the international benchmark, fell eased by 0.47 per cent to $65.81 a barrel.

Rupee rises 24 paise against US dollar on fresh fund inflow, easing crude prices

Rupee and bonds rose in early trade on Wednesday, boosted by a fall in global oil prices and on the central bank`s announcement to buy bonds via open market purchases.

The rupee opened at 72.18 to the dollar, its strongest since Sept. 21 and compared with 72.6750 on Tuesday, while the 10-year benchmark bond yield fell to as much as 7.70 per cent, its lowest since Aug. 2. The paper had ended at 7.76 per cent on Tuesday.

The Reserve Bank of India will buy 120 billion rupees ($1.65 billion) of government bonds on Thursday via open market operations.

Oil markets struggled to find their footing on Wednesday after plunging 7 per cent in the previous session, with surging supply and the spectre of faltering demand keeping investors on the edge.

Rupee and bonds rose in early trade on Wednesday, boosted by a fall in global oil prices and on the central bank`s announcement to buy bonds via open market purchases.

Rupee and bonds rose in early trade on Wednesday, boosted by a fall in global oil prices and on the central bank`s announcement to buy bonds via open market purchases. The rupee opened at 72.18 to the dollar, its strongest since Sept. 21 and compared with 72.6750 on Tuesday, while the 10-year benchmark bond yield fell to as much as 7.70 per cent, its lowest since Aug. 2. The paper had ended at 7.76 per cent on Tuesday. The Reserve Bank of India will buy 120 billion rupees ($1.65 billion) of government bonds on Thursday via open market operations. Oil markets struggled to find their footing on Wednesday after plunging 7 per cent in the previous session, with surging supply and the spectre of faltering demand keeping investors on the edge.

Rupee, bonds surge on lower oil prices, RBI bond buy announcement

The rupee recovered by 29 paise to 72.60 against the US currency in early trade Tuesday, owing to easing global crude oil prices and better-than-expected macro economic data on the domestic front.

Besides, fund inflows by foreign investors and the US dollar's weakness against some currencies overseas also supported the domestic unit, dealers said.

At the Interbank forex market, the rupee opened with strength at 72.81 and advanced to 72.60 against the dollar, showing a rise of 29 paise over its previous close of 72.89.

Retail inflation fell to a one-year low of 3.31 per cent in October on the back of cheaper kitchen staples, fruits and protein-rich items, official data released Monday showed.

Industrial production grew at the slowest pace in four months at 4.5 per cent in September mainly due to poor performance of mining sector and lower offtake of capital goods.

The industrial production measured in terms of Index of Industrial Production (IIP) was 4.1 per cent in September 2017.

Meanwhile, the international benchmark, Brent crude slipped below the USD 70-mark by falling 0.84 per cent, to USD 69.53 a barrel in Asian trade Tuesday.

Monday, the rupee dropped by 39 paise to settle at 72.89 against the US currency as oil prices rebounded after Saudi Arabia announced plans to cut production and the dollar strengthened in global markets.

Foreign institutional investors (FIis) bought shares worth Rs 832.15 crore Monday, provisional data showed.

The benchmark BSE Sensex fell by 56.31 points, or 0.16 per cent to 34,756.68 in early trade.

The rupee recovered by 29 paise to 72.60 against the US currency in early trade Tuesday, owing to easing global crude oil prices and better-than-expected macro economic data on the domestic front.

The rupee recovered by 29 paise to 72.60 against the US currency in early trade Tuesday, owing to easing global crude oil prices and better-than-expected macro economic data on the domestic front. Besides, fund inflows by foreign investors and the US dollar's weakness against some currencies overseas also supported the domestic unit, dealers said. At the Interbank forex market, the rupee opened with strength at 72.81 and advanced to 72.60 against the dollar, showing a rise of 29 paise over its previous close of 72.89. Retail inflation fell to a one-year low of 3.31 per cent in October on the back of cheaper kitchen staples, fruits and protein-rich items, official data released Monday showed. Industrial production grew at the slowest pace in four months at 4.5 per cent in September mainly due to poor performance of mining sector and lower offtake of capital goods. The industrial production measured in terms of Index of Industrial Production (IIP) was 4.1 per cent in September 2017. Meanwhile, the international benchmark, Brent crude slipped below the USD 70-mark by falling 0.84 per cent, to USD 69.53 a barrel in Asian trade Tuesday. Monday, the rupee dropped by 39 paise to settle at 72.89 against the US currency as oil prices rebounded after Saudi Arabia announced plans to cut production and the dollar strengthened in global markets. Foreign institutional investors (FIis) bought shares worth Rs 832.15 crore Monday, provisional data showed. The benchmark BSE Sensex fell by 56.31 points, or 0.16 per cent to 34,756.68 in early trade.

Rupee recovers 29 paise to 72.60 against dollar

The rupee weakened by 26 paise to 72.76 against the US dollar Monday, owing to increased demand for the American currency from importers amid increasing global crude oil prices.

The international benchmark, Brent crude again breached the USD 71 a barrel mark by surging 1.21 per cent.

Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets, capped the losses.

At the Interbank forex market, the rupee opened lower at 72.74 and slipped further to quote at 72.76 against US dollar, down 26 paise over its previous close.

On Friday, the rupee rose by 50 paise to end at 72.50 per US dollar Friday on increased selling of the greenback by exporters amid softening crude oil prices, which slipped below the USD 70 per barrel mark.

Meanwhile, on net basis, foreign funds bought shares worth Rs 614.14 crore, while DIIs sold share to the tune of Rs 337.28 crore Friday, provisional data showed.

The benchmark BSE Sensex rose 99.26 points, or 0.25 per cent to 35,257.81.&nbsp;

The rupee weakened by 26 paise to 72.76 against the US dollar Monday, owing to increased demand for the American currency from importers amid increasing global crude oil prices.

The rupee weakened by 26 paise to 72.76 against the US dollar Monday, owing to increased demand for the American currency from importers amid increasing global crude oil prices. The international benchmark, Brent crude again breached the USD 71 a barrel mark by surging 1.21 per cent. Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets, capped the losses. At the Interbank forex market, the rupee opened lower at 72.74 and slipped further to quote at 72.76 against US dollar, down 26 paise over its previous close. On Friday, the rupee rose by 50 paise to end at 72.50 per US dollar Friday on increased selling of the greenback by exporters amid softening crude oil prices, which slipped below the USD 70 per barrel mark. Meanwhile, on net basis, foreign funds bought shares worth Rs 614.14 crore, while DIIs sold share to the tune of Rs 337.28 crore Friday, provisional data showed. The benchmark BSE Sensex rose 99.26 points, or 0.25 per cent to 35,257.81.

Rupee falls 26 paise to 72.76 against US dollar

The rupee appreciated 35 paise to 72.65 against the dollar in early trade Friday, following US mid-term election results and easing crude oil prices.

Forex traders said the rise was also supported by dollar-selling by exporters and banks and the US unit's weakness against some currencies overseas.

They said the US mid-term election results which showed Democrats wresting the House of Representatives from the ruling Republican party, also supported the rupee.

The Democrats now have a majority in the 435-member House, while Trump's party has retained the majority in the 100-member Senate.

At the interbank forex market, the rupee opened strong at 72.68 and advanced further to trade at 72.65, reflecting a rise of 35 paise over its previous close of 73 against the dollar.

Moreover easing crude prices also helped the local unit. Brent crude, the international benchmark was trading at US $70.70 per barrel.

The rupee had rebounded by 12 paise to end at 73 per US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices.

The forex market was closed on Wednesday and Thursday on account of 'Diwali' and 'Diwali Balipratipada' respectively.

Foreign institutional investors (FIIs), which had been selling on Indian bourses, made fresh purchases worth Rs 31.02 crore Wednesday, as per provisional data.

Meanwhile, the benchmark BSE Sensex opened on a higher note up 20.45 points at 35,258.13 in early trade.&nbsp;

The rupee appreciated 35 paise to 72.65 against the dollar in early trade Friday, following US mid-term election results and easing crude oil prices. Forex traders said the rise was also supported by dollar-selling by exporters and banks and the US unit's weakness against some currencies overseas.

The rupee appreciated 35 paise to 72.65 against the dollar in early trade Friday, following US mid-term election results and easing crude oil prices. Forex traders said the rise was also supported by dollar-selling by exporters and banks and the US unit's weakness against some currencies overseas. They said the US mid-term election results which showed Democrats wresting the House of Representatives from the ruling Republican party, also supported the rupee. The Democrats now have a majority in the 435-member House, while Trump's party has retained the majority in the 100-member Senate. At the interbank forex market, the rupee opened strong at 72.68 and advanced further to trade at 72.65, reflecting a rise of 35 paise over its previous close of 73 against the dollar. Moreover easing crude prices also helped the local unit. Brent crude, the international benchmark was trading at US $70.70 per barrel. The rupee had rebounded by 12 paise to end at 73 per US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices. The forex market was closed on Wednesday and Thursday on account of 'Diwali' and 'Diwali Balipratipada' respectively. Foreign institutional investors (FIIs), which had been selling on Indian bourses, made fresh purchases worth Rs 31.02 crore Wednesday, as per provisional data. Meanwhile, the benchmark BSE Sensex opened on a higher note up 20.45 points at 35,258.13 in early trade.

Rupee rises 35 paise to 72.65 against US dollar in early trade

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