Thursday, May 30, 2013

2013 Rupee Vs US Dollar

The Rupee on Thursday May 23,2013 declined by a hefty 54 paise to trade at an eight-and-a-half-month low of 56 at the Interbank Foreign Exchange market on sustained dollar demand and strengthening of the US currency overseas

The rupee fell to as low as 56.01 against US dollar, its lowest since September 6, 2012.

Yesterday, the rupee had lost five paise to close at 55.46, its lowest closing since November 27, 2012.

Rupee at 9-month low
The rupee on Wednesday May 29,2013 fell by 22 paise to trade at fresh nine-month low of 56.18 against the US dollar in early trade on the Interbank Foreign Exchange due to month-end demand for the US currency from importers and banks.

Rupee hits one-year low

Falling for the 4th day in a row, the rupee declined by 20 paise to hit one-year low of 56.58 against the dollar in early trade on May 31,2013 Friday at the Interbank Foreign Exchange on increased demand for the American currency from importers.

The rupee had lost 21 paise to end at new 10-month low of 56.38 against the dollar on Thursday May 30,2013

The partially convertible rupee was trading at 56.85/86 per dollar at 10.15 a.m., after earlier touching 57. The rupee closed at 56.7250/7350 on Wednesday June 5,2013

In the offshore non-deliverable forwards, the one-month contract was at 57.20, while the three-month was at 57.78

Rupee at historic low against dollar -Tuesday June 18,2013

The rupee recorded its lowest-ever close against the dollar on Tuesday, with a fall of 1.5 per cent, ahead of the U.S. Federal Reserve’s monetary policy meeting on Wednesday June 19,2013

Resuming its downfall, the rupee on Tuesday sank by a whopping 90 paise to all-time closing low of 58.77 on massive dollar buying by banks and importers
The rupee closed at 58.77/78 per dollar compared to its previous lowest close of 58.39 recorded last week

Reason

The widening current account deficit (CAD) continues to depress the value of the rupee

The first four months of 2013 saw over $3.6 billion of inflows in the Indian debt segment and between May and June till date, over $3.5 billion has moved out. Such a sharp outflow within such a short period of time continues to pressure the rupee

Rupee ends at Rs. 59.57 - Thursday June 20,2013

At the Interbank Foreign Exchange (Forex) market, the domestic currency commenced sharply lower at Rs. 59.50 a dollar from Wednesday’s close of Rs. 58.70 and dipped further to log its all-time low of Rs. 59.93 as market participants panicked after U.S. Federal Reserve chief Ben Bernanke said $85 billion a month bond buying programme may be slowed down from this year.

The rupee saw a marginal recovery to end at Rs. 59.57, still down 87 paise or 1.48% over Wednesday’s close

Rupee breaches 60-mark-Wednesday June 26,2013

The rupee on Wednesday June 26,2013 sank to an all-time low of 60.35 against the dollar in mid-session trade, dragged down by heavy month-end demand for the US currency.

After a lower start, the rupee plunged by 69 paise to 60.35 a dollar at 15:35 hrs on the Inter-Bank Foreign Exchange market due to increased buying by banks and oil importers
The rupee had plunged to 60.76 intra-day on June 26,2013

Rupee breaches 61 mark Monday July 8,2013

The rupee on Monday July 8,2013 fell by a massive 97 paise to 61.19, a new all-time low, against the dollar in early trade at the Interbank Foreign Exchange market, on heavy demand for the American currency amid capital outflows

Rupee drops to all-time record low of 61.51 vs dollar

The Indian rupee dropped to an all-time record low of 61.51 per dollar on Tuesday Aug 6,2013 in the late morning session on fresh dollar demand from banks and importers amid weakness of dollar in the overseas market and fall in the equity market.

The rupee resumed lower at 61.05 per dollar as against the last closing level of 60.88 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 61.51 per dollar before quoting at 61.43 at 1030 hrs.

The intra-day lowest of 61.21 was recorded on July 8, 2013.

Fresh dollar demand from banks and importers in view of fall in the equity market mainly affected the rupee value against the dollar

Rupee Drops to an all-time low of 62 per dollar

The Rupee on Friday Aug 16,2013 after recovering by 10 paise in early trade dropped to all-time low of Rs. 62 per dollar(dropping past the previous low of 61.80 hit on August 6,2013)after opening at 61.35 despite measures initiated by the Reserve Bank of India (RBI) and the government to shore up the Indian currency

Note
The Reserve Bank on Wednesday Aug 14,2013 reduced the limit for overseas direct investment (ODI) by domestic companies, other than oil PSUs, under the automatic route from 400 per cent of net worth to 100 per cent to curb forex outflow. Oil India and ONGC Videsh are exempt from this limitation.

The rupee had lost 24 paise to close at an all-time low of Rs. 61.43 against the U.S. currency in the previous session on Wednesday Aug 14,2013

Rupee Vs US Dollar Thursday Aug 22,2013

The Rupee on Thursday Aug 22,2013 tumbled further and hit an all-time low of 65.12 against the US currency in the late morning trade on persistent dollar demand from banks and importers

The rupee resumed lower at 64.85 per dollar as against the Wednesday’s closing level of 64.11 per dollar at the Interbank Foreign Exchange Market and dropped further to an all-time low of 65.12 per dollar

Rupee Declines to Rs 65.94 Vs US Dollar Tuesday Aug 27,2013

The rupee declined to an all-time intra-day low of 65.94 per dollar on Tuesday Aug 27,2013 on heavy month-end demand of the US currency from importers and banks amid sharp fall in the local equity market.

It quoted 65.94 at 1300 hrs (IST) at the Interbank Foreign Exchange (Forex) Market and at close was Rs 66.24 per US Dollar.

The rupee plunged to a new record low of 68.75 per dollar in the late morning trade on persistent dollar demand from banks and importers due to further fall in equity market amid rise in crude oil prices

The rupee resumed lower at 66.90 per dollar, as against the Tuesday Aug 27,2013 closing level of 66.24 per dollar at the forex market and dropped further to an all-time low of 68.75 per dollar at 10.45 hrs (IST)

Forex dealers said besides strong month-end demand for the American currency from importers, concerns related to subsidy burden after the passage of Food Security Bill and capital outflows mainly weighed on the domestic currency

The Rupee was more or less stable for much of the first half of 2013 and has depreciated by 16 % or more vis-à-vis the dollar over the last two months (see Chart)

The volume of trading in exchange-traded currency derivatives increased from Rs. 2.6 billion in September 2008, when such trading was first permitted, to Rs. 234.4 billion in June 2013, the RBI hints at a link between this and exchange rate volatility

The RBI which has been pointing fingers at the currency derivatives market as a speculative hub where the dollar rules higher, now argues that prices in those markets, or those driven by speculation, are beginning to influence spot dollar prices in terms of the rupee

The Reserve Bank recently banned proprietary trading by banks in the currency futures/exchange-traded currency options markets. Such trading is allowed only on behalf of clients

SEBI also tightened exposure norms for currency derivatives to check excessive speculation by increasing margin requirements and curtailing open positions on currency derivatives

Rupee Declines to Rs 68.75 Vs US Dollar Wednesday Aug 28,2013

The rupee resumed lower at 65.00 per dollar as against the last closing level of 64.30 per dollar at the Forex Market and dropped further to a historic low of 65.94 per dollar

From a record low of 68.85 per dollar on Wednesday Aug 28,2013 when the currency posted its biggest single-day percentage fall since October 1995,the rupee rose as high as 66.85 per dollar shortly after the open and gained 3.46 % to close at 66.55/56 a dollar on Thursday Aug 29,2013

The Rupee recovery is partly due to the RBI stepping in to handle the dollar requirements of refiners instead of dealing with it in the spot market

Mirroring the turnaround in rupee, stock markets on Thursday Aug 29,2013 soared with the S&P BSE benchmark Sensex logging its best gain in a week of nearly 405 points to end at 18,401.04 on across-the-board buying after RBI opened a special window to help PSU oil firms meet daily forex needs

National Stock Exchange index Nifty rose by 124.05 points, or 2.35 per cent, to end at 5,409.05 led by stocks of refinery, metal and FMCG sectors on Thursday Aug 29,2013

Rupee Gains 85 paise per US Dollar Friday Aug 30,2013

The rupee regained some of its lost value against the dollar on Friday to close at 65.70/71 per dollar compared to its previous close of 66.55/56 on Thursday

The Reserve Bank of India (RBI) decision to allow the public sector oil marketing companies to approach a mandated bank for their foreign currency requirements on a currency swap basis helped the demand move away from the spot market

Tracking a rebound in the rupee’s value against the dollar, stock indices surged on Friday with the Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex) gaining 218.68 points to close at 18619.72.

On National Stock Exchange (NSE), the 50-share Nifty closed at 5471.80, with a gain of 62.75 points

Rupee Gains 158 Paise/US Dollar to One Month High Thursday Sep 19,2013

The Rupee on Thursday Sep 19,2013 gained by 158 paise to trade at over one-month high of 61.80 against the dollar at the Interbank Foreign Exchange market on hopes of increased capital inflows

Note -The Rupee closed at 63.38 against the dollar in Sep 18,2013 Wednesday’s trade.

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