|Day's range||69.914 - 70.409|
|52-week range||63.2100 - 70.8900|
India is a big buyer of everything from crude oil and electronics to gold and edible oil, and its import bill was expected to cross $600 billion in the fiscal year ending in March 2019, from about $565 billion in the previous year. The 9.3 percent fall in the rupee this year has already led to a surge in local prices of goods with an imported component. July was the ninth straight month in which India's inflation was higher than the central bank's medium-term target of 4 percent.
India's foreign exchange reserves are comfortable by global standards and sufficient to mitigate any undue volatility in the foreign exchange market, the finance minister said on Wednesday, a day after the rupee currency sank to an all-time low. The rupee hit the record low of 70.1 per dollar on Tuesday, as concerns about Turkey's economic woes spreading to other emerging markets such as India persisted. "Recent developments relating to Turkey have generated global risk aversion towards emerging market currencies and the strengthening of the dollar," Arun Jaitley said on Twitter.
NEW DELHI (Reuters) - The fall in the rupee was due to external factors and there was no need to worry at this stage, a senior finance ministry official told television channels on Tuesday.
MUMBAI (Reuters) - The rupee erased early gains to hit an all-time low of 70.1 per dollar on Tuesday, as concerns about Turkey's economic woes persisted.
Investing.com - Emerging market currencies were hit on Monday, as turmoil gripping financial markets over Turkey’s currency crisis drove investors into safe haven currencies, including the U.S. dollar, yen and Swiss franc.
The Reserve Bank of India (RBI) likely intervened in the foreign exchange market to support the rupee on Friday, after most emerging market currencies fell sharply on heightened global tensions, dealers said. The rupee fell to as low as 69.03 to the dollar, its lowest since July 24, before trimming some of its losses to trade at 68.95. "After the rupee opened with a gap, no one was willing to sell (dollars) at those levels.
(Reuters) - Indian shares ended higher on Friday, but finished marginally lower for the week, helped by gains in IT stocks such as Infosys Ltd on a weaker rupee, while investors awaited the outcome of a no-confidence motion against the government.
Rice export prices in India slid to a 15-month low this week as the rupee remained weak and demand was sluggish as buyers held off purchases on hopes of deeper price declines, while Vietnam rates fell further on mounting supplies. Rates for India's 5 percent broken parboiled variety fell by $2 per tonne to $386-$390 per tonne, the lowest since April 20, 2017. Farmers in India have planted paddy rice on 11.67 million hectares as on July 13, down 8 percent from a year ago.
* China's export data beats expectations amid trade row with U.S. * Yuan set for fifth weekly decline * Rupee up as inflation rises above RBI target and oil prices fall (Adds text, updates prices) By Nikhil ...
India's annual retail inflation accelerated to a five-month high in June, driven by a weakening rupee as well as surging oil prices, bolstering the chance the central bank will again raise interest rates in coming months. The Reserve Bank of India (RBI) last month raised its benchmark rate for the first time since 2014, by 25 basis points to 6.25 percent, and revised up its inflation projection for October-March to 4.7 percent from 4.4 percent earlier. In June, consumer prices rose 5.00 percent from a year earlier, compared with a 4.87 percent increase in May, the statistics department said on Thursday.
Global trade tensions and rising oil prices are expected to weaken India's rupee over the next year, a Reuters poll has found, dragging the currency closer to the record low hit last week against the dollar. While economic growth has picked up and India has retained its spot as the fastest growing major economy this year, the rupee hit an all-time low of 69.09 per dollar last week and is the worst-performing currency in Asia this year. The rupee, already down more than 7 percent this year, has been pressured by a sell-off in emerging markets driven by the daily escalation in global trade tensions and on worries of a widening current account deficit from the rising price of oil, India's biggest import item.
Export prices for rice in major producers across Asia fell this week, with rates in India hitting their lowest level in 14 months on sluggish demand and a weaker rupee. Rates for India's 5 percent broken parboiled variety fell by $4 to $388-$392 per tonne. "Due to falling rupee, export prices are also coming down," said B V Krishna Rao, President of the Rice Exporters Association.
India's rupee is currently over-valued by 5-7 percent, a senior government adviser said on Tuesday, indicating that New Delhi is unlikely to support intervening in the market despite the currency shedding close to 7 percent against the dollar this year. "The rate of inflation in India has been much higher than the global rate and that is what determines the real effective exchange rate," Rajiv Kumar, vice chairman of NITI Aayog, a government think tank, told reporters in New Delhi.
Rice export prices in top exporter India fell this week to the lowest in over a year due to a plunge in the rupee as demand remained subdued, while rates in Thailand fell on expectations of fresh supplies and weakness in the domestic currency. Prices of India's 5 percent broken parboiled variety fell by $2 to $392-$396 per tonne, the lowest in more than a year, as the rupee slumped to a record low, allowing traders to cut prices. India's exports to neighbouring Bangladesh fell sharply after Bangladesh imposed a 28 percent tax on rice imports to support its farmers after local production revived, dealers said.
* Indian rupee hits all-time intra-day low of 69.09/U.S. dlr * PBOC loosens yuan midpoint for a seventh straight session * Rupiah slumps as much as 0.83 pct to weakest since Oct 6, 2015 * Rupiah "a ...
* Yuan hits lowest level since Dec. 19 intra-day * Indian rupee weakens 0.32 pct against the dollar * Philippine peso is the biggest regional gainer * Expect sentiment to remain 'jittery' - OCBC (Adds ...
* Currencies muted ahead of OPEC meeting * Yuan on track for worst week since Nov. 2016 * Indian rupee sole gainer for the week (Adds text, updates prices) By Ambar Warrick June 22 (Reuters) - Most Asian ...
The Indian rupee will erase some of this year's losses against the dollar over the coming 12 months but high volatility in the run up to general elections in 2019 could send it off-piste, a Reuters poll found. The Indian currency hit an 18-month low of 68.47 per dollar in May and is down over 5 percent so far this year, making it one of the worst performers in Asia.
* Indian rupee weakens more than 0.5 pct * S.Korean won breaks longest winning run since Nov. * Sing dollar keeps an even keel (Adds text, updates prices) By Aaron Saldanha June 8 (Reuters) - Asian emerging ...
State-run carrier Air India is seeking a short-term loan of 10 billion rupees ($148.26 million) so it can continue day-to-day operations, according to an announcement on its website on Thursday. The move reflects the dire financial straits of the debt-ridden national carrier. It runs some of the most lucrative routes in India and overseas, but it is struggling with bloated costs.
* S.Korean won on track to firm for 5th straight session * Indian rupee weakens despite c.bank rate hike on Wednesday (Adds text, updates prices) By Aaron Saldanha June 7 (Reuters) - South Korea's won ...
The country's Cabinet Committee on Economic Affairs is scheduled to meet on Tuesday to decide on the bailout, according to the report. The government is keen to placate India's 50 million cane growers, who make up an influential political lobby, especially with national elections barely a year away in May 2019. Last month, the government had announced a subsidy for sugarcane farmers and had said it would build stockpiles of sugar to cut a surplus in the market.
(Reuters) - Indian shares ended higher on Friday helped by gains in financials such as HDFC Bank and Kotak Mahindra Bank, after the rupee firmed up against the dollar in late trade.
India's 2017/18 cotton exports are likely to jump nearly 30 percent from the year before to a four-year high of 7.5 million bales, as climbing global prices and a weaker rupee boost overseas demand, the head of an industry body told Reuters. Increased supply from India could drag on a rally in international prices for the commodity and would likely compete with shipments to Asia from exporters like the United States, Brazil and Australia. "We can end the season with exports of 7.5 million bales," said Atul Ganatra, president of the Cotton Association of India (CAI), adding that higher international prices would drive up shipments.