The Indian rupee appreciated by 23 paise to 76.11 against the US dollar in early trade on Thursday tracking positive opening in domestic equities. Forex traders said higher opening in domestic equities supported the local unit, while concerns over coronavirus outbreak weighed on the local unit.
The rupee pared its initial gains to settle marginally higher at 74.24 against the US dollar on Tuesday amid continued meltdown in equity markets and sustained foreign fund outflows. Forex traders said the Indian rupee which started the day on a positive note, witnessed heavy volatility amid fears that the rate cut by the Reserve Bank would not be sufficient to boost market sentiments.
The Indian rupee recovered 33 paise to 73.84 against US dollar in early trade on Wednesday amid positive opening in domestic equities and weakening of the American dollar in the overseas market.
The rupee on Thursday settled flat at 71.33 (provisional) against the US dollar after weak macro-economic data disappointed market participants. Forex traders said disappointing macro economic numbers and weak domestic equities weighed on the local unit
The rupee declined by 22 paise to settle at 71.40 against the US dollar on Friday amid selling in domestic equities and strengthening of the American currency overseas. Forex traders said the rupee traded weak largely owing to strengthening of the US dollar ahead of the non-farm payrolls number scheduled to be released later in the day.
It will require a very credible challenger and a strong institution to end US dollar's dominance because the currency has proved to be very stable time and again, IMF chief economist Gita Gopinath said on Thursday.
Forex traders said crude oil prices surged after US President Donald Trump ordered the killing of Iran Revolutionary Guards commander Qasem Soleimani.
A day after the the Reserve Bank of India kept key policy rate unchanged, the Indian rupee opened at 71.30 against the US dollar on Friday. On Thursday, the rupee had settled for the day at 71.29 against the US dollar.
Market benchmark BSE Sensex dropped over 100 points in early trade on Friday tracking losses in index-heavyweights RIL and ICICI Bank ahead of quarterly GDP growth data release. Retreating from its lifetime peak scaled in the previous session, the 30-share index was trading 158.97 points, or 0.39 per cent, lower at 40,971.20 in morning session. Similarly, the broader NSE Nifty was quoting 38.45 points, or 0.32 per cent, down at 12,112.70.
Forex traders said the rupee consolidated in a narrow range following lack of cues on the domestic as well as the global front. During the day, the domestic unit fluctuated between a high of 71.68 and a low of 72.
The rupee depreciated by 14 paise to close at 71.02 against the US dollar on Monday as profit booking in domestic equities and unabated foreign fund outflows kept investors edgy.
The rupee on Friday closed almost flat at 70.88 against the US dollar after the Reserve Bank of India in a widely expected move cut key interest rates by 0.25 percentage point. At the interbank foreign exchange market, the rupee had opened strong at 70.82 against the US dollar at the interbank forex market.
On Thursday, the rupee had settled for the day with gains of 28 paise at 71.84 against the US dollar. The domestic unit, however, could not hold on to the gains and was trading at 71.73 against the dollar at 0949 hrs.
The rupee appreciated by 27 paise to 71.85 against the US dollar in early trade on Thursday as gains in domestic equity market enthused investors. At the interbank foreign exchange, the rupee opened at 71.87, then gained further ground and touched a high of 71.85, registering a rise of 27 paise over its previous close.
The rupee on Tuesday had dropped sharply by 97 paise to more than nine-month low of 72.39 against the US dollar as heavy sell-off in the domestic equity market, weak macro environment and a stronger greenback kept investors edgy.
The domestic currency finally settled with a gain of 38 paise of 0.53 per cent at 71.42, a level not seen since August 16.
Forex trader said the local unit came under pressure after the latest escalation of the US-China trade war.
At the interbank foreign exchange, the Indian currency opened weaker at 71.65 a dollar and went on to touch the day's lowest level at 71.97. It finally settled at 71.81, down 26 paise against the American currency. This was the lowest level for the rupee since December 14, when it had closed at 71.90.
At the interbank foreign exchange, the rupee opened weak at 71.65 then fell to 71.72 against the US dollar, showing a decline of 17 paise over its previous closing.
At the interbank foreign exchange, the rupee opened at 71.48, registering a rise of 23 paise over its previous close of 71.71.
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