The implied yield on the 1-year dollar/rupee forward premium climbed 16 basis points to 2.64%, taking the total rise to over 30 bps in three sessions
The rupee, down 5.5% on year, is Asia's worst performing currency
The rupee hit a fresh record low in early trading Thursday, extending its break below the closely watched 90-per-dollar level
The Opposition has launched a blistering attack against the government over the rupee falling to historic low
Nageswaran said he is not 'losing sleep' over the weakening of the domestic currency as long as it is not hurting exports
The veteran banker blamed foreign institutions selling Indian equities and said for now they 'seem smarter' as local investors continue their buying spree
Exporters and importers are responding differently but both sides are accelerating hedge coverage, hedging their exposure using structured products and preferring shorter tenor hedges until policy and geopolitical backdrop stabilises
The new description of the country’s de facto currency regime is likely to include references to a crawling peg
The increase has been helped by this year’s decline in the dollar and rally in gold prices.
The moves helped steady the currency as it neared its September record low of 88.8050 per dollar
At $1.1495 against the euro the dollar hasn’t budged a great deal, though it sits a fraction weaker from Tuesday’s three-month top of $1.1469.
The dollar index was at 99.76, hovering near its highest level in three months, while Asian currencies were flat to modestly weaker on the day
The exchange rate does not serve as a policy tool in a market where its level is determined by market forces, RBI's Poonam Gupta said at an event in Mumbai
The rupee closed at 88.2650 against the US dollar, nearly flat compared to its close at 88.2450 in the previous session
Gold fell as much as 2.9% to a low of $4,003.39 amid a broad decline in precious metals, retracing a rally that has seen the yellow metal’s biggest yearly gains in almost half a century.
The rupee was last at 85.7 as of 10:45 a.m. on Friday, up 0.1% on the day and holding above its all-time low of 88.8 set last week
The central bank has built up short dollar positions of at least $15 billion in the non-deliverable forwards market over the past two to three weeks
The gold reserves increased by $2.238 billion to $95.017 billion during the week, the central bank said
The path to internationalize the rupee is fraught with challenges, according to experts
The currency remained under pressure even as the dollar was on course to notch its worst week since August against major peers
The rupee closed at 88.7175 against the U.S. dollar on Friday, little changed on the day but down 0.7% on the week, its steepest weekly fall since late August.
Asian currencies are also trading down with Taiwanese Dollar down by 0.42 percent, Thai Baht down by 0.26 percent, Malaysian Ringgit down by 0.21 percent, and South Korean Won by 0.12 percent, according to the Bloomberg data.
The Indian rupee fell 2% in July, its worst decline since September 2022
Rupee has been under severe pressure amid external shocks from start of this financial year. INR has depreciated around 3.73 percent in FY26 so far
The hike in fresh H-1B visa fee from next year has sparked worries over lower remittances, and potential equity outflows from India’s IT sector, which could be a double hit that the rupee could ill afford, at a time when foreign inflows have already been weak.