Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Rupee firms up as stocks rebound after recent slump.


Date: 16-05-2022
Subject: Rupee firms up as stocks rebound after recent slump
NEW DELHI: The rupee gained versus the US dollar as the greenback retreated globally from multi-year highs and as domestic stocks notched up gains following five straight days of losses, dealers said.

A decline in global crude oil prices also buoyed the domestic currency by helping ease some concerns over India’s inflation and current account, given that the country is a massive importer of the commodity.

After opening marginally weaker at 77.4400/$1 versus 77.4150/$1 at previous close, the rupee was last trading at 77.2910/$1. The domestic currency moved in a band of 77.2680-77.6240/$1 so far in the day.

On Thursday, the rupee had touched an all-time low intraday level of 77.6250/$1. The Indian currency, which has witnessed sharp volatility this week, had settled at a record closing low of 77.4650/$1 on Monday.

The recent bout of weakness in the rupee has been caused by a sharp rise in the US dollar index, which strengthened to near two-decade highs this week on expectation of an aggressive pace of rate hikes by the Fed.

The anticipation of a series of rate hikes in the world’s largest economy has exacerbated an unprecedented bout of selling pressure by overseas investors in Indian equities. So far in 2022, FIIs have net sold a massive Rs 1.4 lakh crores worth of domestic stocks.

The sharp weakness in benchmark stock indices also dragged the rupee down earlier this week. The Sensex and the Nifty, which have shed around 4 per cent so far in the week, were trading 1 per cent higher at 10:50 am IST.

Sentiment among currency traders has also improved because of likely heavy market interventions by the Reserve Bank of India aimed at preventing excessive volatility in the rupee.

The central bank, whose foreign exchange reserves are currently just shy of $600 billion, has been said to have intervened heavily in the forwards markets of late in order to rein in the rupee’s fall.

The central bank, whose foreign exchange reserves are currently just shy of $600 billion, has been said to have intervened heavily in the forwards markets of late in order to rein in the rupee’s fall.


“After extending its all-time-low towards 77.62 levels, the Indian rupee was seen once managed by RBI as it was seen recovering back sharply up to 77.37 levels. Although, weaker global sentiment, a fall in EM & DM FX against USD will keep rupee off the track,” CR Forex Advisors MD Amit Pabari said.

Source Name:-Economic Times


Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 05-07-2022
NOTIFICATION No. 09/2022–Central Tax
Seeks to notify the provisions of clause (c) of section 110 and section 111 of the Finance Act, 2022

Date: 05-07-2022
NOTIFICATION No. 10/2022 – Central Tax
Seeks to exempt taxpayers having AATO upto Rs. 2 crores from the requirement of furnishing annual return for FY 2021-22

Date: 05-07-2022
NOTIFICATION No. 11/2022 – Central Tax
Seeks to extend due date of furnishing FORM GST CMP-08 for the quarter ending June, 2022 till 31.07.2022

Date: 05-07-2022
NOTIFICATION No. 12/2022 – Central Tax
Seeks to extend the waiver of late fee for delay in filing FORM GSTR-4 for FY 2021-22

Date: 30-06-2022
Notification No. 55/2022-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 30-06-2022
Notification No. 56/2022-Customs (N.T.)
Seeks to amend Sea Cargo Manifest and Transhipment Regulations 2018.

Date: 30-06-2022
Notification No. 32/2022-Customs
Seeks to exempt imports of Petroleum Crude and ATF from whole of the additional duty of Customs leviable thereon under sub-section (1) of section 3 of the said Customs Tariff Act, as is equivalent to the Special Additional Excise Duty.

Date: 30-06-2022
Notification No. 33/2022-Customs
Seeks to increase BCD rate on Gold

Date: 30-06-2022
Notification No. 34/2022-Customs
Seeks to exempt Gold imports from Social Welfare Surcharge

Date: 30-06-2022
Notification No. 35/2022-Customs
Seeks to increase the rate applicable under BCD exemption on Gold imported under replenishment scheme



Exim Guru Copyright © 1999-2022 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001