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

Rupee trades firm as US dollar softens globally; RBI FX actions lift market sentiment Read more at.


Date: 18-05-2022
Subject: Rupee trades firm as US dollar softens globally; RBI FX actions lift market sentiment Read more at
NEW DELHI – After closing at a record low on Tuesday, the rupee rebounded against the US dollar on Wednesday as the greenback retreated sharply from 20-year highs touched earlier in the week.

Strength in domestic equity markets and the Reserve Bank of India’s (RBI) recent heavy interventions to shield the rupee from excessive volatility also improved sentiment among currency traders.

The partially convertible rupee opened at 77.3730/$1 as against 77.5600/$1 at previous close. The Indian currency, which was last at 77.4910/$1, moved in a band of 77.3730-77.6260/$1 so far in the day.

On Tuesday, the rupee touched a fresh all-time low intraday level of 77.7850/$1 as weak economic data from China sparked fears of a global economic recession.

However, the domestic currency recouped most losses as the RBI was said to have aggressively intervened in the foreign exchange market – both in the spot market as well as the forwards segment, dealers said.

According to the dealers, the central bank has been heavily selling dollars from its foreign exchange reserves and preventing excessive volatility in the exchange rate since Russia’s invasion of Ukraine in late February led to upheaval in global financial markets.

Coupled with the Federal Reserve’s aggressive rate hike plan, the risk aversion caused by the Ukraine war, has caused the dollar to strengthen sharply as investors favoured the safety of the greenback amid higher US interest rates.

The US dollar index, which had hit a 20-year high of 104.19 earlier this week, fell sharply from those levels and was last at 103.40.

“As the dollar index fell after a good retail sales data from US there was some positivity all over as risk-on sentiments took over from risk aversion pertaining in the last seven days,” Finrex Treasury Advisors Head of Treasury, Anil Kumar Bhansali said.

“Rupee to identify at 77.55 unchanged as Asian currencies still lower against the dollar. Range for the day 77.30 to 77.80. Dips near to 77.30 need to be bought by importers while exporters may sell above 77.60 to 77.70 levels,” he 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