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

Rupee perilously close to plumbing new lows as oil rises; ECB meet eyed.

Date: 09-06-2022
Subject: Rupee perilously close to plumbing new lows as oil rises; ECB meet eyed
NEW DELHI – The rupee was steady versus the greenback on Thursday as traders exercised caution ahead of crucial events lined up in the next couple of days, including the European Central Bank’s policy statement and the release of inflation data in the US.

Rising crude oil prices and relentless sales of Indian equities by foreign portfolio investors, however, ensured that the rupee was precariously close to weakening past record lows.

The partially convertible rupee was last at 77.73/$1, unchanged from the previous close. The 77.73/$1 level was the record closing low that domestic currency settled at on May 19.

With inflation in the Eurozone jumping to a record high in May, the ECB is widely expected to move towards a tighter monetary policy.

The US inflation data, meanwhile, is expected to influence the quantum of future rate hikes by the Federal Reserve which has signalled aggressive monetary tightening in order to rein in a record rise in consumer prices.

Higher interest rates in advanced economies dim the appeal of assets in riskier emerging markets such as India.

Overseas investors have rushed to exit Indian equity markets over the last few months, with their net sales so far in the year at a massive Rs 1.7 lakh crore.

The surge in oil prices brought about the supply disruptions caused by the Ukraine war have worsened the outlook on the rupee as India imports more than 880 per cent of its fuel needs.

Brent crude futures for August nudged up 12 cents to $123.70 a barrel by 0033 GMT, while the US West Texas Intermediate (WTI) crude for July was at $122.17 a barrel, up 6 cents.

The domestic currency, however, has been spared too much damage – depreciating to a lower extent - than many emerging market peers, because of aggressive dollar sales by the Reserve Bank of India, dealers said.

With the RBI’s headline, foreign exchange reserves currently at a formidable $600 billion speculation against the rupee are fraught with risk.

“Sword is still hanging on the rupee amid persistent FII selling from EM’s, elevated oil prices and upward inflationary pressure for coming quarters,” CR Forex Advisors MD Amit Pabari said.

“However, the only ray of hope for the rupee presently will remain RBI, who has actively and aggressively participated to protect the rupee from the heat so far. As long as the pair is trading below 77.80 levels, there remains a hope for 77.40-77.50 levels.”
Source Name:-Economic Times

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 02-05-2024
Notification No. 34/2024 - Customs (N.T.)
Exchange Rate Notification No. 34/2024-Cus (NT) dated 02.05.2024-reg.

Date: 18-04-2024
Notification No. 30/2024 - Customs (N.T.)
Exchange Rate Notification No. 30/2024-Cus (NT) dated 18.04.2024-reg.

Date: 15-04-2024
Notification No.29/2024-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 12-04-2024
Seeks to extend the due date for filing of FORM GSTR-1, for the month of March 2024

Date: 10-04-2024
NOTIFICATION No. 08/2024- Central Tax
Seeks to extend the timeline for implementation of Notification No. 04/2024-CT dated 05.01.2024 from 1st April, 2024 to 15th May, 2024

Date: 09-04-2024
Notification No. 28/2024-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 08-04-2024
Notification No 07/2024 – Central Tax
Seeks to provide waiver of interest for specified registered persons for specified tax periods

Date: 05-04-2024
Notification No. 23/2024-Customs
Seeks to amend No. 64/2023-Customs, dated the 7th december, 2023 in order to allow duty free imports of yellow peas with bill of lading issued on or before 30.06.2024

Date: 04-04-2024
Notification No. 27/2024 - Customs (N.T.)
Exchange Rate Notification No. 27/2024-Cus (NT) dated 04.04.2024-reg

Date: 02-04-2024
Notification No. 22/2024-Customs
Seeks to fully exempt the applicable export duty on exports of Kalanamak rice not exceeding 1000 MTs subject to the specified conditions.

Exim Guru Copyright © 1999-2024 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.


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