Us dollar indian rupee

By Sethuraman N R BENGALURU, June 14 (Reuters) - The Indian rupee hit a fresh high on Wednesday, but traders were holding off positional moves ahead of the U.S. Federal Reserve rate decision due later in the day. The rupee INR= was trading at 82.2875 to the dollar by 10:57 a.m. IST, after closing at 82.3675 in the previous session. The domestic currency hit its highest since June 2 at 82.2725. The U.S. inflation data on Tuesday reaffirmed views that the Federal Reserve will likely keep interest rates unchanged in June. There is some weakness in the dollar index, but there would not be much action before the Fed's decision even though the USD/INR pair is more "tilted towards left," a forex trader with a private bank said. Post the CPI data, the odds of a Fed rate hike in June have fallen to 8% from 25% on Tuesday. The dollar index =USD hovered close to an over three-week low hit on Tuesday, while the two-year U.S. yield dropped slightly in Asia after rising to its highest since March 10. Most of the Asian currencies were weak, while the risk sentiment was buoyed by expectations of a Fed rate pause. Meanwhile, the USD/INR broke a technical support at 82.30. The pair is eyeing another minor support at 82.25 even though indicators pointed towards weaker momentum, said Dilip Parmar, research analyst at HDFC Securities. The rupee forward premiums declined with the 1-year implied yield down to 1.72%. Reuters, the news and media division of Thomson Reuters, is the world’s largest ...

At the interbank foreign exchange market, the local unit opened at 82.28 against the US dollar and settled at 82.10 (provisional), up 15 paise over its previous close amid a positive trend in domestic equities. During the day, the domestic unit witnessed an intra-day high of 82.08 and a low of 82.32. On Tuesday, the rupee closed at 82.25 against the US currency. "The Indian rupee rose to a one-month high on reports of corporate inflows and positive domestic equities," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. Choudhary further added that the weak US dollar also supported the rupee while some recovery in crude oil prices capped sharp gains. The US dollar declined on rising expectations of a pause in rate hikes by the US Federal Reserve. "We expect the rupee to trade with a positive bias on weakness in the dollar and expectations of a no rate hike by the US Federal Reserve. A rise in risk appetite in global markets may also support the rupee. However, a positive tone in crude oil prices may cap a sharp upside. We expect the USD/INR spot to trade between 81.60 to 82.50 in the near term," Choudhary added. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.18 per cent to 103.15. Meanwhile, global oil benchmark Brent crude futures advanced 1.09 per cent to USD 75.10 per barrel. On the domestic equity market front, the 30-share BSE Sensex advanced 85.35 points or 0.14 per cent to end at 63,228.51 points, an...

Recently, Commerce Secretary Sunil Barthwal said India is ready to trade in Indian rupee with countries which are "facing currency failure or have dollar shortage". Speaking after the unveiling of Foreign Trade Policy (FTP) 2023 which seeks to increase India’s exports to USD 2 trillion by 2030, the secretary on Friday said the government is focusing on strengthening the rupee payment system. The move to open the special vostro account cleared the deck for settlement of payments in rupee for trade between India and Russia, enabling cross-border trade in the Indian currency. The RBI has also allowed the special vostro accounts to invest the surplus balance in Indian government securities to help popularise the new arrangement.