Currency

The rupee on Monday settled 68 paise lower at 71.60 against the US dollar. That marked first fall for the domestic currency in eight sessions. The local currency opened lower at 71.54 and declined to an intraday low of 71.63 against the American currency before ending at 71.60. Concerns over soaring crude prices following drone attacks on Saudi Arabia's oil facilities led to the depreciation in the rupee, said analysts. On Friday, the rupee had ended at 70.92 against the greenback.

The rupee depreciated by as much as 75 paise - or 1.06 per cent - against the US dollar hurt by soaring crude oil prices. After opening at 71.57 against the greenback, down 64 paise compared to the previous close, the rupee declined to 71.67 at the day's weakest point. Analysts say the sharp rise in crude oil prices following drone attacks on Saudi Aramco oil facilities hurt the rupee in the domestic forex market, stoking concerns about the twin deficits. At 2:41 pm, the rupee traded 52 paise - or 0.74 per cent - lower at 71.45 against the US currency.

Continuing its upmove for a seventh straight day, the rupee gained as much as 26 paise to edge past the 71 mark against the dollar on Friday. After starting the session at 71.01, the rupee gained further ground to touch 70.88 against the greenback in morning. Weakness in global crude oil prices and foreign fund inflows amid a steady dollar supported the rupee, say analysts. The latest bout of rise in the rupee comes after macroeconomic data fuelled hopes of further easing of monetary policy by the central bank going forward.

The rupee has appreciated by 125 paise in the last six trading sessions.

The rupee rose by as much as 43 paise against the US dollar on Thursday. After opening higher at 71.43 against the greenback, the rupee climbed to as much as 71.23 by late afternoon deals. According to analysts, gains in domestic stock markets and foreign fund inflows strengthened the domestic currency. At 3:03 pm, the rupee traded at 71.31 against the US currency, up 35 paise - or 0.48 per cent - from its previous close of 71.66.

The rupee rose by as much as 17 paise - or 0.24 per cent - against the US dollar on Friday. After opening marginally lower against the greenback at 71.87 against the greenback, the rupee turned positive in the first few minutes of trade, tracking a positive trend in Asian markets on easing concerns on the US-China trade front. The rupee moved in a range of 71.67-71.89 against the dollar. The rupee was last seen trading at 71.71 against the US currency. According to analysts, gains in the domestic equity markets and news of resumption of US-China trade talks in October supported the rupee.

The rupee rose by as much as 33 paise against the US dollar on Thursday, moving further away from the year's lowest level of 72.40 touched this week. After opening higher at 71.85 against the greenback, the rupee climbed to as much as 71.79 at one point by afternoon deals. According to analysts, gains in domestic stock markets led to the appreciation of the local unit. At 1:39 pm, the rupee traded at 71.91 against the greenback. On Wednesday, the currency had settled higher at 72.12 against the dollar.

Slowing growth concerns pushed central banks across a group of 37 developing economies to deliver a net fourteen interest rate cuts last month - the largest since the financial crisis.

The rupee rose by as much as 43 paise against the US dollar on Wednesday. The rupee opened higher at 72.20 against the greenback, and climbed to as high as 71.96 at one point by afternoon deals. According to analysts, weakening of the American currency in overseas markets led to the appreciation in the local currency. At 2:54 pm, the rupee traded at 72.03 against the greenback. On Tuesday, the rupee had dropped sharply by 97 paise to more than nine-month low of 72.39 against the dollar.

The Indian rupee and the Malaysian ringgit were the worst performers in the region, playing catch up with peers as both markets re-opened for trade after a holiday on Monday.

The rupee had appreciated by 38 paise to close at a two-week high of 71.42 against the US dollar on Friday led by a rally in domestic equities and renewed hopes of the US-China trade talks.

The rupee rose by as much as 18 paise against the US dollar on Friday. The rupee opened higher at 71.76 against the greenback, and climbed to as high as 71.62 at one point by late morning deals. According to analysts, positive developments in the US-China trade talks, a firm trend in domestic equity markets and easing crude oil prices revived the sentiment in the forex market. At 9:39 am, the rupee traded at 71.70 against the greenback, as against its previous close of 71.80.

The rupee fell as much as 27 paise against the dollar on Thursday. Analysts said weak domestic stock markets and persistence foreign fund outflows led to the declines in the local currency. Pessimism over US-China trade talks also put pressure on the domestic unit, they added. At the forex market, the rupee opened lower at 71.96 and fell further to 72.04 at the day's lowest point by late morning deals, against Wednesday's close of 71.77. At 9:59 am, the local unit was trading at 71.94 against the greenback.

Weak fundamentals aside, the currency is also in a seasonally weak month. The rupee has slid an average 2.3 per cent in August over the past nine years, data compiled by Bloomberg show. Yet this time, the losses are much larger than usual and have erased gains accumulated in June and July.

At the Interbank Foreign Exchange, the rupee opened at 72.03 then fell to 72.08 against the US dollar, showing a decline of 42 paise over its previous closing.