Subhadip's Feed
Aug 2, 2013

Rupee at record closing low; worst week in nearly 2 years

MUMBAI (Reuters) – The rupee fell to a record closing low on Friday, posting its worst week in 22 months, raising concerns the RBI is losing the battle to prop up the currency while the government has yet to take any meaningful measures to bring in inflows.

The rupee weakened ahead of key U.S. employment data, which will help shape expectations about when the Federal Reserve will start tapering down its monetary stimulus.

Aug 2, 2013

Indian rupee at record closing low; worst week in nearly 2 yrs

MUMBAI, Aug 2 (Reuters) – The Indian rupee fell to a record
closing low on Friday, posting its worst week in 22 months,
raising concerns the central bank is losing the battle to prop
up the currency while the government has yet to take any
meaningful measures to bring in inflows.

The rupee weakened ahead of key U.S. employment data, which
will help shape expectations about when the Federal Reserve will
start tapering down its monetary stimulus.

Aug 1, 2013

Rupee off lows as RBI tightens hedging rules for foreign investors

MUMBAI (Reuters) – The rupee fell on Thursday, but staged a strong rebound from intra-day lows as the Reserve Bank of India continued to bolster its currency defence by tightening rules for curbing speculation by foreign investors, and on rumoured central bank intervention.

The RBI stipulated on Thursday that foreign institutional investors would require a mandate from participatory note holders to hedge on their behalf.

Aug 1, 2013

Indian rupee off lows as RBI tightens hedging rules for foreign investors

MUMBAI, Aug 1 (Reuters) – The Indian rupee fell on Thursday,
but staged a strong rebound from intra-day lows as the Reserve
Bank of India continued to bolster its currency defence by
tightening rules for curbing speculation by foreign investors,
and on rumoured central bank intervention.

The RBI stipulated on Thursday that foreign institutional
investors would require a mandate from participatory note
holders to hedge on their behalf.

Aug 1, 2013

India duels with FX market to keep rupee off record low

MUMBAI (Reuters) – The RBI intervened in the foreign exchange market on Thursday to stop the rupee’s slide toward a record low as its defence of the currency, built around draining cash from money markets, came under rising pressure.

With the Reserve Bank of India struggling to hold the line, investors are sceptical whether the government will take swift, credible action to reduce a gaping current account deficit despite Finance Minister P. Chidambaram’s assurances.

Jul 31, 2013

Rupee near record lows, prompts policy makers to jump in defence

MUMBAI (Reuters) – The rupee gained on Wednesday after recovering from a near-record low hit earlier in session, as policy makers pledged renewed efforts to defend the currency, while traders also cited RBI intervention.

The rupee has slumped 1.7 percent for the month, its third successive month of losses, even after the Reserve Bank of India unveiled steps to defend the currency by draining cash, as the efficacy of the moves were put into question by doubts about the central bank’s resolve.

Jul 31, 2013

Indian rupee near record lows, prompts policy makers to jump in defence

MUMBAI, July 31 (Reuters) – The Indian rupee gained on
Wednesday after recovering from a near-record low hit earlier in
session, as policy makers pledged renewed efforts to defend the
currency, while traders also cited central bank intervention.

The rupee has slumped 1.7 percent for the month, its third
successive month of losses, even after the Reserve Bank of India
unveiled steps to defend the currency by draining cash, as the
efficacy of the moves were put into question by doubts about the
central bank’s resolve.

Jul 30, 2013

Rupee hits 3-week low, testing RBI’s resolve to defend currency

MUMBAI (Reuters) – The rupee fell below the key psychological level of 60 to the dollar to a three-week low on Tuesday, posting its biggest fall in a month, as the RBI kept interest rates on hold and failed to announce any additional steps to defend the currency.

The rupee has now erased all gains since the Reserve Bank of India first announced steps to defend the rupee by withdrawing cash on July 15, and is within sight of a record low of 61.21 hit early this month.

Jul 30, 2013

Indian rupee hits 3-week low, testing RBI’s resolve to defend currency

MUMBAI, July 30 (Reuters) – The Indian rupee fell below the
key psychological level of 60 to the dollar to a three-week low
on Tuesday, posting its biggest fall in a month, as the central
bank kept interest rates on hold and failed to announce any
additional steps to defend the currency.

The rupee has now erased all gains since the Reserve Bank of
India first announced steps to defend the rupee by withdrawing
cash on July 15, and is within sight of a record low of 61.21
hit early this month.

Jul 29, 2013

Rupee snaps three days of gain ahead of RBI rate decision

MUMBAI (Reuters) – The rupee fell for the first session in four on Monday on the back of dollar demand from oil importers and caution ahead of the RBI’s policy review that may give cues about its stance after recent measures to defend the currency.

The Reserve Bank of India is widely expected to keep rates and the cash reserve steady when it unveils monetary policy on Tuesday. Forex dealers will keenly watch, instead, if the central bank indicates more measures to stabilise the currency or gives a timeframe for its current action.