Rupee trades in narrow range against US dollar in early trade
The Hindu
The Hindu’s updates on the Rupee in forex market
The rupee witnessed range-bound trading in initial deals against the US dollar on Monday (August 12, 2024), as market participants remained on the sidelines ahead of the release of key domestic macroeconomic data.
Forex traders said for the USD/INR pair 84.00 level is acting as a psychological resistance. Market participants are also awaiting cues from the Indian CPI inflation and IIP numbers scheduled to be released later in the day.
At the interbank foreign exchange, the rupee opened at 83.95 against the greenback and traded in a tight range. In initial trade it touched 83.96, registering a fall of 1 paisa over its previous close.
On Friday, the rupee settled for the day higher by 2 paise at 83.95 against US dollar.
"The Indian rupee is expected to be calm as the Reserve Bank continues to buy dollars at lower levels and sell a smaller quantity to keep rupee in a small range," Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP said.
The Reserve Bank of India (RBI) seems to be protecting 83.96 for now. Market also awaits for US CPI inflation data on Wednesday, Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.08 per cent higher at 103.22.
India may be able to develop its own high-end computing chipset, known as GPUs, in the next 3-5 years, Union Minister Ashwini Vaishnaw said.
DeepSeek has computer code that could send some user login information to a Chinese state-owned telecommunications company, say researchers.
Workday is cutting about 1,750 jobs, or 8.5% of its workforce as it focuses on AI.
Reliance Industries, ITC, and other major companies announce significant investments in West Bengal at BGBS 2025.
The Union Budget seems to have got many things right
LIC receives ₹105.42 crore GST demand notice for seven years, no material impact on operations.
Stock markets close lower as investors turn cautious ahead of RBI's monetary policy decision amid trade war concerns.
India has accused South Korea’s Kia of evading taxes of $155 million by misclassifying component imports but the carmaker has denied wrongdoing, the latest fight by a foreign automaker with New Delhi over tariffs, according to a document and two sources.
Rupee hits all-time low against dollar amid global trade war concerns, RBI rate cut expectations, and weak services sector.
Zomato CEO Deepinder Goyal clarifies controversial hiring process, with 30 candidates selected from 18,000 applications.
Bombay High Court to hear Skoda Auto Volkswagen India's plea challenging $1.4 billion tax demand on February 17.
Gold demand in India rose 5% in 2024 to 802.8 tonnes, with 2025 consumption expected between 700-800 tonnes.
India's services sector growth slows in January, but remains above 50; new export business rebounds, job creation accelerates.