![]() ![]() The benchmark yield has surged 19 basis points since February 21. could worsen the fiscal math, and the government may end up borrowing more in the last two weeks of the month. Separately, uncertainty over the initial share sale of Life Insurance Corp. Of this, about $8.5 billion went out in February and the first seven days of March, according to NSDL, a depository. They have exited a net of $12.3 billion in local investments, including debt and equities, this calendar year. "Mounting pressure on the rupee could upset India's fiscal math, but it is expected to calm down within a week or so."įoreign portfolio investors (FPIs) sold about $1 billion in local equities, provisional trade data for the day showed. "Intense RBI intervention, being felt in the currency market, is helping suck out excess rupee liquidity," said Anindya Banerjee, currency analyst at Kotak Securities. US Dollar to Indian Rupee conversion rate Exchange Rates shown are estimates, vary by a number of factors including payment and payout methods, and are subject to change. To be sure, some dealers expect the dust to settle rather soon. A weakening rupee further increases inflationary expectations. Global crude oil prices hit $139 a barrel, potentially ballooning India's import bills, as overseas shipments make up three-fourths of local motor-fuel consumption. Local fiscal worries would also make monetary policy-making tough." "The risk-off sentiment is driving investors away from the emerging markets. "The rupee will likely remain under pressure as long as crude oil prices keep rising," said Ashhish Vaidya, managing director at DBS India. The one-month Bloomberg Implied Volatility Index surged 149 basis points to 8.74%, its highest level since May 11, 2020. "Rising crude in the aftermath of the Russia-Ukraine conflict is stoking concerns, potentially changing India's fiscal math as imports become dearer." "The rupee entered an uncharted territory, touching record low levels," said Bhaskar Panda, executive vice president at HDFC Bank. Dirham Metical Kyat Namibian Dollar Rupee Euro Naira Won (WPW) Krone Rupee Peso Zloty Euro Riyal Ruble Riyal Dollar Somali Shilling Rand Won (KRW) Pound. At the interbank foreign exchange market, the local currency opened at 79.75 and moved in a range of 79.73 to 79.84 during the day. The rupee slumped on Monday as the dollar extends gains to hit a five-week high after policymakers from Asia to Europe to. The rupee depreciated 20 paise to close at 79.84 (provisional) against the US dollar on Friday amid a strengthening greenback overseas. The local unit had dropped to 77.11 during the trading session, showed data from the Clearing Corporation of India. Rupee Today: Rupee slumps to near four-week low as euro, yuan weaken. SUBMITThe rupee eventually lost 1.05% to the dollar, closing at 76.97 Monday.
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