Arab Today, arab today rupee trudges back and helps stocks
Last Updated : GMT 14:14:15
Arab Today, arab today
Arab Today, arab today

Rupee trudges back and helps stocks

Arab Today, arab today

Arab Today, arab today Rupee trudges back and helps stocks

Mumbai - Arabstoday

The Indian rupee recovered after earlier dropping to its third consecutive daily record low, tracking a recovery in domestic stocks and after a central bank deputy governor said the Reserve Bank of India would continue to defend the currency. RBI’s Subir Gokarn said the central bank will continue with its intervention as well as administrative measures to support the local currency, which has fallen over 10 per cent since its February peak. The rupee also recovered despite the battering of other global risk assets on Friday as it approached the psychologically key level of 55.00, and as traders speculated the RBI was still liable to implement measures after already targeting deposits and exporters’ foreign currency accounts. “I think the rupee is oversold. There cannot be an unidirectional move. I expect the RBI to come in with some measures which will pull back the rupee to 54-53.50 levels to the dollar,” said Subramanian Sharma, director at Greenback Forex. The USD/INR settled at 54.42/44 per dollar on Friday compared to on Thursday’s close of 54.48/49, according to State Bank of India closing data. The rupee had started the day on a much weaker footing, having hit a new record low of 54.91 earlier in the session, though gains in the main stock indexes after strong earnings from State Bank of India helped the local unit as well. No actual intervention from the central bank was spotted by dealers on Friday, though traders speculated the RBI could open a window for oil companies to buy dollars directly from the central bank. Traders estimate demand from state-run oil firms to be about $400-$500 million a daily basis, forming a substantial chunk of daily market demand. Still, more measures from the RBI are expected after the rupee has hit record lows in the previous three sessions, surpassing the previous all-time lows hit in December. Despite the central bank’s best efforts, traders say the rupee may see more falls if global risk aversion continues, given India also faces steep challenges at home, primarily in the form of a widening current account deficit.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rupee trudges back and helps stocks Arab Today, arab today rupee trudges back and helps stocks

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rupee trudges back and helps stocks Arab Today, arab today rupee trudges back and helps stocks

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Russia and Iraq restore air travel

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 11:53 2017 Saturday ,16 September

Jolie effect helps Namibian tourism

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday