Rupee lower; large state-run banks buying dollars

Tags: Rupee, News
The rupee falls to 60.27/28 from its Wednesday close of 60.14/15, as state-run banks are spotted buying dollars, which traders say is likely for defence and oil-related payments.

Gains in USD/INR come despite positive stocks, with the Sensex up 0.2 percent.

The gap between the spot USD/INR and one-month NDF has widened to around 0.45 rupee on Thursday, much higher than the usual 0.20-.025 rupee spread, suggesting offshore players expect the dollar to gain against the rupee in the near-term.

Asian shares look to extend recent solid gains on Thursday after minutes of the Federal Reserve's latest policy meeting suggested the Fed may be more cautious towards raising interest rates than markets had thought.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Back from the US of A, Modi will now have to walk the talk

    It would be no overstatement to suggest that prime minister Narendra Modi’s five-day trip to the US was an exercise in PR diplomacy.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Simon J Evenett

Where the mind leads, actions follow

Whether in business, government, non-profits, or elsewhere, what assumptions underpin ...

Zehra Naqvi

Fading empathy in the modern world

The episode of a man being mauled to death by ...

Gautam Gupta

French fashion icon Gaultier’s pret goodbye

With Gaultier gone, the world of international prêt will never ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture