Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Rupee jumps 17 paise to 70.62 on oil pullback.


Date: 29-11-2018
Subject: Rupee jumps 17 paise to 70.62 on oil pullback
Mumbai: The rupee strengthened by 17 paise to close at 70.62 against the US currency on Wednesday as global crude oilNSE 0.63 % prices slipped below the $60 per barrel mark amid a smart recovery in domestic equity markets. 

Forex dealers said the greenback's weakness against some currencies overseas also aided the domestic unit. 

At the Interbank Foreign Exchange (Forex), the rupee opened lower at 70.88, but soon recovered the lost ground and touched a high of 70.58. 

The domestic unit, however, pared some gains and settled the day up by 17 paise at 70.62 against the US dollar. The rupee had recovered by 8 paise to close at 70.79 against the dollarNSE -1.97 % on Tuesday. 

Forex dealers said bullish trend in the equity market as well as easing crude oil prices also supported the rupee's upward movement. 

"The rupee resumed its uptrend ahead of the important G20 meeting scheduled during this weekend. Further move in the Indian currency is also dependent on the crucial data and events like domestic GDP and fiscal deficit, US GDP and FOMC minutes, scheduled on November 30," said V K Sharma, Head PCG and Capital Markets Group, HDFC Securities. 

Globally, Brent crude, the international benchmark, was trading 0.53 per cent down at USD 59.89 per barrel. 

The BSE Sensex rose for the third straight session Wednesday, gaining over 200 points on short-covering ahead of November derivatives expiry and positive global cues. In similar movement, the broader NSE Nifty reclaimed the 10,700 level. 

Meanwhile, on net basis, foreign funds bought shares worth Rs 811.52 crore while DIIs purchased share to the tune of Rs 31.21 crore Tuesday, provisional data showed. 

"Speculation may have triggered a currency fall," SBI research said in its report, SBI Ecowrap, adding that "relentless increase in crude prices since July did increase speculative activities in foreign exchange market that may have been avoided through vaguely right/ proactive measures". 

The 10-year government bond yield dropped 9 basis points to hit a seven-month low of 7.64 after the Reserve Bank of India announced additional Rs 40,000 crore of open market operation (OMO) purchases in December. 

Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.6881 and for rupee/euro at 79.8752. The reference rate for rupee/British pound was fixed at 90.1368 and for rupee/100 Japanese yen was 62.08. 

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 28-02-2025
Notification No. 12/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 14-02-2025
Notification No. 10/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 13-02-2025
Notification No. 14/2025-Customs
Seeks to amend Notification 11/2021-Customs dated 01.02.2021 to amend AIDC rate on Bourbon whiskey

Date: 11-02-2025
NOTIFICATION No. 09/2025–Central Tax
Seeks to bring rules 2, 8, 24, 27, 32, 37, 38 of the CGST (Amendment) Rules, 2024 in to force

Date: 03-02-2025
[F. No. CBIC-190354/236/2021-TRU]
Corrigendum to Notification No. 50 of 2024 Customs, dated the 30th December, 2024.

Date: 01-02-2025
Notification No. 13/2025-Customs
Seeks to further amend notification No. 153/94-Customs dated the 13 th July, 1994.

Date: 01-02-2025
Notification No. 12/2025-Customs
Seeks to further amend notification No. 19/2019 dated 06 th July 2019.

Date: 01-02-2025
Notification No. 11/2025 – Customs
Seeks to further amend notification No. 25/2002-Customs, dated the 1st March, 2002 so as to add capital goods to the already existing list of capital goods exempted from basic customs duty for manufacture of lithium-ion battery of mobile phones and electrically operated vehicles.

Date: 01-02-2025
Notification No. 09/2025-Customs
Seeks to further amend notification No. 16/2017-Customs, dated the 20 th April, 2017 so to exempt certain drugs for supply under Patient Assistance Programme run by specified pharmaceutical companies.

Date: 01-02-2025
Notification No. 07/2025-Customs
Seeks to further amend notification No. 11/2018-Customs dated 02 th February, 2018 so as to exempt specified goods from the whole of levy of Social Welfare Surcharge.



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001