Rupee slips 19 paise to 71.47 against dollar in early trade on weak opening in domestic equities; falling oil prices support local unit
The rupee opened weak at 71.39 at the interbank forex market and then fell further to 71.47, down 19 paise over its last close.
Rupee slips 6 paise to 70.90 ahead of US Fed policy outcome; foreign fund inflows, stocks rally back domestic currency
Starting off weaker, the rupee went on to hit a low of 71.03 against the US dollar during the day.
The rupee made a recovery later in line with gains in equity markets and touched a day's high of 68.76 to US dollar.
Forex traders said the rupee is trading in a narrow range as market participants are awaiting cues from the Federal Open Market Committee meeting on 31 July.
Rupee rises 6 paise to 68.92 against dollar in early trade amid positive opening in domestic equity market
The rupee is expected to trade in a narrow range ahead of the much crucial European Central Bank policy statement to be released later on Thursday.
The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation
The U.S. Federal Reserve kept interest rates unchanged on Wednesday and signalled it still planned to raise rates twice in 2016, though it said slower economic growth would crimp the pace of monetary policy tightening in future years.
India is one such market, where these “tourist dollars” are coming in and will continue to come in, if the central banks of the developed world continue running an easy money policy.
The U.S. Federal Reserve kept interest rates unchanged on Wednesday and said it was "closely monitoring" global economic and financial developments, signaling it had accounted for a stock market selloff but wasn't ready to abandon a plan to tighten monetary policy this year
In last four sessions, the index plunged 1,046 points
The horse, as they say, has already bolted by now
He further said the policies pursued by the Emerging Market Economies (EMEs) to bring growth back have been effective and India stands committed to the incremental 2 per cent growth in the global GDP.<br />
The path to US monetary policy normalization is becoming clearer. Comments by Fed reserve chief Janet Yellen Sep 17 were arguably the most hawkish in recent times.<br />
The expectation for the Fed to continue cutting its purchases by $10 billion at each of its meetings this year was unanimous among the 17 primary dealers surveyed following the Federal Open Market Committee's first meeting of 2014.
Due by the end of the month, the report is meant to issue recommendations aimed at sharpening the focus of the central bank and increasing its accountability.
Caution ruled in stock markets, with MSCI's broadest index of Asia-Pacific shares outside Japan flat at 464.14. Japan's Nikkei firmed 0.8 percent while Australian shares were a fraction lower.<br /><br />