In early deals today, the rupee traded at 71.38 a dollar, up 0.10% from Monday’s close of 71.44submitted by idealstockinvestment to u/idealstockinvestment [link] [comments]
Asian currencies were trading lower
The Indian rupee on Tuesday strengthened marginally against the US dollar after international crude oil prices fell on demand worries.
In early deals today, the rupee traded at 71.38 a dollar, up 0.10% from Monday’s close of 71.44. The Indian unit had opened at 71.38 a dollar.
Brent crude slipped on concerns that demand will be hit as the novel coronavirus spread rapidly in China and other countries. Global stocks and currencies also fell on concerns over the spread of the new virus. China on Tuesday reported a further increase in both the death toll and number of infected people from the virus. The director-general of the World Health Organization is visiting Beijing to assess China’s response to the disease as the death toll topped 100 and the number of cases soared overnight.
Traders also focus on the US Federal Reserve meeting due today and tomorrow where it is expected to keep rates unchanged. Traders will also eye the Union Budget on 1 February for cues on fiscal deficit and government borrowing targets. Analysts expect the government may widen fiscal deficit for the current fiscal to 3.7% from 3.3% projected. The government may keep deficit target at 3.5% for next year.
“All of this shall keep the rupee on upward bias but quantum of move shall remain low as people wait for budget before taking long bets. The further course of the pair shall be clearer after the Budget announcement as the markets will react differently to the various measures which shall be announced by the Government,” said CR Forex Advisors in a note to its investors
The yield on the 10-year government bond was at 6.553% compared with its previous close of 6.556%. Bond yield and prices moves in opposite directions. The benchmark Sensex was at 41,150.72, down marginally. Year to date, the index has lost 0.24%.
Year to date, the rupee has strengthened 0.06%, while foreign investors have bought nearly $2.23 billion in Indian equities and sold $1.44 billion in debt.
Asian currencies were trading lower. Malaysian ringgit was down 0.62%, Thai Baht 0.26%, Indonesian rupiah 0.25%, Taiwan dollar 0.25%, Japanese yen 0.07%. China renminbi was up 0.46% and China Offshore 0.11%.
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.948, down 0.01% from its previous close of 97.956.
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Bearish bets that the Indian rupee will weaken rose to their highest level in five years over the past two weeks, a Reuters poll showed, as the unit hit fresh lows, while most emerging currencies reeled from dollar strength and trade tensions.
On Thursday the rupee breached a psychologically important mark of 72.00 for the first time on lack of supply of dollars in the forex market.
The rupiah, which was 0.2 percent stronger against the dollar on Thursday afternoon, has fallen nearly 10 percent this year and has been hovering around levels last seen during the Asian Financial Crisis 20 years ago.
Bearish bets on the Singapore dollar remained largely unchanged, while those in the Chinese yuan decreased marginally.
The People's Bank of China is likely to increasingly intervene to support the currency over the coming year if the dollar remains strong and trade pressures persist, a separate Reuters poll found.
The Reuters survey is focused on what analysts believe are the current market positions in nine Asian emerging market currencies: the Chinese yuan, South Korean won, Singapore dollar, Indonesian rupiah, Taiwan dollar, Indian rupee, Philippine peso, Malaysian ringgit and the Thai baht.
900 Malaysian Ringgit (MYR) to Indonesian Rupiah (IDR) 900 Malaysian Ringgit = 2,991,104.8951 Indonesian Rupiah. Thursday, 02 July 2020, 09:00 Kuala Lumpur time, Thursday, 02 July 2020, 08:00 Jakarta time. Following are currency exchange calculator and the details of exchange rates between Malaysian Ringgit (MYR) and Indonesian Rupiah (IDR). Enter the amount of money to be converted from ... Malaysian Ringgit to Indonesian Rupiah exchange rate. Check live MYR to IDR exchange rates chart, history Malaysian Ringgit to Indonesian Rupiah exchange rates data in charts and detailed tables. Accurate exchange rates updates in live mode, so all information are fresh. Below you'll find both exchange rates MYR/IDR and inverse IDR/MYR. If you want to convert the values of each currency, it's ... Convert Malaysian Ringgit (MYR) to Indonesian Rupiah (IDR) 1 Malaysian Ringgit = 3,323.4499 Indonesian Rupiah. Thursday, 02 July 2020, 09:00 Kuala Lumpur time, Thursday, 02 July 2020, 08:00 Jakarta time. Following are currency exchange calculator and the details of exchange rates between Malaysian Ringgit (MYR) and Indonesian Rupiah (IDR). Enter the amount of money to be converted from ... Malaysian Ringgit to Indonesian Rupiah Conversion Last updated: 2020-11-01 20:14 UTC All figures are live mid-market rates, which are not available to consumers and are for informational purposes only. In finance, an MYR to IDR exchange rate is the Malaysian Ringgit to >Indonesian Rupiah rate at which Malaysian Ringgit to Indonesian Rupiah will be exchanged for another. It is also regarded as the value of MYR to IDR in relation to another currency. For example, an interbank exchange rate of 114 Japanese yen to the United States dollar means that ¥114 will be exchanged for each US$1 or that ... Live Malaysian Ringgit to Indonesian Rupiah Exchange Rate (MYR/IDR) Today This Malaysian Ringgit to Indonesian Rupiah conversion tool allows you to compare the live inter-bank currency rate with ... This is the Malaysian Ringgit (MYR) to Indonesian Rupiah (IDR) exchange rate history data page for the year of 2019, covering 365 days of MYR IDR historical data. Best exchange rate: 3520.0562 IDR ...
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