Indian rupee – Lumbee Tribe http://lumbee-tribe.org/ Fri, 03 Dec 2021 15:19:40 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://lumbee-tribe.org/wp-content/uploads/2021/10/icon-9-120x120.png Indian rupee – Lumbee Tribe http://lumbee-tribe.org/ 32 32 Bitcoin to Indian Rupee BTC / INR rate today – cryptomode https://lumbee-tribe.org/bitcoin-to-indian-rupee-btc-inr-rate-today-cryptomode/ Fri, 03 Dec 2021 10:44:51 +0000 https://lumbee-tribe.org/bitcoin-to-indian-rupee-btc-inr-rate-today-cryptomode/ Cryptocurrency exchanges primarily convert your cryptocurrency, which is bitcoin, into your local currency, which can be Rupees, US Dollars, or Euros, among others. If you want to convert your bitcoins to Indian rupees, you can do so at safetradebinaryoptions.com, a dedicated website for this purpose. You can find a calculator that will help you with […]]]>

Cryptocurrency exchanges primarily convert your cryptocurrency, which is bitcoin, into your local currency, which can be Rupees, US Dollars, or Euros, among others. If you want to convert your bitcoins to Indian rupees, you can do so at safetradebinaryoptions.com, a dedicated website for this purpose. You can find a calculator that will help you with conversions here. You can also find out what the conversion rate is on a specific day.

The value of bitcoin varies a lot. Unlike traditional currencies, Bitcoin appears to be a riskier investment because it is not issued by the central bank or backed by a government. Additionally, buying bitcoin is separate from buying stocks or bonds because Bitcoin is not a legal person. There is therefore no corporate balance sheet.

Here are the few factors that impact the price of bitcoin:

To supply

The supply of a particular asset has a significant impact on the price of that asset. High prices are more likely to be associated with scarce assets, while low prices are more likely to be associated with readily available assets in abundance. Since its inception, the supply of Bitcoin has continued to decline. The cryptocurrency protocol only allows new bitcoins to be created at a fixed rate, intended to slow down over time. As a result of this decrease in supply, Bitcoin’s market share fell from 6.9% in 2016 to 4.4% in 2017 and 4% in 2018. The Bitcoin halving events, which are taking place every four years is usually accompanied by a significant increase in the price of the cryptocurrency. , indicating that the supply of cryptocurrency has been reduced.

Demand

Although Bitcoin has not yet gained wide acceptance as a medium of exchange, it has gained the attention of retail investors. The economic and geopolitical factors that influence the demand for Bitcoin change the location of the demand for Bitcoin. According to reports from 2020, for example, Chinese citizens have used cryptocurrency to bypass capital controls. Countries with high inflation and devalued currencies have also seen an increase in the popularity of bitcoin. It is also popular among criminals, who use it to conduct large-scale money transfers in order to carry out illegal activities. Finally, due to increased media coverage, investor demand for cryptocurrencies has increased.

All of this indicates that a decrease in supply coincided with an increase in demand, which acted as a catalyst for the rise in bitcoin prices. The cryptocurrency ecosystem has developed a pattern of booms and busts that alternates regularly. When bitcoin prices soared in 2017, this was followed by a prolonged winter, as it did in 2018.

Production costs

The cost of production, just like with other commodities, plays an important role in determining the price of bitcoin. According to recent research, the price of bitcoin on cryptocurrency exchanges is inversely proportional to its marginal cost of production.

The cost of producing bitcoin is roughly equal to the sum of the direct fixed costs for the infrastructure and electricity needed to mine the cryptocurrency and an indirect cost related to the level of difficulty of the algorithm used for it. to exploit. Essentially, bitcoin mining is a competition between miners to solve a complex mathematical problem – the first miner to solve the problem successfully wins a reward of newly minted bitcoins and all accrued transaction fees.

According to estimates from some websites, the amount of electricity consumed by the bitcoin mining process is equal to or greater than the total electricity consumption of entire countries. The difficulty level of the algorithm used in bitcoin mining is an indirect cost of bitcoin mining. The different difficulty levels of bitcoin’s algorithms can speed up or slow down the rate of bitcoin production, affecting the total bitcoin supply and, therefore, the price of bitcoin.

Competetion

There are hundreds of other cryptocurrencies competing for crypto investment dollars, although Bitcoin is the most well-known. By 2021, Bitcoin will have overtaken all other cryptocurrencies in terms of transaction volume. However, its dominance has faded over time. Bitcoin accounted for over 80% of the total market capitalization in the cryptocurrency markets in 2017. By 2021, that percentage would have fallen to less than 50%.

Although it has diverted investment dollars from the Bitcoin ecosystem, the competition has attracted new investors to the asset class. As a result, there has been an increase in demand and awareness of cryptocurrencies. Bitcoin has benefited from the attention it has received as the flagship of the cryptocurrency ecosystem, and its prices have risen accordingly.

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United Arab Emirates: Indian rupee could fall further against dirham due to new Omicron Covid variant – News https://lumbee-tribe.org/united-arab-emirates-indian-rupee-could-fall-further-against-dirham-due-to-new-omicron-covid-variant-news/ Sun, 28 Nov 2021 05:29:47 +0000 https://lumbee-tribe.org/united-arab-emirates-indian-rupee-could-fall-further-against-dirham-due-to-new-omicron-covid-variant-news/ Investors shy away from riskier assets, look to safe-haven assets like the US dollar Indian rupee, gold rate, rupee rate, exchange rate, RBI, Brexit Posted: Sun, Nov 28, 2021, 9:29 AM Last update: Sun 28 Nov 2021, 09:41 The Indian rupee is expected to fall further as investors shy away from riskier assets and turn […]]]>

Investors shy away from riskier assets, look to safe-haven assets like the US dollar



Indian rupee, gold rate, rupee rate, exchange rate, RBI, Brexit

Posted: Sun, Nov 28, 2021, 9:29 AM

Last update: Sun 28 Nov 2021, 09:41

The Indian rupee is expected to fall further as investors shy away from riskier assets and turn to safe-haven assets like the US dollar following the emergence of a new, more contagious variant of Covid-19.

Omicron, the new variant of Covid, has been reported in some African and European countries.

Analysts expect the rupee to fall about 1.4 percent to 80 against the US dollar (or 20.7 against the UAE dirham) in the near term. According to xe.com, the rupee strengthened from 20.55 on October 13 to 20.13 on November 9. But the Asian currency started to fall again and was trading at 20.4 against the dirham on Sunday.

Emerging markets are viewed as risk assets from a global investment perspective, while US Treasuries are viewed as safe haven assets.

READ ALSO :

“Before the discovery of the new variant of Covid-19, Indian stocks were among the best performing assets in the world. So it’s quite likely that investors are reserving profits on the table, ”Century Financial said in a note.

In addition, the Reserve Bank of India, which was due to raise the repo rate at its December 8 meeting, may now become cautious.

“Already Indian government yields have fallen in response to the news of Covid. This may fuel a massive sell off in the Indian rupee, and it could drop to 20.70 against the UAE dirham this week. Overall, the Indian rupee could cross the 80 mark in the coming months, ”he said.

-waheedabbas@khaleejtimes.com


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Indian rupee drops to 20.31 against UAE dirham https://lumbee-tribe.org/indian-rupee-drops-to-20-31-against-uae-dirham/ Wed, 24 Nov 2021 11:00:55 +0000 https://lumbee-tribe.org/indian-rupee-drops-to-20-31-against-uae-dirham/ The Indian rupee depreciated 12 paise to 74.54 against the US dollar (20.31 against the UAE dirham) on Wednesday morning, following the strengthening of the US dollar. In the Indian interbank foreign exchange market, the rupee opened on a low note at 74.53, then lost ground to hit 74.54 against the dollar in initial trades, […]]]>

The Indian rupee depreciated 12 paise to 74.54 against the US dollar (20.31 against the UAE dirham) on Wednesday morning, following the strengthening of the US dollar.

In the Indian interbank foreign exchange market, the rupee opened on a low note at 74.53, then lost ground to hit 74.54 against the dollar in initial trades, registering a decline of 12 paise against the dollar. the last fence.

The dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.06% to 96.55.

Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors, said Asian currencies traded slightly and European currencies continued to decline as new cases of coronavirus and the outlook for US rate hikes keep the dollar at the rise.

According to Bhansali, the rupee is expected to move in a range of 74.30 to 74.70 during the day.

“Exporters can sell for cash or very short or long and keep positions open for the medium term targeting at least 75.00. Importers should hedge at levels of 74.30 and 74.40”, a- he declared.

On the Indian stock market front, the 30-stock Sensex traded 95.59 points or 0.16% higher at 58,759.92, while the wider NSE Nifty rose 39.40 points or 0 , 23% at 17,542.75.

(With PTI entries)

Copyright © 2021 Khaleej Times. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).


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Indian rupee slips to 20.31 against UAE dirham – news https://lumbee-tribe.org/indian-rupee-slips-to-20-31-against-uae-dirham-news/ Wed, 24 Nov 2021 05:47:21 +0000 https://lumbee-tribe.org/indian-rupee-slips-to-20-31-against-uae-dirham-news/ The rupee is likely to move within a range of 74.30 to 74.70 during the day Photo: File Posted: Wed, 24 Nov 2021, 09:47 AM The Indian rupee depreciated 12 paise to 74.54 against the US dollar (20.31 against the UAE dirham) on Wednesday morning, following the strengthening of the US dollar. In the Indian […]]]>

The rupee is likely to move within a range of 74.30 to 74.70 during the day



Photo: File

Posted: Wed, 24 Nov 2021, 09:47 AM

The Indian rupee depreciated 12 paise to 74.54 against the US dollar (20.31 against the UAE dirham) on Wednesday morning, following the strengthening of the US dollar.

In the Indian interbank forex market, the rupee opened on a low note at 74.53, then lost ground to hit 74.54 against the dollar in initial trades, registering a decline of 12 paise against the dollar. the last fence.

The dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.06% to 96.55.

Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors, said Asian currencies traded slightly and European currencies continued to decline as new cases of coronavirus and the outlook for US rate hikes keep the dollar at the rise.

READ ALSO :

According to Bhansali, the rupee is expected to move in a range of 74.30 to 74.70 during the day.

“Exporters can sell for cash or very short or long and keep positions open for the medium term by targeting at least 75.00. Importers should hedge at levels of 74.30 and 74.40”, a- he declared.

On the Indian stock market front, the 30-stock Sensex traded 95.59 points or 0.16% higher at 58,759.92, while the wider NSE Nifty rose 39.40 points or 0 , 23% at 17,542.75.

(With PTI entries)


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Where does the Indian rupee go in the near future? https://lumbee-tribe.org/where-does-the-indian-rupee-go-in-the-near-future/ Mon, 08 Nov 2021 08:00:00 +0000 https://lumbee-tribe.org/where-does-the-indian-rupee-go-in-the-near-future/ Capital.com is speaking with Ashhish Vaidya, Managing Director and Head of Markets, DBS Bank India, to find out how the Indian Rupee will perform in the post-pandemic landscape and what factors will play a role in shaping its fortune. Where do you think the Indian Rupee (INR) is heading in the short term and beyond? […]]]>

Capital.com is speaking with Ashhish Vaidya, Managing Director and Head of Markets, DBS Bank India, to find out how the Indian Rupee will perform in the post-pandemic landscape and what factors will play a role in shaping its fortune.

Where do you think the Indian Rupee (INR) is heading in the short term and beyond?

We have seen a steady depreciation of the INR for a period of over 30 years, but the pandemic has caused a change. The demographics are shifting in favor of India from a consumer perspective. This comes at a time when the developed world – which has provided enormous tax benefits to their economies – is facing exceeding debt-to-GDP (gross domestic product) ratios.

The developed world will experience a larger spike in inflation and real growth will be lower in India where we have seen the [Consumer Price Index] The CPI rises in the short term. In the long run, we see a range of around 4%, with [gross domestic product] GDP also growing by around 6-7% and real growth differentials very low.

It may in fact be in favor of India. The current change in the strategy of the rupee, and of oil in the shorter term, will influence a further depreciation of the rupee. However, when oil stabilizes there will be a temporal correction and we will see a positive effect on the value of the rupee.

Over the longer term, the rupee has the potential to outperform developed currencies. The central bank has spent the past two years building up dollar reserves and making the nation “temper proof.”

If we go for it [a programme] with liquidity and rate hikes, India and Indians will be much better off. This is the longer term picture.

In the shorter term, the INR will be stimulated by oil movements. Oil represents an important part of the country’s contributions. As a rule of thumb, we always look at the US dollar / rupee (USD / INR) exchange rate and if it reverses its rate, the rupee will start to strengthen on a structural basis.

Although the USD is a reserved currency, the status of the US dollar is now in question as alternatives become available and billings in other currencies increase. As a result, the INR will largely regain.

3 year INR / USD chart

3-year INR / USD chart – Image: Investing.com

During the pandemic, the Reserve Bank of India chose to aggressively pool its foreign exchange reserves. India’s import coverage improved significantly, the country’s foreign exchange reserves reached $ 635.36 billion at the end of September 2021, and import coverage fell to 15.8 months at the end of June 2021, from 17, 4 months in March. What impact will this have now and in the future?

The RBI reserves will give India some cover in terms of foreign affairs and business management. Traditionally, import coverage has been around 8-10, so the increase in numbers means we’re pretty secure in that sense.

Of course, supply disruptions and other issues caused by the pandemic have hit countries around the world in recent months. But business will pick up organically. As the pandemic really subsides, I think businesses will get back to normal. Some won’t, maybe because they were already struggling, but that’s the natural cycle of evolution.

What impact do you think cryptocurrencies have on fiat currencies in general like the US dollar, and INR in particular?

Crypto is not legal in India and is not yet an alternative form of investment, so it is not possible to examine the effects on fiat currencies. For now, it’s still about the price of oil and keeping an eye out for the emergence of cryptocurrencies.

What do you think of India’s political and legal framework and its handling of the coronavirus pandemic?

While the policies put in place go in the right direction, there is still the school of thought that more could have been done. But the rupee is in a pretty good position today, so I think that indicates pretty good handling of the overall situation.

What about the impact of oil? Does it weigh as the heaviest influence on Indian currency?

Overall, the USD / INR rate should be 76 rupees to the dollar. It would be accommodating even if the oil hits around 90 or 95 and I think oil has the potential to go higher as there has been no investment in the oil and gas sector for the last two or three years in due to the rise of environmental and social governance policies. This type of pricing is inevitable, but as alternatives emerge, it will lead to change.

If oil rises we will see INR76 to the dollar in six months, but at the slightest sign of oil stabilizing and falling slightly we will see the rupee appreciating slightly around the 76-74.5 mark in the six to next eight months.

Oil is the broker of the pack. If oil goes up, the currency will depreciate. If oil drops, the currency will appreciate.

3 year oil price chart / INR

3-year oil price chart / INR - Image: Investing.com3-year oil price chart / INR – Image: Investing.com

How heavy are inflationary fears on the rupee?

Higher inflation is a concern facing the entire world, with the US forecast moderating to around 3.5. While this real growth can be impressive, coupled with the high debt-to-GDP ratio, it can make the dollar weaker. This in turn will strengthen the INR in the medium and long term.

Previously, the dollar exchange rate had a big impact on commodities. But over the past 30 to 40 years, that has changed as the dollar’s reserved currency status is called into question. The correlation you see between the dollar index and commodities has changed.

Russia, China and Europe are all moving away from dollar investments as we see several currencies grow. In my opinion, the question of whether cryptocurrencies will play a significant role has not yet been resolved.

Ashhish VaidyaPhoto: DBS Bank

Read more: Metals: gold is approaching summer highs, palladium is gaining ground

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Indian rupee strengthens against US dollar ahead of Fed meeting … https://lumbee-tribe.org/indian-rupee-strengthens-against-us-dollar-ahead-of-fed-meeting/ Sat, 06 Nov 2021 11:07:13 +0000 https://lumbee-tribe.org/indian-rupee-strengthens-against-us-dollar-ahead-of-fed-meeting/ (MENAFN- Khaleej Times) Wed Nov 3, 2021, 9:42 AM The Indian rupee jumped 14 paise to 74.54 against the US dollar (20.31 against the UAE dirham) on Wednesday morning as IPO-related entries and a positive trend in domestic stocks supported the Indian currency. In the Indian interbank foreign exchange market, the rupee opened strongly at […]]]>

(MENAFN- Khaleej Times) Wed Nov 3, 2021, 9:42 AM

The Indian rupee jumped 14 paise to 74.54 against the US dollar (20.31 against the UAE dirham) on Wednesday morning as IPO-related entries and a positive trend in domestic stocks supported the Indian currency.

In the Indian interbank foreign exchange market, the rupee opened strongly at 74.64 against the dollar and gained further ground to 74.54 in early trades, up 14 paise from its previous close. On Tuesday, the rupee stood at 74.68 against the US dollar.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.01% to 94.07.

“The rupee is gaining ground despite the dollar index rising above 94.00 due to cash flows from large IPOs,” said Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors.

Traders said investors will follow the results of the US Fed meeting for further information.

“If the Fed is hawkish, maybe we could see new dollar strength, otherwise the decrease has been fully reflected by the market,” Bhansali said.

On the Indian stock market front, BSE Sensex traded 238.71 points or 0.40% higher at 60,267.77 while the wider NSE Nifty rose 76.50 points or 0.43% at 17,965.45.

(with PTI entries)

MENAFN061120210000049011007ID1103110882

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Indian rupee wins to reach 20.37 against UAE dirham – news https://lumbee-tribe.org/indian-rupee-wins-to-reach-20-37-against-uae-dirham-news/ Tue, 02 Nov 2021 05:31:28 +0000 https://lumbee-tribe.org/indian-rupee-wins-to-reach-20-37-against-uae-dirham-news/ Markets trade in a small range ahead of major central bank meetings. Relative to staff Posted: Tue, 2 Nov 2021, 09:31 AM The Indian rupee edged up eight paise to 74.79 against the US dollar (20.37 against the UAE dirham) on Tuesday morning ahead of meetings of the US Federal Reserve and other central banks […]]]>

Markets trade in a small range ahead of major central bank meetings.



Relative to staff

Posted: Tue, 2 Nov 2021, 09:31 AM

The Indian rupee edged up eight paise to 74.79 against the US dollar (20.37 against the UAE dirham) on Tuesday morning ahead of meetings of the US Federal Reserve and other central banks this week.

In the Indian interbank foreign exchange market, the rupee opened strongly at 74.83 against the dollar and rose further to 74.79 in early trades, an eight paise rise from its previous close.

On Monday, the rupee stood at 74.87 against the US dollar.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.03% to 93.84.

Most emerging market and Asian currencies started to be mixed on Tuesday, while crude remained firm and could be biased towards appreciation, Reliance Securities said in a research note.

On the Indian stock market front, BSE Sensex was trading 20.46 points or 0.03% higher at 60,158.92, while the broader NSE Nifty index rose 9.35 points or 0.05 % at 17,939.00.

Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors, said ahead of the US Fed, Opec and NFPR meetings that all markets are trading within a tight range.

(with PTI entries)


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USD / INR: Indian Rupee Forex Report As of November 01 https://lumbee-tribe.org/usd-inr-indian-rupee-forex-report-as-of-november-01/ Tue, 02 Nov 2021 04:52:25 +0000 https://lumbee-tribe.org/usd-inr-indian-rupee-forex-report-as-of-november-01/ USD / INR- Indian currency closes near 75 due to inflation concerns, however, it does not go above 75 despite the pre-fueled issues. As a result, it stood at 74.86 on November 1. The Indian Rupee traded between 74.821 and 74.910 today. Now, the influx of dollars and the intervention of the RBI are weakening […]]]>

USD / INR- Indian currency closes near 75 due to inflation concerns, however, it does not go above 75 despite the pre-fueled issues. As a result, it stood at 74.86 on November 1. The Indian Rupee traded between 74.821 and 74.910 today. Now, the influx of dollars and the intervention of the RBI are weakening the uptrend of the USD / INR. In contrast, the dollar index rose today. As a result, its value increased and stood at 93.92 at 6:25 p.m. EDT on Monday.

The price of gasoline in India is increasing sharply, as of now it stands at ?? 110 / liter in Delhi after increasing for the seventh day in a row.

USD / INR: Oil price

US WTI crude oil prices are very volatile. Oil refiners are beginning to contend with margins affected by record natural gas prices in Europe and Asia. In addition, oil demand forecasts are falling flat as demand continues to grow. As a result, the forecast for oil prices is very uncertain today. The latest news is that oil prices are expected to rise at a high level due to the huge drawdown in crude inventories. As a result, crude oil rose 0.03% at 7:40 p.m. on November 1 to trade at $ 84.05 a barrel globally. On the other hand, Brent Crude was pegged at $ 84.82 per barrel and traded at a higher rate of 0.13%.

USD / INR- Gold Price

Precious metal prices are slowing their rebound in India, they are very volatile and are trying to regain their momentum. The import of gold into India has increased 8 times. On Monday, gold futures fell 0.15% or ??73.00 moved to ?? 47830.00 per 10 grams on the multi-product purse. At the same time, silver futures fell by ?? 113.00 or 0.17% to be paid at ?? 64834.00 kg. Fear of the emergence of the third wave of the COVID-19 pandemic and COVID-19 mutants has kept precious metal prices on the rise this year. In the international market, Spot Gold was trading at $ 1,783 an ounce in New York City. In contrast, silver was trading at $ 23.75 an ounce.

USD / INR- Sensex today

BSE Sensex rose and finished in the green on November 1 after falling for three consecutive days last week. As a result, Sensex increased 0.12% or 71.41 points. Thus, ending the session at 60209.87 at 4:10 p.m. IST Monday. On the other hand, the NIFTY also fell 0.16% or 27.95 points and finished at 17,956.85.


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Rupee slips 16 paise to 75.04 against US dollar at start of trade, Auto News, ET Auto https://lumbee-tribe.org/rupee-slips-16-paise-to-75-04-against-us-dollar-at-start-of-trade-auto-news-et-auto/ Mon, 01 Nov 2021 06:47:00 +0000 https://lumbee-tribe.org/rupee-slips-16-paise-to-75-04-against-us-dollar-at-start-of-trade-auto-news-et-auto/ On Friday, the rupee closed at 74.88 against the US dollar. MUMBAI: The Indian rupee depreciated 16 paise to 75.04 against the US dollar when trade opened on Monday, weighed down by the strength of the US currency in the overseas market. In the interbank forex market, the rupee opened on a low note at […]]]>
On Friday, the rupee closed at 74.88 against the US dollar.

MUMBAI: The Indian rupee depreciated 16 paise to 75.04 against the US dollar when trade opened on Monday, weighed down by the strength of the US currency in the overseas market.

In the interbank forex market, the rupee opened on a low note at 75, then fell further to 75.04, recording a decline of 16 paise since the last close.

On Friday, the rupee closed at 74.88 against the US dollar.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.14% to 94.25.

The dollar-rupee opened at 75.00 levels and is expected to remain in the 74.70-75.20 range for the day as IPO flows continue to hit the market and oil company exits absorb the inflows. “, said Anil Kumar Bhansali, head of the Treasury. , Finrex Treasury Advisors.

The market is awaiting the results of the US Fed meeting on November 3, the OPEC meeting on November 4, and the NFPR data on November 5. The effects will be visible on November 8, after the shortened weekend, Bhansali said.

Exporters are expected to sell close to 75.05 to 75.10 and importers are expected to buy close to 74.80 for their short-term exposures, he added.

Global benchmark Brent crude oil futures fell 0.32 percent to $ 83.45 a barrel.

In addition, foreign institutional investors were net sellers in the capital market on Friday as they shed shares worth Rs 5,142.63 crore, according to exchange data.

On the national stock market front, the 30-stock Sensex traded 308.47 points or 0.52% higher at 59,615.40, while the broader NSE Nifty index rose 94.75 points or 0.54% to 17,766.40.

In the interbank forex market, the domestic unit opened at 74.78 against the greenback and saw an intraday high of 74.74 and a low of 74.98 during the day. It ultimately finished at 74.88 to the dollar.


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Expats in the United Arab Emirates: Time to Pay? Pakistani and Indian rupees to weaken in November, Philippine peso to retreat slightly https://lumbee-tribe.org/expats-in-the-united-arab-emirates-time-to-pay-pakistani-and-indian-rupees-to-weaken-in-november-philippine-peso-to-retreat-slightly/ Sun, 31 Oct 2021 13:36:17 +0000 https://lumbee-tribe.org/expats-in-the-united-arab-emirates-time-to-pay-pakistani-and-indian-rupees-to-weaken-in-november-philippine-peso-to-retreat-slightly/ Expats in the United Arab Emirates: Time to Pay? The Pakistani and Indian rupee will weaken in November, the Philippine peso will retreat slightly. File photo of Al Ansari’s bureau de change, Dubai, used for illustration purposes. Image Credit: Photo Virendra Saklani / Gulf News Dubai: UAE remittances are on the rise as several currencies, […]]]>

Expats in the United Arab Emirates: Time to Pay? The Pakistani and Indian rupee will weaken in November, the Philippine peso will retreat slightly. File photo of Al Ansari’s bureau de change, Dubai, used for illustration purposes.
Image Credit: Photo Virendra Saklani / Gulf News

Dubai: UAE remittances are on the rise as several currencies, especially from South Asia, have lost ground and have seen average remittance rates over the past few weeks. But will the currency trend continue? Estimates show the Philippine peso, Indian rupee and Pakistani rupee to weaken in the coming weeks.

Will the currency at home go up or down?

When it comes to sending money home, knowing if now is the best time to send is essential. To understand whether this is the case or not, you first need to know whether your home currency is expected to rise or fall in the days to come.

Here is an analysis of the performance and expected performance of the aforementioned currencies in the weeks and months to come, to help you understand whether sending money now is profitable or profitable, or whether you should wait a few weeks for a better rate to to come.

The value of the Indian rupee will strengthen by mid-November before weakening by the end of the month

With the Indian rupee (INR) currently at 20.4 to the UAE dirham, the Indian rupee last strengthened to 74.93 against the US dollar.

Indian rupee

Image used for illustration purposes.

According to research, the Indian rupee (INR) is expected to drop to 20.2 by the middle of next month against the UAE dirham, before ending the month at 20.7 – a comparatively better rate for shipments of funds.

So it is financially prudent to pay in at the end of next month, as you will get comparatively more Indian Rupees (INR) to the value of your UAE dirham by the end of November. These month-end rates will remain low in December before stabilizing in January at 20.3, according to current estimates.

AED to INR Forecast

Analysis, as of October 31, shows that INR rates will remain between 20.4 and 20.75 for the remainder of 2021, indicating that the next two months will be the most profitable time to make the payments.
Image Credit: The Economic Forecasting Agency

The analysis shows that rates will remain between 20.4 and 20.75 for the remainder of 2021, indicating that the next two months will be the most profitable time to make payments. For now, rates are unlikely to stay favorable for remittances early next year.

The value of the Pakistani rupee is expected to weaken in the coming weeks

In Pakistan, the purchase rate of the US dollar was currently 172.15 Pakistani rupees or PKR (46.87 against the UAE dirham).

According to research, the Pakistani rupee (PKR) is expected to fall to 47.16 by the end of November, from 46.87 currently against the UAE dirham. Rates will strengthen before rising steadily throughout November, before ending the month at 47.16.

pakistani rupee

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During the last two weeks of November, the Pakistani rupee (PKR) is expected to average between 47.14 and 47.16, making it an ideal and most profitable time to make payments.

Rates are expected to fall in November and fall even further in December, to between 46.7 and 47.94 respectively, before the value of the Pakistani rupee (PKR) plunges in January 2022, by Rs1.

Where is the Philippine peso heading in the coming weeks?

According to research, the Philippine Peso (PHP) is expected to stabilize at 13.7 against the UAE Dirham over the next 30 days, making it ideal for sending money over the next few weeks.

Rates are expected to drop slightly in November to 13.8, and fall even more in December, to between 13.7 and 13.9 respectively, before the Philippine Peso (PHP) rises in January 2022, to around 14.

RTB retail Philippine Treasury Bonds

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The average exchange rate against the UAE dirham in November will be 13.68, with the currency falling 1.7% during the month. During the month of December, rates are expected to rebound, increasing 1.2%, with an average exchange rate of 14.08. In January, rates are currently expected to be 13.98, staying more or less at the same rate as the month before.

However, as rates are expected to fall further in the first few months of next year, it would be more cost effective to make payments during those months. The Philippine Peso (PHP), which is currently 13.76 against the UAE dirham, lost 1% in the last quarter.

What are the factors triggering these currency movements?

The value of a country’s currency is related to its economic conditions and policies.

The value of a currency usually depends on factors that affect the economy such as imports and exports, inflation, employment, interest rates, growth rate, trade deficit, market performance stock markets, foreign exchange reserves, macroeconomic policies, foreign investment inflows, bank capital, commodity prices and geopolitical conditions.

Going forward, currencies are expected to remain under pressure due to rising crude prices and the relative strength of the US dollar in currency markets. A possible decline against the dirham is a reflection of the decline in the decline of currencies against the US dollar to which the currency of the United Arab Emirates is pegged. However, if the US dollar weakens, as some analysts predict, the trends will reverse.

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In summary, given the potential fluctuation in demand for the US dollar in the coming months, South Asian currencies could also experience similar volatility in the coming months.

Despite the rise in oil prices, uncertainties hovered as the market came under further pressure. Oil prices are currently struggling to break out of current ranges this year, as the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC +, may have no choice but to extend major production cuts to support the market. OPEC and its allies have so far taken a phased approach to increasing supplies.

India, the world’s third-largest consumer of oil, is concerned about domestic price pressures, with the country expecting fuel consumption to return to pre-pandemic levels by the end of this year.

In summary, given the potential fluctuation in demand for the US dollar in the coming months, South Asian currencies could also experience similar volatility in the coming months.


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