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Mumbai: The Indian rupee went tantalisingly close to 96/$ Thursday in yet another nerve-jangling session that underscored the coming together of an unholy trinity: Persistent foreign fund outflows, the scourge of oil-fueled inflation and mounting concerns over balance of payments. The monetary unit traded at a record intraday low of 95.96/$, before reported central bank intervention salvaged some respectability for the battered local unit that is on course to remain among Asia’s weakest against the US dollar this fiscal year, too. AgenciesCurrency hits a record intra-day low of 95.96 but rebounds with likely RBI intervention Following reported central bank dollar…
US President Donald Trump said that he hoped the relationship between the US and China would be “stronger and better than ever before” ahead of a second day of talks with Chinese President Xi Jinping in Beijing, the Wall Street Journal reported on Thursday.“They look forward to trade and doing business. It’s going to be totally reciprocal on our behalf,” said Trump in opening remarks during his meeting with Chinese leader.Trump added in his Truth Social post that Xi had congratulated him on “so many tremendous successes,” including the US’ relationship with Venezuela, its job market as well as its…
MUMBAI: Amid the state’s moral suasion to discourage gold purchase and destination wedding, India’s tax authorities are dealing with a slew of shady overseas outflows through banks and cryptocurrency wallets.In several cases funds were sent to individuals in Thailand, which has become a money-laundering hub.According to information received by the Income tax (I-T) department under the agreement with Thailand, the purpose code (S0305) meant for ‘overseas education’ was used to mislead banks and money transfer operators to move funds to Thailand.In multiple cases, individuals have used dozens of fake permanent account numbers (PANs) with the same name but different addresses…
The rupee has closed at record lows in each of the four trading session in the current week. | Photo Credit: FRANCIS MASCARENHAS The rupee (INR) came close to the 96 per US dollar (USD) mark on Thursday as it was pressured by rising crude oil prices and continuous dollar outflows due to FPI sales from the domestic equity markets.The Indian currency hit a record intraday low (of 95.96 per USD) as well as an all-time closing low (of 95.7625, down about 6 paise against the previous close of 95.7050).However, RBI intervention ensured that the Rupee pulled back from the…
The AUD/USD pair weakens toward the 0.7220 region on Thursday as the United States (US) Dollar (USD) strengthens after April Retail Sales held up in the United States (US).Support for the USD emerged after US Retail Sales rose 0.5% in April, meeting market expectations and highlighting the continued resilience of consumer spending despite elevated borrowing costs. The retail data, which dropped from 1.6% in March, reinforces confidence in the underlying strength of the US economy and further supports expectations that the Fed could maintain a restrictive policy stance for longer. The latest US Producer Price Index (PPI) report showed producer…
MUFG’s Lee Hardman notes that rising long-term JGB yields, driven by inflation risks linked to the Middle East conflict and hawkish BoJ commentary, are reinforcing expectations for a near-term policy rate increase. He highlights that a potential BoJ hike as early as June could support the Japanese Yen and reduce pressure for further FX intervention.Rising JGB yields bolster yen outlook”The ongoing move higher in yields in Japan has attracted more market attention overnight as well after the 30-year JGB yield rose above the high from 20th January and hit a fresh high of 3.93%.””The recent sell-off appears to have been…
Dow Jones futures rise 0.30% to near 49,950 during the European hours on Wednesday, ahead of the United States (US) regular opening. Meanwhile, the S&P 500 advance 0.19% to near 7,480, and the Nasdaq 100 futures gain 0.41% toward 29,600.US stock futures gain as the S&P 500 and the Nasdaq 100 closed at fresh record highs on Wednesday. Technology stocks remained the main driver of the rally, with notable advances from Micron Technology, Nvidia, Tesla, Apple, and Alphabet.During Wednesday’s US regular session, Dow Jones slipped 0.14%, although the S&P 500 advanced 0.58% and the Nasdaq 100 climbed 1.2%. The gains…
The Indian rupee fell to an all-time low on Thursday, pressured by stubbornly high oil prices and persistent foreign portfolio outflows that have led to a current and capital account strain for Asia’s third-largest economy.The rupee fell 0.1% to 95.8525 per U.S. dollar, eclipsing its previous record low of 95.7950 hit on Wednesday.The currency has declined 1.4% so far this week and hit record lows in each trading session between Tuesday and Thursday.India imports about 90% of its oil needs and about 50% of its gas requirements, leaving the currency particularly vulnerable among emerging markets if the Iran war drags…
Gold price (XAU/USD) trades in positive territory during the Asian trading hours on Thursday. The precious metal edges higher as traders await the outcome of US President Donald Trump-Chinese President Xi Jinping summit in Beijing. The US April Retail Sales report will also be in the spotlight later on Thursday.Bloomberg reported late Wednesday that Trump arrived in Beijing for the first state visit to China by a US leader in nine years, as the world’s two largest economies look to stabilize ties with a summit playing out against the backdrop of the Iran war.The United States (US) and China are…
Mumbai: The rupee dived to a fresh lifetime low Wednesday for the third straight session of successive plunges, as rising crude oil prices fuelled hedging and boosted the demand for dollars. This outweighed the limited support from New Delhi’s latest move to raise import taxes on gold and silver to discourage private bullion buying. The rupee traded at a record intraday low of 95.80/$ and later closed at 95.70/$. It had previously closed at 95.62/$. It opened at 95.61/$ and traded in the range of 95.80/$ and 95.51/$ on Wednesday. The rupee has weakened 2.7% in FY27 so far. The…