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The Reserve Bank of India sold a net $11.88 billion in the foreign exchange market in October, data released on Monday showed, reflecting the central bank’s efforts to support the rupee.The RBI said in its monthly bulletin that it purchased $17.69 billion dollars and sold $29.56 billion during the month. In September, the central bank had net sold $7.91 billion in the spot market.The rupee closed at 88.7650 against the U.S. dollar in October, having hit 88.80 in late September, which was a record low at the time.The RBI’s net outstanding forward sales stood at $63.61 billion as of end-October,…
Gold (XAU/USD) surges to fresh record highs on Monday, as escalating geopolitical tensions bolster safe-haven demand. At the time of writing, XAU/USD is trading around $4,413, up about 1.70% on the day, after breaking above the October 21 peak near $4,381.The precious metal is on track for its strongest annual performance since 1979, with prices up nearly 67% year to date. The rally has been fuelled by a dovish Federal Reserve (Fed) stance, broadly weaker US Dollar (USD), sustained central-bank buying, and record inflows into Gold-backed ETFs.Looking ahead, markets continue to anticipate further monetary policy easing by the Fed into…
The rupee pared initial gains and settled for the day in the negative territory, down 3 paise at 89.70 (provisional) against the US dollar on Monday, as the support from positive domestic equities was negated by a recovery in crude oil prices. Forex traders said the lack of progress in the US–India trade negotiations weighed on the sentiment, while a weak tone in the US dollar index supported the domestic unit at lower levels. At the interbank foreign exchange, the rupee opened at 89.53 against the US dollar, then touched an intra-day high of 89.45, registering a 22-paise gain from…
The Indian rupee fell on Monday, snapping a three-session winning streak as dollar demand from local firms and the non-deliverable forwards market eroded an intervention-led rally, though the currency held on the stronger side of 90 per dollar.The rupee ended at 89.65 per dollar, down 0.4% from its closing level in the previous session. The currency had gained over the last three sessions to touch a near one-month peak of 89.25 on Friday.The rupee hovered between 89.45 and 89.72 throughout the day’s trading, which was characterised by a pickup in importer hedging demand and pressure on the currency emanating from…
The Pound Sterling (GBP) attracts bids against its major currency peers on Monday, following the release of the United Kingdom (UK) Q3 Gross Domestic Product (GDP) data. The Office for National Statistics (ONS) confirms that the economy grew at a quarterly pace of 0.1%, in line with preliminary estimates.The impact of the revised Q3 GDP figures is expected to be short-lived on the British currency, while investors remain concerned about how the economy is performing in the last quarter of the year.Last week, the Bank of England (BoE) stated in its monetary policy statement that the staff forecast “zero growth…
With the USD/INR pair recently approaching the 92 mark, a new debate has emerged over whether the rupee could depreciate further to hit the psychologically critical level of 100. What was once considered an outlier scenario or a speculative possibility is now being increasingly acknowledged as a credible outcome, driven less by panic and more by deep-rooted structural changes in India’s financial markets and evolving macroeconomic realities across the globe.Far from being a reflection of economic weakness or loss of investor confidence, experts suggest that this currency movement is being driven by changes in market participation, policy design, and liquidity…
The rupee appreciated 22 paise to 89.45 against the US dollar in early trade on Monday supported by foreign fund inflows and a positive trend in domestic equities. Forex traders said corporate dollar inflows and Brent crude prices hovering near $60 per barrel supported investors sentiment further. At the interbank foreign exchange market, the rupee opened at 89.53 against the US dollar, then gained some ground and touched 89.45 against the US dollar, registering a gain of 22 paise over its previous close. On Friday, the rupee appreciated 53 paise to 89.67 against the US dollar. The USD/INR pair has…
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is losing ground after three days of gains and trading around 98.60 during the Asian hours on Monday. Traders await Tuesday’s release of the US third-quarter Gross Domestic Product Annualized for the third quarter, which will offer insight into economic health and the timing of the Federal Reserve’s next rate moves.The US Dollar (USD) may regain its ground due to cautious sentiment surrounding the Federal Reserve’s (Fed) policy outlook. Federal Reserve Bank of Cleveland President Beth Hammack said on Sunday that monetary…
The EUR/USD pair posts modest gains around 1.1710 during the early Asian session on Monday. The Euro (EUR) strengthens against the Greenback after the European Central Bank (ECB) left its policy rates unchanged and took a more positive view on the Eurozone economy, which has shown resilience to global trade shocks. Financial markets are likely to remain subdued as traders book profits ahead of the long holiday period.The ECB kept its key policy rates on hold at 2.0% since June, and its latest pause last week also came with upgrades to growth and inflation forecasts. Traders expect a lengthy rate…
Global borrowers have issued a record amount of debt in euros in 2025, nearly a fifth more than last year, according to data from Dealogic, reflecting a growing trend among investors to seek alternatives to the U.S. dollar. Issuers have raised over $2.2 trillion in euro-denominated debt so far this year, figures from Dealogic showed, marking an increase of over 19% from 2024. The increase marks the third straight year of rising euro supply, although the pace has slowed slightly from the near 21% rise in 2024. The surge in euro issuance volume could reflect a willingness among investors to…