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The rupee depreciated 45 paise to 94.67 against the US dollar in early trade on Friday, as Brent crude prices rose back to USD 101.00 per barrel after US and Iranian forces exchanged fire near the Strait of Hormuz.Forex traders said investor sentiments were affected after Iran accused the US of violating the ceasefire as the US carried out retaliatory strikes with new attacks, which took place in the Strait of Hormuz and civilian areas, while President Donald Trump said the ceasefire was still in effect.Brent oil prices, which had fallen to $98 per barrel amid the US-Iran peace deal,…
The AUD/JPY cross trades in positive territory around 113.20 during the early European session on Friday. A potential truce between the United States (US) and Iran improves risk sentiment, supporting the Australian Dollar (AUD) against the Japanese Yen (JPY). The US President Donald Trump administration has been waiting for Iran to respond to its proposal to reopen the Strait of Hormuz and end the war.On the other hand, fears of further interventions from Japanese authorities might help limit the JPY’s losses. Reuters reported on Friday, citing a source familiar with the matter, that Japan’s officials intervened in the foreign exchange…
Mumbai: The Indian currency surged more than a rupee against the US dollar over the past two days from historic lows, climbing a further 36 paise on Thursday in lockstep with the pronounced retreat in crude oil prices, after the West Asia peace talks seemed to gather sufficient traction.The rupee advanced to 94.25 against the dollar, from the previous close of 94.61. The unit had plunged for four straight days before Wednesday, ending at a lifetime low of 95.28 Tuesday. Dealers said the rebound was driven largely by a retreat in crude prices below $100 a barrel, which prompted traders…
The EUR/USD pair posts modest gains around 1.1730 during the early Asian session on Monday, supported by growing optimism surrounding a potential US-Iran peace deal. Markets might turn cautious later in the day ahead of the highly-anticipated US Nonfarm Payrolls (NFP) report for April. The US President Donald Trump administration has been waiting for Iran to respond to its proposal to reopen the Strait of Hormuz and end the war. On Wednesday, an Iranian official said that it was reviewing a US peace proposal that sources said would formally end the war while leaving unresolved the critical US demands that Iran suspend…
Silver (XAG/USD) extends its strong rally on Thursday, with the white metal trading around $80.60 at the time of writing, up 4.19% on the day. XAG/USD is reaching fresh multi-week highs, supported by lower Oil prices, declining US Treasury yields and broad weakness in the US Dollar (USD).Markets continue to react to progress surrounding a possible deal between the United States (US) and Iran, which is boosting risk appetite and triggering a sharp correction in Oil prices. This easing in the energy market is reducing inflation expectations and prompting investors to reassess the outlook for Federal Reserve (Fed) monetary policy.The…
Brown Brothers Harriman’s (BBH) Elias Haddad notes that GBP/USD has risen above pre-war levels as United Kingdom (UK) local and Scottish elections test Prime Minister Keir Starmer’s leadership. Haddad warns that a strong Green Party showing could push policy leftward and worsen fiscal concerns, with UK nominal Gross Domestic Product (GDP) growth running below 10-year gilt yields, posing a drag on the Pound (GBP).Election risks and weak fiscal backdrop”GBP/USD has rallied above pre-war levels. Today’s local and Scottish elections will test British Prime Minister Keir Starmer’s leadership.””Starmer’s Labour Party is poised to get trounced when results start coming in early…
Rupee turned sharply higher on Thursday afternoon, boosted by a slump in crude oil prices, with stop-losses on short rupee wagers and dollar sales in the non-deliverable forward market also lifting the currency, traders said.Brent crude fell below $100 per barrel, down nearly 3% and reversing course after touching a peak of $102.5 on the day, as the United States and Iran edge toward a temporary agreement to halt their war, sources and officials said.The retreat in oil prices lifted Asian currencies broadly, including the rupee, which strengthened by as much as 0.5% before ending the session at 94.25, sharply…
The Indian rupee turned sharply higher on Thursday afternoon, boosted by a slump in crude oil prices, with stop-losses on short rupee wagers and dollar sales in the non-deliverable forward market also lifting the currency, traders said.Brent crude fell below $100 per barrel, down nearly 3% and reversing course after touching a peak of $102.5 on the day, as the United States and Iran edge toward a temporary agreement to halt their war, sources and officials said.The retreat in oil prices lifted Asian currencies broadly, including the rupee, which strengthened by as much as 0.5% before ending the session at…
Dollar-rupee forward premiums retreated, with the 1-year forward implied yield falling to a three-week low of 2.98%. The Indian rupee turned sharply higher on Thursday afternoon, tracking a slump in crude prices, with stop-losses on short rupee wagers and dollar sales in the non-deliverable forward market boosting the currency, traders said.Brent crude fell to $99 per barrel, down 2 per cent on the day and reversing course after touching a peak of $102.5.The fall sparked gains across Asian currencies including the rupee, which was last at 94.2525 per dollar, up 0.4 per cent on Thursday.A pullback in oil prices would…
The Indian Rupee (INR) recovers early losses and turns positive against the US Dollar (USD) during India’s afternoon trading hours on Thursday. The USD/INR pair slides to near 94.34 amid the selling pressure in the oil price, following headlines that there could be a breakthrough regarding the reopening of the Strait of Hormuz, a vital passage to almost 20% of global energy supply, soon.Oil price slides further on possible US-Iran breakthroughIndian Rupee has attracted significant bids against the US Dollar as the oil price plummets. As of writing, the WTI Oil price is down almost 3% to near $90.00. During…