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Here is what you need to know on Wednesday, May 6:Volatility in financial markets heighten midweek as investors react to latest headlines surrounding the conflict in the Middle East and keep a close eye on the Japanese Yen’s action following another suspected foreign exchange intervention. Later in the day, the US economic calendar will feature private sector employment data for April. US Dollar Price Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the Japanese Yen. USDEURGBPJPYCADAUDNZDCHFUSD-0.35%-0.41%-1.06%-0.18%-0.75%-1.05%-0.34%EUR0.35%-0.06%-0.70%0.18%-0.39%-0.73%0.03%GBP0.41%0.06%-0.64%0.25%-0.33%-0.64%0.11%JPY1.06%0.70%0.64%0.88%0.30%-0.02%0.77%CAD0.18%-0.18%-0.25%-0.88%-0.57%-0.89%-0.13%AUD0.75%0.39%0.33%-0.30%0.57%-0.31%0.44%NZD1.05%0.73%0.64%0.02%0.89%0.31%0.76%CHF0.34%-0.03%-0.11%-0.77%0.13%-0.44%-0.76% The heat map shows percentage changes of major currencies…

The Indian rupee rose on Wednesday, tracking a rally in Asian peers after the U.S. signalled it may be nearing a deal with Iran, which drove oil prices lower and lifted regional equities as investor sentiment improved. The rupee rose 0.2% to 95.0725 per dollar after hitting a record low ‌of 95.4325 ⁠in the ⁠previous session. Dollar-rupee forward premiums, which reflect the cost of hedging currency exposure, fell, with the 1-year forward implied yield down 9 bps at 3.10%. The rupee has faced persistent strain since the Iran war began, with analysts viewing oil prices as the key driver of…

The rupee appreciated by 23 paise to 94.95 against the US dollar in early trade on Wednesday as Brent crude prices retreated from their elevated level after US President Donald Trump hinted at a possible deal with Iran.Forex traders said oil prices fell to USD 108 per barrel, as signs of easing geopolitical tensions in the Middle East offset the lingering supply concerns.At the interbank foreign exchange market, the rupee opened at 95, then gained some ground and touched an early high of 94.95, registering a gain of 23 paise from its previous low.The rupee was later trading at 95.10…

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 98.30 during the Asian trading hours on Wednesday. The DXY attracts some sellers due to easing tensions in the Middle East. The US April ADP Employment Change report will be the highlight later on Wednesday. US President Trump announced on Tuesday that he was pausing the US operation to escort commercial ships through the Strait of Hormuz “for a short period of time,” citing what he said was “great progress” toward an agreement with Iran. His statement came…

The rupee closed at 95.28 against the US dollar Tuesday. Its slide past the psychologically significant level of 95/$ has already prompted the central bank to impose curbs on banks’ net open foreign exchange positions late March. Renewed pressure in May has fuelled market expectations Mint Road may take more steps to stem the slide, with measures targeted at NRIs to draw in dollar deposits – the most durable and readily accessible route to replenish a fast-depleting cash stash. AgenciesHere’s a quick wrap of RBI measures through the decades to cushion INR2008–09: Lehman Brothers collapse Raised FCNR(B) deposit rate ceilings…

US President Donald Trump said that the US military will temporarily pause “Project Freedom” to restore freedom of navigation for commercial shipping through the Strait of Hormuz, the Guardian reported on Tuesday.Trump added that the decision was made at the request of Pakistan and other countries and follows what he called “tremendous military success” during a US campaign against Iran.His latest statement on pausing Project Freedom came hours after the US defense secretary, Pete Hegseth, said the US-Iran ceasefire “certainly holds” for now.Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against…

The Euro (EUR) trades on the front foot against the US Dollar (USD) on Tuesday as a mild pullback in Oil prices pushes US Treasury yields lower, adding pressure on the Greenback. At the time of writing, EUR/USD is trading around 1.1701, rebounding from an intraday low of 1.1676.Despite the intraday bounce, the upside in EUR/USD appears limited as market sentiment remains fragile following renewed hostilities in the Middle East, which could help limit losses in the US Dollar. The US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, is trading around 98.40,…

The level of 94.50 will be a crucial resistance. Rupee has to breach this hurdle to get a breather | Photo Credit: Sibani Das The rupee has been knocked down badly over the last couple of weeks. The domestic currency fell to a new low of 95.43 against the dollar on Tuesday. It has closed the day at 95.29.A strong rise in crude oil price over the last two weeks is weighing on the rupee. The Brent Crude oil price has surged about 18 per cent from around $96 per barrel to $113 per barrel now.More upsideOn the charts, the…

Rabobank’s Senior FX Strategist Jane Foley expects interest rate differentials to support an upward bias in EUR/USD in the second half of the year, but sees Euro gains capped by Eurozone growth headwinds from the current supply shock. Foley does not expect EUR/USD to reach 1.20 this year and anticipates any H2 rally will lack strong conviction.Euro gains capped by growth risks”While we do expect interest rate differentials to allow an upward bias in EUR/USD to emerge during H2, we anticipate that upside potential in the EUR will be capped by the hit to growth likely to be suffered by…

USD/INR extends gains for the third successive day, trading around the fresh record high of 95.40, during the Asian hours on Tuesday. Traders will likely observe India’s HSBC Composite and Services Purchasing Managers’ Index (PMI) data to be released on Wednesday.The USD/INR pair appreciates as the US Dollar (USD) strengthens on safe-haven demand following Iran’s attack on the United Arab Emirates (UAE). CNBC reported Monday that the UAE was targeted by Iranian drones and missiles, while the US said it destroyed Iranian boats in the Strait of Hormuz. US President Donald Trump warned that Iran would be “blown off the…