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US President Donald Trump said on Monday the United States (US) would maybe keep and maybe sell the oil it had seized off the coast of Venezuela in recent weeks, Reuters reported on Monday.Trump added that the US would also keep the seized ships.”Maybe we will sell it, maybe we will keep it,” Trump said, adding it might also be used to replenish the United States’ strategic reserves.Market reactionAt the time of writing, the West Texas Intermediate (WTI) is trading 2.51% higher on the day to trade at $57.95. WTI Oil FAQs WTI Oil is a type of Crude Oil sold…
West Texas Intermediate (WTI) Crude Oil edges higher on Monday as escalating tensions between the United States (US) and Venezuela add a modest geopolitical risk premium to Oil markets. At the time of writing, the US benchmark trades around $57.70, up nearly 2% on the day, extending its rebound after sliding to year-to-date lows late last week.From a technical standpoint, the near-term outlook for WTI has turned slightly constructive, though the broader trend remains tilted to the downside, with prices down nearly 27% year-to-date.On the daily chart, WTI is currently testing the $58.00-$59.00 zone, a former support zone now acting…
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…