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The rupee recovered from the record low level and settled with a gain of 11 paise at 88.66 (provisional) against the US dollar on Tuesday boosted by falling crude oil prices overseas. Forex traders said a firm dollar, outflow of foreign funds and subdued domestic equity markets prevented a sharp gain in the Indian currency. At the interbank foreign exchange, the rupee opened at 88.55 and hit the intra-day high of 88.28 against the greenback. The unit also touched a low of 88.67 before ending the session at 88.66 (provisional) against the dollar, up 11 paise from its previous closing…

Swiss National Bank’s (SNB) governing board member Petra Tschudin said on Tuesday that there is no need for monetary policy adjustments as inflation is unlikely to fall further.Additional commentsOur interest rates are where they should be.We will only use negative interest rates when necessary.We are keeping interest rates low, so that inflation remains in range of price stability (target range 0-2%).Whether the Franc is correctly valued, overvalued or not is not decisive for our monetary policy.What is important is how the exchange rate changes and its effect on inflation.We are not in situation where we would like to see lower…

The Indian rupee rebounded on Tuesday, likely aided by early intervention from the central bank, a move echoing the Reserve Bank of India’s firm action in October that helped lift the currency from near record lows.The rupee, which had hovered near its record low of 88.80 for three straight sessions, jumped to 88.42 on Tuesday, up 0.4 per cent, after the Reserve Bank of India likely intervened in the non-deliverable forwards and spot markets, traders said. The currency was last quoted at 88.5850.The central bank stepped in before the local spot market opened and the thin market liquidity amplified the…

The rupee rebounded from record low level and gained 21 paise to 88.56 against the US dollar in early trade on Tuesday on the back of lower crude oil prices overseas. The Indian currency, however, remained under pressure due to a strong dollar and outflow of foreign fund from capital market, forex traders said. At the interbank foreign exchange, the rupee opened at 88.55 and then traded at 88.56 against the greenback in early deals, sharply higher by 21 paise from its previous closing level.On Monday, the domestic unit, declining for the third consecutive session, ended 7 paise lower at…

West Texas Intermediate (WTI) Oil price remains subdued for the second successive day, trading around $60.70 per barrel during the Asian hours on Tuesday. The prices of Oil lose ground, which could be attributed to the market caution surrounding the US Federal Reserve (Fed) policy outlook for the December meeting.Fed Chair Jerome Powell said last week during the post-meeting press conference that another rate cut in December is far from certain. Powell also cautioned that policymakers may need to take a wait-and-see approach until official data reporting resumes. Fed funds futures traders are now pricing in a 65% chance of…

Gold price (XAU/USD) declines to around $4,000 during the early Asian session on Tuesday. The precious metal edges lower as traders dialed back bets for further Federal Reserve (Fed) rate cuts. The Fed’s Michelle Bowman is scheduled to speak later in the day. The US central bank last week cut interest rates for the second time this year, but Fed Chair Jerome Powell said another cut this year was “not a foregone conclusion.” The hawkish remarks from the Fed officials drag the yellow metal lower. The US central bank lowered its benchmark overnight borrowing rate at its October meeting last week to a…

Gold (XAU/USD) kicks off the week on a cautious footing, oscillating within its established $3,900-$4,050 range as traders weigh an evolving macroeconomic backdrop. At the time of writing, XAU/USD is trading around $4,010 after briefly slipping to $3,962 earlier in the Asian session.Gold struggles to attract follow-through buying as the US Dollar (USD) remains broadly supported by the Federal Reserve’s (Fed) hawkish tilt. The central bank lowered interest rates by 25-basis-points (bps) at last week’s Federal Open Market Committee (FOMC) meeting but signaled that further easing this year is unlikely. This stance has lifted the Greenback across the board, with…

New Zealand Dollar (NZD) could continue to edge lower, but it is unlikely to be able to break below 0.5700. In the longer run, NZD is under mild downward pressure, and could edge lower, potentially testing 0.5700, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. NZD is under mild downward pressure24-HOUR VIEW: “We expected NZD to ‘edge lower and test 0.5720’ last Friday. We added, ‘a break of this level is not ruled out, but based on the current momentum, any further decline is unlikely to reach 0.5700’. We were not wrong, as NZD edged to a…

The rupee extended its descent for the third straight day and settled five paise down at 88.75 (provisional) against the US dollar on Monday, near its all-time low level, weighed down by a strong American currency and foreign fund outflows. Forex traders said domestic equities ended on a positive note and supported the domestic unit at lower levels. At the interbank foreign exchange, the rupee opened at 88.73 and touched an intraday low of 88.80 against the greenback. The unit ended the session at 88.75 (provisional) against the dollar, logging a loss of 5 paise from its previous closing level.…

The Indian rupee is inching closer to a new low again, with the central bank’s recent interventions providing only a limited respite for Asia’s worst-performing currency this year. Uncertainty over tariffs on India’s exports to the US and a less certain path for Federal Reserve rate cuts are exerting pressure on the rupee, which fell for a third straight session on Monday to 88.7988 against the dollar. The currency has failed to hold on to its gains after the Reserve Bank of India unexpectedly sold large amounts of dollars last month to quell speculation against the rupee.The monetary authority has been…