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The Indian rupee fell to a record low on Wednesday, extending a rough patch as the raging conflict in the Middle East kept oil prices elevated, raising macroeconomic risks for Asia’s third-largest economy and sparking capital outflows.The rupee fell to 92.6225 per dollar, eclipsing its previous low of 92.4750 hit last week.The currency has declined about 1.5% since the Iran war began amid nearly $8 billion of foreign portfolio outflows from local stocks over March so far.Brent crude oil prices have climbed about 40% since the war broke out. Sustained high oil prices would widen the current account deficit and…
The Indian rupee fell to its lifetime low on Monday, extending a rough patch as the raging conflict in the Middle East kept oil prices elevated, raising economic risks for India while also sapping capital flows. The rupee fell to 92.62 per dollar, eclipsing its previous low of 92.4750 hit last week. Brent crude oil prices have climbed about 40% since the Iran War began. The conflict has since sent shockwaves throughout global markets as energy importing economies grapple with the most severe supply disruption in decades. Source
West Texas Intermediate (WTI) oil price has given up its recent gains from the previous session, trading around $93.20 per barrel during the Asian hours on Wednesday. Traders are awaiting the US Energy Information Administration (EIA) report due later on Wednesday for fresh cues on supply trends.Crude oil prices softened after Iraq reached an agreement to resume exports through Turkey’s Ceyhan port, easing concerns over disruptions linked to the Iran conflict. Iran has also permitted safe passage for certain vessels based on their affiliations, further calming immediate supply fears.The United States has intensified efforts to reopen the Strait of Hormuz,…
The domestic unit on Tuesday hit the lowest intra-day level of 92.47 against the dollar before settling at an all-time low of 92.40, down 12 paise from its previous close. The rupee fell 3 paise to 92.43 against the US dollar in early trade on Wednesday, weighed down by FII outflows and a stronger greenback amid the raging war in West Asia.A fall in global crude oil prices and a positive opening at the domestic equity markets prevented a sharper decline in the local unit, according to forex traders.At the interbank foreign exchange, the local unit opened at 92.42 against…
The rupee fell 3 paise to 92.43 against the US dollar in early trade on Wednesday, weighed down by FII outflows and a stronger greenback amid the raging war in West Asia. A fall in global crude oil prices and a positive opening at the domestic equity markets prevented a sharper decline in the local unit, according to forex traders. At the interbank foreign exchange, the local unit opened at 92.42 against the greenback before slipping to 92.43, down 3 paise from its previous close.The domestic unit on Tuesday hit the lowest intra-day level of 92.47 against the dollar before…
The AUD/JPY cross posts modest gains around 113.00 during the early European session on Wednesday. The Australian Dollar (AUD) strengthens against the Japanese Yen (JPY) after the Reserve Bank of Australia (RBA) delivers a rate hike and keeps a hawkish tone.The RBA raised the Official Cash Rate (OCR) by 25 basis points (bps) to 4.10% at its March policy meeting on Tuesday. This follows a similar hike in February, marking the first back-to-back increases since mid-2023. During the press conference, Governor Michele Bullock stated that prices remained too high and the board was worried about second-round effects from higher energy costs,…
One of the most widely used strategies in the $9.5 trillion-per-day currency market is getting a boost from the surge in oil prices that’s roiling other global assets. The carry trade – borrowing where interest rates are low and investing where they are high – is posting its best returns in three years in some cases. Rising oil prices triggered by the Iran war are helping propel the approach, even as the conflict whipsaws stocks and bonds, wiping out Treasuries’ gains for 2026. “The main reason the foreign-exchange carry trade has been holding up so well is because of commodities,”…
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.00 during the early Asian trading hours on Wednesday. The WTI price climbs amid intensifying Middle East conflict and severe supply disruptions. Traders brace for the release of the US Energy Information Administration (EIA) report, which will be published later on Wednesday. Iran carried out attacks on production facilities in the United Arab Emirates (UAE) and Iraq on Tuesday. The Guardian said this is the first time since the start of the war with the US and Israel that Iran has successfully targeted oil and gas production facilities rather than just refineries,…
NZD/USD trades around 0.5860 on Tuesday, posting a slight daily decline after rebounding from intraday lows. The move remains limited but reflects cautious market sentiment as the US Dollar (USD) holds steady and multiple risk factors dominate the macro backdrop.The US Dollar finds some support amid risk aversion linked to the escalation of the Middle East war, now in its third week. Rising Crude Oil prices are fueling concerns about renewed inflationary pressures, which could complicate the outlook for the Federal Reserve (Fed). In this context, markets widely expect the Fed to keep interest rates unchanged on Wednesday within the…
Commerzbank’s FX & Commodity Analyst Volkmar Baur reports that Chinese Aluminium production has risen nearly 3% year-on-year and is running above the government’s annualized cap, supported by higher Aluminium prices and redirected Alumina flows as the Strait of Hormuz remains blocked. The bank warns that if Beijing does not raise the cap, smelters will eventually need to scale back output later in the year.High prices and alumina surplus drive output”It is expected that Chinese production figures will remain above the 3.75 million-ton threshold in the coming months as well. As long as the Iran conflict persists and renders the Strait…