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The Reserve Bank of India (RBI) is estimated to have sold $3 billion to $5 billion in spot and non-deliverable forward markets to support the rupee on Wednesday, traders said, marking its largest intervention in months.Seven traders from private, state-run and foreign banks provided the estimates, with two suggesting sales of $5 billion, citing significant activity in the non-deliverable forward market. The RBI did not respond to an emailed request for comment.The interventions helped the rupee post its biggest single-day advance in four months on Wednesday. The rally continued into Thursday, with the currency reaching an intraday high of 87.70…

The rupee appreciated 40 paise to 87.68 against the US dollar in early trade on Thursday, primarily driven by central bank intervention, a softer dollar index.Forex traders said other supportive factors like positive domestic equities, lower crude oil prices and renewed foreign fund inflows also boosted investor sentiments. At the interbank foreign exchange market, the rupee opened at 87.76 and then gained ground and touched an early high of 87.68 against the US dollar, registering a gain of 40 paise from its previous close.On Wednesday, the rupee bounced back sharply by 73 paise to close at 88.08 against the US…

The Indian rupee strengthened by 40 paise to 87.68 against the US dollar in early trade on Thursday, driven by Reserve Bank of India intervention, a softer dollar index, and positive domestic equities. | Photo Credit: iStockphoto The rupee appreciated 40 paise to 87.68 against the US dollar in early trade on Thursday, primarily driven by central bank intervention, a softer dollar index. Forex traders said other supportive factors like positive domestic equities, lower crude oil prices and renewed foreign fund inflows also boosted investor sentiments. At the interbank foreign exchange market, the rupee opened at 87.76 and then gained…

Gold (XAU/USD) is prolonging its uptrend for the fifth straight day and scaling new record highs through the Asian session on Thursday amid global anxieties. Investors remain worried about economic risks stemming from the US government shutdown, US-China trade war, and rising geopolitical tensions, which continue to drive flows towards the traditional safe-haven bullion. Apart from this, dovish Federal Reserve (Fed) expectations turn out to be another factor underpinning demand for the non-yielding yellow metal.In fact, traders now seem to have nearly fully priced in the possibility that the US central bank will lower borrowing costs two more times this…

Indian Currency are placed in different compositions | Photo Credit: SANJAY SHARMA The Indian rupee is set to extend its rally on Thursday, buoyed by US President Donald Trump’s comment that India plans to halt Russian oil imports and by the domestic central bank’s forceful defence of the currency in the previous session.The one-month non-deliverable forward indicated the rupee will open in the 87.60–87.70 range to the US dollar, after rallying 0.8 per cent on Wednesday to settle at 88.0750, its best day in nearly four months.Trump said Indian Prime Minister Narendra Modi assured him that India would halt imports…

Gold price (XAU/USD) attracts some buyers to around $4,210 during the early Asian session on Thursday. The precious metal rises to near a fresh all-time high as US rate cut expectations and trade tensions continue to boost demand for the safe-haven assets. Traders will take more cues from the Fedspeak later on Thursday. Federal Reserve (Fed) policymakers Michael Barr, Stephen Miran, Christopher Waller, and Michelle Bowman are set to speak. Fed’s Powell said on Tuesday that a sharp slowdown in hiring poses a growing risk to the US economy, suggesting that the US central bank will likely cut its key interest…

The Japanese Yen (JPY) trades on the front foot against the US Dollar (USD) on Wednesday, with USD/JPY extending losses for a second straight day as the Greenback weakens under pressure from escalating US-China trade tensions and a dovish Federal Reserve (Fed) outlook.At the time of writing, USD/JPY is trading around 151.30, down nearly 0.35% on the day and retreating from last week’s eight-month high near 153.27.Trade tensions between the United States (US) and China continue to dominate market sentiment this week after flaring up late Friday, when President Donald Trump unsettled investors by announcing plans to impose 100% tariffs…

The Indian unit closed at 88.0750 per US dollar, up about 73 paise, against the previous close of 88.81 | Photo Credit: The rupee logged its best single day gain in almost four months on Wednesday, supported by strong central bank intervention and a weak dollar. The Indian unit closed at 88.0750 per US dollar, up about 73 paise, against the previous close of 88.81. The RBI made its presence felt in the market through dollar sales by state-owned banks, buoying the domestic currency, according to market experts. They expect the rupee to sustain its gains in the near-term.Amit Pabari,…

Gold (XAU/USD) continues its record-breaking run on Wednesday, scaling fresh all-time highs above $4,200 as robust safe-haven flows keep demand elevated. The yellow metal has been setting fresh all-time highs almost daily, underpinned by persistent global economic and political uncertainty alongside growing expectations of a dovish Federal Reserve (Fed) stance.At the time of writing, XAU/USD is hovering around $4,200, up nearly 1.4% on the day after hitting a fresh record high of $4,218 earlier in the European session. The latest leg higher in Gold comes as the US-China trade war deepens, with both sides ramping up threats and retaliatory measures.…

The rupee bounced back sharply by 75 paise to close at 88.06 (provisional) against the US dollar on Wednesday, posting its biggest intraday gain in nearly four months, due to likely intervention by the RBI and a surge in the domestic markets.Forex traders said domestic markets surged nearly 0.70 per cent on optimism over trade talks between India and the US, which reflected in the USD/INR pair.Moreover, a weak US Dollar and an overnight decline in crude oil prices also supported the rupee.At the interbank foreign exchange, the rupee opened at 88.74 against the greenback, and fell below the 88-mark…