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The rial began to slide two days ago, hitting the record low Wednesday. | Photo Credit: Raheb Homavandi Iran’s national rial currency hit a record hit Wednesday of 1.8 million to $1 as a shaky ceasefire with the US and Israel still holds.The rial had remained stable for weeks during the war, which began February 28, in part because there was little trading or imports coming into the country.The rial began to slide two days ago, hitting the record low Wednesday.Experts warn the fall of the rial is likely to further fuel inflation in a country where many imported goods,…
Traders expect continued weakness unless oil prices ease, with possible stronger intervention from the central bank if the rupee breaches key levels. The Indian rupee fell to a record closing low on Wednesday, pressured by rising oil prices as efforts to end the Iran conflict remained stalled, while persistent foreign selling of Indian assets added to the strain.The rupee closed at 94.8450 per dollar, down 0.3% on the day.The currency has drifted back toward record lows as the impact of central banks’ rupee supportive measures faded, with concerns over India’s exposure to higher energy prices weighing on sentiment.Dollar sales by…
Silver (XAG/USD) edged up from three-week lows near $72.00 earlier on Wednesday, but it failed to find acceptance above $74.00, and is trading practically flat on the daily chart at $73.10 at the time of writing. The US Dollar (USD) remains moderately bid, with all eyes on the US Federal Reserve’s (Fed) monetary policy meeting, due later on Wednesday.The Fed is widely expected to keep interest rates unchanged, but Chairman Jerome Powell, who will likely be at its last meeting in front of the central bank, has to decide between remaining on the Board of Governors or leaving the bank…
The rupee depreciated 13 paise to 94.81 against the US dollar in early trade on Wednesday, as rising global oil prices kept the currency under pressure.Forex traders said elevated crude oil prices and month-end dollar demand amid a broader shift toward safe-haven assets dented investor sentiment.The focus has now shifted to the upcoming US Federal Reserve policy decision. While rates are expected to remain unchanged, the tone will carry more weight than the action, they said.At the interbank foreign exchange market, the rupee opened at 94.79 against the US dollar, then lost some ground and touched 94.81 against the US…
The EUR/USD pair consolidates around 1.1700, inside Tuesday’s trading range, during the Asian trading session on Wednesday. The major currency pair has remained broadly sideways, with investors awaiting monetary policy announcements by the Federal Reserve (Fed) and the European Central Bank (ECB) on Wednesday and Thursday, respectively.Both the Fed and the ECB are expected to leave interest rates unchanged at their current levels, and warn of upside inflation risks amid elevated energy prices due to the prolonged closure of the Strait of Hormuz.Investors will pay close attention to commentaries from Fed Chair Jerome Powell and ECB President Christine Lagarde to…
SINGAPORE: The dollar firmed on Wednesday as investors awaited a closely watched Federal Reserve rate decision in what was likely to be Chair Jerome Powell’s swan song, with war in the Middle East raging and hopes for an imminent resolution dimming. Currencies held tight ranges in thinned Asia trade, with markets in Japan closed for a holiday and a slew of major central bank decisions still on deck. Against the dollar, the euro last bought $1.1716 while sterling was little changed at $1.3523, as both currencies edged further away from their highs hit earlier this month.The Fed’s policy outcome due…
US President Donald Trump said Iran has asked the US to lift a naval blockade of the Strait of Hormuz while the two sides negotiate an end to the two-month conflict, Bloomberg reported on Tuesday.Trump said on Truth Social on Tuesday that Iran wants the critical waterway for oil and gas shipments open “as soon as possible, as they try to figure out their leadership situation.Mediators in Pakistan expect Iran will submit a revised proposal to end the war in the next few days, CNN reported on Tuesday, citing sources close to the mediation process.Market reactionAt the time of writing,…
The Dow Jones Industrial Average (DJIA) sees marginal gains on Tuesday’s session, with futures holding near 49,200 and the underlying cash index adding roughly 0.1%, propped up by a 5% jump in Coca-Cola (KO) after a stronger-than-expected earnings print. The S&P 500 drops 0.7% and the Nasdaq Composite sheds 1.3%, with both indexes giving back ground after Monday’s record highs. A Wall Street Journal report flagging slowing growth at OpenAI hit chip and AI-exposed names hard, but the bigger story sat in the geopolitical lane: Iran ceasefire talks stalled and Crude Oil ripped higher.Iran talks stall as Trump cancels envoy…
The Rupee on Tuesday closed at a one-month low against the US Dollar, weighed down by hardening crude oil prices and outflow of greenbacks due to continued FPI sales from the Indian equity markets.The Indian currency closed 35 paise down at 94.54 per US Dollar against the previous close of 94.19. Intraday, the Rupee hit a low of 94.5750.Crude oil prices topped the $110 per barrel mark amid reports the US President Donald Trump is unhappy with Iran’s offer to end the war. FPI related outflows from the Indian equity markets amounted to about $223 million on Tuesday.Amit Pabari, MD,…
Gold (XAU/USD) slips to a near one-month low, pressured by a firmer US Dollar (USD) and mounting Oil-driven inflation concerns, as investors await clearer signals on stalled diplomatic efforts between the United States (US) and Iran to end the war. At the time of writing, XAU/USD is trading around $4,571, down roughly 2.37% on the day.This Tuesday marks two months since the US and Israel launched attacks on Iran. While a ceasefire appears to be holding, there has been no meaningful progress toward a second round of peace talks. The United States is reviewing Iran’s latest proposal. Still, early signals…