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The Reserve Bank of India (RBI) proposes to permit Banks authorised to deal in foreign exchange (ADs) in India and their overseas branches to lend in Indian Rupees (INR) to persons resident in Bhutan, Nepal, and Sri Lanka, including a bank in these jurisdictions.The aforementioned move is aimed at promoting the settlement of cross border transactions in Indian Rupee (INR) and local currencies as part of RBI’s overall efforts to internationalise the domestic currency.In this regard, the central bank noted that it has been progressively liberalising regulations under the Foreign Exchange Management Act.“To take this initiative further, it is essential…
Private sector employment in the US declined 32,000 in September and annual pay was up 4.5% on a yearly basis, the Automatic Data Processing (ADP) reported on Wednesday. This reading followed the 3,000 decrease (revised from +54,000) reported in August and came in below the market expectation of 50,000.Assessing the survey’s findings, “despite the strong economic growth we saw in the second quarter, this month’s release further validates what we’ve been seeing in the labor market, that US employers have been cautious with hiring,” said Dr. Nela Richardson, chief economist, ADP.Market reaction to US ADP Employment ChangeThe US Dollar (USD)…
FILE PHOTO: Strength in domestic markets and a decline in crude oil prices and additional measures announced by the RBI Governor to aid exporters further strengthened the domestic currency. | Photo Credit: FRANCIS MASCARENHAS The rupee recovered 12 paise from its all-time closing low to settle at 88.68 (provisional) against the US dollar on Wednesday, as the Central Bank in its monetary policy decision announced a host of measures to support exporters and bring stability to the domestic unit.Forex traders said the rupee advanced against the US dollar as the Reserve Bank of India left the repo rate unchanged at…
The Indian rupee nudged higher on Wednesday in a modest advance that was still enough to notch its best day in two weeks after the Reserve Bank of India kept policy rates unchanged and the dollar slipped broadly as the U.S. government shut down. The rupee closed at 88.69 against the U.S. dollar, up 0.1% on the day, the most since September 17. The rupee hasn’t gained in nine out of the last 10 sessions. Meanwhile the dollar slipped to a one-week low against major peers. Though the rupee appeared on course to open below its all-time low of 88.80…
Bank of England (BoE) policymaker Catherine Mann said on Wednesday that “higher for longer inflation risk is playing out.”Key takeawaysWe have to balance inflation and activity.Put more weight on inflation persisting.Rates on hold are appropriate for the current period.There is drift in inflation expectations.Above inflation threshold for a very long time.Supply side of the economy continues to be in trouble.Tariff landscape continues to shift.Market reactionGBP/USD was last seen trading 0.13% higher on the day at 1.3463. Source
Foreign Institutional Investors offloaded equities worth ₹2,327.09 crore on Tuesday, according to exchange data | Photo Credit: FRANCIS MASCARENHAS The rupee recovered 5 paise to 88.75 against US dollar in early trade on Wednesday, ahead of the Reserve Bank of India’s monetary policy decision. Forex traders said the Indian rupee traded in a narrow range after it closed at its lowest on Tuesday, driven primarily by persistent foreign fund outflows and mounting trade concerns. Moreover, investors are also awaiting the Monetary Policy Committee decision of the Reserve Bank of India (RBI) for further cues. At the interbank foreign exchange, the…
The rupee fell 4 paise to an all-time low of 88.79 (provisional) against the US dollar on Tuesday, pressured by sustained foreign capital outflows amid global trade uncertainties.However, a steep fall in global crude oil prices, along with a weaker greenback, prevented a sharp decline in the local unit, according to forex traders.The markets are also awaiting the Reserve Bank of India’s (RBI’s) Monetary Policy Committee decision, which will be announced on Wednesday.At the interbank foreign exchange, the rupee opened at 88.73 against the dollar and traded in the range of 88.69-88.80 before settling at 88.79 (provisional), lower by 4…
The Indian rupee dropped to a record low on Tuesday, with unresolved trade strains with the US fuelling heavy dollar demand and prompting central bank intervention to support the currency.The rupee hit a lifetime low of 88.80, slipping past the prior low of 88.7975 struck last week. It was last quoting at 88.7550.Market participants have seen little reason to bet on a turn in fortunes for the currency with a trade deal with the US remaining elusive, while a recent hike in US H-1B visa fees has compounded the currency’s weakness.Analysts warn the US decision to hike H-1B visa fees…
The Indian rupee dropped to an all-time low on Tuesday, breaking a record set just last week, with persistent trade tensions between New Delhi and Washington fuelling heavy demand for the U.S. dollar. The rupee hit a lifetime low of 88.80, slipping past the prior low of 88.7975 struck last week.Add as a Reliable and Trusted News Source Source
The USD/JPY forecast remains bearish as the BOJ tilts closer to a rate hike. The risk of a US government shutdown and higher JGB yields support the bearish narrative in USD/JPY. Markets are now watching the JOLTS job opening data, along with key speeches, for further impetus. The Japanese yen gained solid ground on Tuesday, pushing the USD/JPY price towards 148.00 handle as markets anticipate the Bank of Japan edging closer to a rate hike, with heightened political uncertainty in Washington threatening the delay of US data releases. –Are you interested to learn more about ECN brokers? Check our detailed…