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The Reserve Bank of India (RBI) | Photo Credit: KAREN DIAS The Reserve Bank of India likely intervened to support the rupee on Tuesday, three traders told Reuters, as the currency fell to a two-week low amid persistent pressure on account of importer dollar demand.The rupee touched a low of 88.40, its lowest level since October 14 before recovering slightly to 88.35 as of 09:10 a.m. IST, down 0.1% on the day.The currency had slid 0.4% on Monday as a fall below the 88 level prompted traders to cut long wagers on the currency while lingering pressure from importer hedging…

Gold (XAU/USD) attracts some buyers during the Asian session on Tuesday and recovers a part of the previous day’s losses to the $3,972-3,971 region, or an over two-week low. The US Dollar (USD) drifts lower for the second straight day amid the growing acceptance that the US Federal Reserve (Fed) will lower borrowing costs two more times this year, which turns out to be a key factor offering some support to the non-yielding yellow metal. Apart from this, geopolitical risks stemming from the protracted Russia-Ukraine war further underpin the safe-haven commodity.However, signs of easing trade tensions between the US and…

GBP/USD caught a thin bounce off the 1.3300 handle on Monday, chalking in the pair’s first bullish candle in six straight trading session and keeping Cable bids just north of the 200-day Exponential Moving Average (EMA).Despite a last-minute pullup to close off a bearish slide, near-term momentum is unlikely to result in any significant changes with a looming Federal Reserve (Fed) interest rate decision.The Fed’s upcoming rate call, due on Wednesday, is broadly expected to be another quarter-point interest rate cut. After months of kicking the can, the Fed finally kicked off a fresh interest rate-cutting schedule at its previous…

GBP/USD pares some of last Friday’s losses and edges up moderately on Monday as the latest US inflation report might not deter the Federal Reserve (Fed) from cutting rates this week. At the time of writing, the pair trades at 1.3319, up 0.07%.Sterling finds support from improved risk mood ahead of Trump–Xi meetingThe US Consumer Price Index (CPI) in headline and core prints was 3% YoY, slightly below estimates of 3.1% amid the lack of economic data releases due to the US government shutdown.Optimism amongst investors that the US-China trade war could de-escalate pushed high beta currencies, like Sterling, higher.…

Gold (XAU/USD) kicks off the week with a negative tone, as improved risk appetite curbed demand for safe-haven assets. At the time of writing, XAU/USD is trading around $4,025, down over 2.0%, extending its retreat from last week’s record high of $4,381 after a wave of profit-taking spurred by progress in trade talks.Positive trade headlines have boosted market sentiment, with equities extending gains across the globe. Over the weekend, US and Chinese negotiators reportedly reached a preliminary trade framework, setting the stage for further progress ahead of President Donald Trump’s meeting with his Chinese counterpart, Xi Jinping, on Thursday. Trump…

The Indian rupee logged its worst day in a month on Monday as a drop below the 88 per U.S. dollar mark spurred a flight out of long wagers on the currency, while persistent dollar demand from importers also weighed.The rupee closed at 88.2450 against the U.S. dollar, down 0.4% on the day, marking its steepest one-day fall since September 23.Frequent interventions by the Reserve Bank of India had helped the rupee hold above the 88 mark last week, but traders also pointed to an easing of that defence on Monday.While state-run banks were spotted offering dollars on the day,…

At the interbank foreign exchange, the rupee opened at 87.87 against the greenback and fell to an intra-day low of 88.31 and a high of 87.86. It finally closed the day at 88.26 (provisional) against the greenback, down 43 paise from its previous close. | Photo Credit: istock.com The rupee plunged 43 paise to close at 88.26 (provisional) against the US dollar on Monday, as broad strength in crude oil prices and month-end dollar demand from importers weighed on investor sentiment.Forex traders said the rally in crude oil prices was driven by a potential US-China trade deal, which supports expectations…

EUR/JPY halts its four-day winning streak, trading around 177.80 during the European hours on Monday. The technical analysis of the daily chart indicates the prevailing bullish bias as the currency cross remains within the ascending channel pattern.The short-term price momentum is stronger as the EUR/JPY cross remains above the nine-day Exponential Moving Average (EMA). Additionally, the 14-day Relative Strength Index (RSI) is positioned slightly below the 70 level, reinforcing the bullish bias. A break above the 70 mark would signal overbought conditions.On the upside, the EUR/JPY cross has reached an all-time high of 178.15, which was recorded on October 27.…

The rupee depreciated 12 paise to 87.95 against the US dollar in early trade on Monday, weighed down by rising crude oil prices supported by optimism over a potential US-China deal. Forex traders said the rally in crude oil prices was driven by the potential US-China trade deal, which supports expectation for a stronger global oil demand. At the interbank foreign exchange market, the rupee opened at 87.87, and slipped to 87.95 against the greenback, registering a fall of 12 paise from its previous close.On Friday, the rupee appreciated 5 paise to close at 87.83 against the US dollar. “For…

The Australian Dollar (AUD) edges lower against the US Dollar (USD) after opening from a gap up on Monday due to optimism over progress in the United States (US)–China trade negotiations. Traders await the key upcoming Q3 and the September monthly inflation data for Australia this week which could shape the Reserve Bank of Australia’s (RBA) policy outlook.The AUD/USD pair received support after United States (US) and Chinese negotiators reached a consensus on major disputes, which paves the way for Presidents Donald Trump and Xi Jinping to meet on Thursday to finalize a trade deal aimed at easing tensions. Officials…