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The rupee struggled for direction on Thursday, stuck in a narrow range before ending marginally higher, as inflows into local shares and dollar-selling by state-run banks offset importer demand for the U.S. currency for hedging.The rupee had opened higher at 87.8325 per U.S. dollar, buoyed by a media report that Washington may cut tariffs on Indian imports to 15%-16% from 50%.However, the advance was soon reversed, with the currency dropping to 87.96 intraday, before recovering again to end at higher at 87.84. It had settled at 87.9275 on Monday.Indian foreign-exchange and money markets were shut Tuesday and Wednesday for Diwali…
The rupee appreciated by seven paise to close at 87.86 (provisional) against the US dollar on Thursday, supported by a positive trend in domestic equities and risk-on sentiments amid optimism about the US-India trade deal.Forex traders said the rupee closed on a positive note as there is a growing buzz that India and the US are inching closer to finalizing a long-awaited trade deal.At the interbank foreign exchange, the rupee opened at 87.80 and touched an intraday low of 87.96 before settling at 87.86 (provisional), registering a rise of 7 paise from its previous close.On Monday, the rupee had settled…
The euro remains steady amid signs of resilient growth and the ECB’s policy guidance. The USD strengthens amid expectations of two additional rate cuts by year-end. Traders await comments from FOMC members Bowman and Barr for further policy and economic directions. The EUR/USD outlook shows the pair under pressure, maintaining a cautious market sentiment amid mixed signals from the Eurozone and the US. The euro holds steady due to resilient growth signs and the ECB’s policy. –Are you interested in learning more about crypto robots? Check our detailed guide- The steady euro is supported by expectations that the European Central…
USD/CAD moves little after two days of losses, trading around 1.3990 during the early European hours on Thursday. The technical analysis of the daily chart suggests a weakening of a prevailing bullish bias as the pair is attempting to break below the ascending channel pattern.The short-term price momentum has turned weaker as the USD/CAD pair moved below the nine-day Exponential Moving Average (EMA). However, the 14-day Relative Strength Index (RSI) is still positioned above the 50 level, suggesting that the bullish bias is still stronger.On the upside, the initial resistance appears at the psychological level of 1.4000, followed by the…
The RBI’s intervention has lifted the rupee from near-record lows and improved the returns on Indian bonds, which are on track to beat their emerging market peers for a second straight month. Foreign investors ramped up purchases of Indian government bonds by 46 times last week, an indication that aggressive currency intervention by the central bank is building market confidence.Global funds bought ₹5,551 crore ($631 million) of debt accessible to foreigners last week, according to Clearing Corporation of India Ltd data, compared with ₹121 crore in the prior week. The currency surged nearly 1 per cent last Wednesday after the…
The rupee appreciated 13 paise to 87.80 against the US dollar in early trade on Thursday, supported by optimism on the US-India trade deal front. Forex traders said foreign fund inflows, a positive trend in domestic equities and risk-on sentiments boosted investor sentiments. At the interbank foreign exchange market, the rupee opened at 87.80 against the US dollar, registering a gain of 13 paise from its previous close.On Monday, the rupee had settled 9 paise higher at 87.93 against the greenback. Foreign exchange markets were closed on Tuesday and Wednesday due to Diwali and Diwali Balipratipada, respectively.Live Events “The Indian…
Silver price (XAG/USD) edges higher after two days of losses, trading around $48.70 per troy ounce during the Asian hours on Thursday. Silver prices may further appreciate due to increased safe-haven demand, driven by market caution ahead of the United States (US) inflation data for September due on Friday amid a data blackout. The prolonged US government shutdown delays the key US economic data releases, including Nonfarm Payrolls (NFP), adding uncertainty for financial markets and the Federal Reserve (Fed).The non-interest-bearing Silver may attract more buyers amid an increased likelihood of further Federal Reserve (Fed) rate cuts. A Reuters poll suggested…
Cues from the non-deliverable forward market suggest that the Indian rupee will open higher on Thursday, with traders watching for developments on a potential US-India trade deal.The 1-month non-deliverable forward indicated the rupee will open in the 87.80-87.85 range versus the US dollar, having settled at 87.9275 on Monday.Indian foreign-exchange and money markets were shut the last two days for Diwali holidays.India and the US are nearing a long-delayed trade pact that would lower US tariffs on Indian goods to around 15 per cent–16 per cent from 50 per cent, Mint reported, citing people familiar with the talks —a development…
GBP/USD fell for a fourth straight day on Wednesday, coming within inches of 1.3300 before staging a half-hearted recovery to the 1.3350 region but still ending the day on a down note. Cable traders will be getting a breather on the economic data front until a batch of key releases on Friday that will feature both UK and US data updates.Global risk appetite took a knee on Wednesday as the Trump administration publicly weighs its options on retaliating against China, who imposed stiff export controls on rare earths in recent weeks. US President Donald Trump has run the gamut of…
Gold (XAU/USD) is attempting to stabilize on Wednesday after a brutal selloff from record highs the previous day, finding some support as the US Dollar (USD) softens. At the time of writing, XAU/USD is trading around $4,040, down over 1.50% after briefly dipping to $4,004 earlier in the day.Bargain hunters are stepping in near the $4,000 psychological mark, but the rebound so far remains shallow. The yellow metal suffered its biggest one-day decline since August 2020 on Tuesday, plunging over 5% as investors rushed to lock in profits following an overextended rally to $4,380. The correction was long overdue, with…