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The rupee extended its losing streak for the fourth consecutive session, settling 33 paise lower at 94.11 (provisional) on Thursday and breached the 94-level for the second time in a month amid soaring crude oil prices as West Asia peace talks moved in an uncertain trajectory.Massive selling of domestic equities and incessant withdrawal of foreign funds amid rising worldwide demand for the American currency further weighed on the domestic unit, which has lost over 1 per cent in a week, forex traders said.At the interbank foreign exchange market, the rupee opened at 94.03 and hit an intra-day low of 94.17…
The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Thursday. Concerns about the lack of progress in the US-Iran peace process have offset the upbeat Australian Purchasing Managers’ Index (PMI) figures released during the Asian session, leaving the AUD/USD pair trapped within a tight range around 0.7150.Australian preliminary S&P Global PMI figures for April showed that manufacturing activity returned to expansion territory, rising to 51.0 from 49.8 the previous month. Likewise, the Services PMI increased to 50.3 from 46.3 in March, although the weak demand and higher costs cloud the outlook for future business activity.Geopolitical tensions dampen…
A renewed surge in oil prices sent the rupee down past the 94 per dollar mark to its weakest level in more than three weeks on Thursday, deepening the negative sentiment on the currency. The rupee fell to 94.1525, its weakest level since March 30 in early trading, before paring losses to 94.04, down 0.26%. Traders said likely market intervention by the Reserve Bank of India helped the rupee pare losses. Brent crude futures rose to $106 per barrel on renewed shipping woes in the Gulf, underscoring fragile risk sentiment as a peace deal eludes the U.S. and Iran. [O/R]…
The rupee extended its losing streak for the fourth straight session, sliding past the 94 level for the second time in a month and trading 34 paise lower at 94.12 against the US dollar in early trade on Thursday, as crude oil prices surged amid a lack of progress in West Asia peace talks.The currency also remained under pressure due to massive selling of domestic equities and the withdrawal of foreign investors amid rising worldwide demand for the American currency, forex traders said.At the interbank foreign exchange market, the rupee opened at 94.04 and lost further ground to trade at…
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its gains for the third successive day and trading around 98.70 during the Asian hours on Thursday.The Greenback receives support from heightened safe-haven demand amid ongoing Middle East uncertainty and the blockade of the Strait of Hormuz. According to the Wall Street Journal, Iran fired on three ships in the Strait of Hormuz and escorted two of them into Iranian waters on Wednesday. Iranian media reported that the paramilitary Revolutionary Guard was moving the vessels to Iran, marking a further…
Kolkata: The rupee closed 30 paise down Wednesday at 93.79/80 a dollar amid rising crude prices and uncertainties over a West Asia peace agreement. This is the third straight daily fall which dealers attributed also to month-end dollar demand and short covering by importers. US President Donald Trump’s threat to bomb Iran also led the global crude price rise above $98 a barrel. The local currency opened lower at 93.69/70 a dollar against the previous close of 93.50, dealers said. Dollar demand from defence companies kept the rupee under pressure initially, people aware said.Agencies “All oil imports are being routed…
The White House said that US President Donald Trump has not set a deadline on Iran submitting a peace proposal, the Guardian reported on Wednesday. On Tuesday, Trump extended the ceasefire and vowed to continue the US blockade on Iranian ports.The speaker of the Iranian parliament and top negotiator, Mohammad Bagher Ghalibaf, stated that reopening the strait of Hormuz would be “impossible” while the US and Israel committed “flagrant” breaches of the ceasefire, including the US naval blockade.Market reactionAt the time of writing, the West Texas Intermediate (WTI) is down 1.83% on the day at $91.35. WTI Oil FAQs WTI…
AUD/USD trades in positive territory on Wednesday, around 0.7160 at the time of writing, up 0.12% on the day. The Australian Dollar (AUD) benefits from a modest improvement in market sentiment after US President Donald Trump announced the extension of the ceasefire with Iran, supporting risk-sensitive assets.The US president stated that Washington is extending the military truce while awaiting a “unified proposal” from Tehran to resume negotiations. Despite the extension, tensions in the region remain elevated as the United States (US) continues to enforce a maritime blockade on Iranian vessels transiting the Strait of Hormuz, a strategic route for global…
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann observe that USD/JPY climbed to 159.37 as the Dollar strengthened. They see scope for a retest of 159.65, with limited follow-through above that level, and expect a broader 157.55–160.50 range. Longer term, a move above 159.45 is possible but unlikely to challenge 162.00.Dollar-Yen holds near upper band”24-HOUR VIEW: Subsequent to Monday’s price action, we highlighted yesterday that “momentum indicators are mostly flat,” and we expected USD to “trade between 158.50 and 159.20.” Our view was incorrect, as after dipping to 158.66, USD rose and reached a high of 159.64…
The Indian rupee fell for the third consecutive session on Wednesday, as optimism about an end to the Iran war remained muted despite the U.S. indefinitely extending a ceasefire.With reports of gunfire attacks on container ships in the Strait of Hormuz, Brent crude oil prices rose above $100 a barrel and pegged back regional stocks, including a 0.9% drop in India’s benchmark Nifty 50 index.The rupee closed at 93.7950, down 0.3% from the previous close and hovering near its weakest level in three weeks.The rupee managed to avoid steeper losses on the day on account of likely intervention by the…