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The Rupee continued to reel under the steep tariffs imposed by the US on Indian imports, with the Indian unit weakening to an over five-month low on Thursday.The Indian unit (INR), which dropped 61 paise on Wednesday, closed weaker at 87.5950 per US Dollar (USD) against the previous close of 87.4250, down 17 paise. It opened at 87.66.In intraday trades, INR tested a high/ low of 87.7450/87.5100 per USD, according to CCIL data. The Rupee has slumped by about 107 paise between last Friday’s (July 25th) closing of 86.52 and today (July 31st).Market expectations are that the weakening bias of…

The Indian rupee suffered its worst monthly drop in nearly three years on Thursday, weighed down by U.S. tariff concerns and persistent portfolio outflows, with traders and analysts seeing little relief for the currency in the near term. The rupee fell to an over five month low of 87.74 following U.S. President Donald Trump’s threat of a 25% charge on Indian exports, alongside an unspecified penalty, starting August 1. It closed at 87.5950 down 0.2% on the day. The currency was down 2% for the month, its worst fall since September 2022.The Reserve Bank of India likely intervened to support…

The USD/CAD forecast shows an extension of the previous session’s move. The Bank of Canada held rates as expected on Wednesday. The US economy grew by 3.0%, compared to the forecast of 2.5%. The USD/CAD forecast shows an extension of the previous session’s move as the Canadian dollar continues its slide. Both the Bank of Canada and the Fed kept rates unchanged on Wednesday. Meanwhile, upbeat data from the US boosted the dollar against most of its peers. -If you are interested in guaranteed stop-loss forex brokers, check our detailed guide- The Bank of Canada held rates as expected on…

The rupee opened about 24 paise weaker at 87.66 per USD against previous close of 87.4250, weighed down by Trump’s 25 per cent tariffs and “Russia” penalty on India. The Indian unit is currently trading at 87.6050.Market players see the RBI intervening in the market to prevent volatility in the Indian currency. The rupee had hit an all time low of 87.95 against the USD earlier this year.The rupee saw its biggest single-day drop in three months,closing about 61 paise lower yesterday (Wednesday).Trump, in a post, announced 25 per cent tariffs on imports from India and also a penalty for…

Cutting of speculative short positions on the rupee also helped it trim losses after the RBI stepped in, a trader at a private bank said. | Photo Credit: SUDERSHAN V The Indian central bank likely stepped in to support the rupee on Thursday, six traders told Reuters, as the currency came under pressure after U.S. President Trump threatened a 25 per cent charge on Indian exports.The rupee was last quoted at 87.64 against the US dollar as of 09:25 a.m. IST, after hitting an over five-month low of 87.74 in early trading. The currency had hit at an all-time low…

The Reserve Bank of India will conduct overnight variable rate reverse repo (VRRR) auction on July 31 to absorb Rs 50000 crore. This comes close on the heels of mopping up Rs 46058 crore from the inter-bank market on July 29 through a three-day VRRR.The central bank announced the VRRR even as the overnight weighted average call rate settled at 5.38% Wednesday, against the previous day’s 5.35%. The overnight rate is hovering below the repo rate of 5.50%.The central bank conducts VRRR to manage liquidity when there’s an excess of supply of money in the inter-bank system. RBI has been…

Puzzle-shaped 100 American dollar banknote and gold-colored Indian Rupee symbol. On a charcoal green-colored background. Horizontal composition with copy space. Isolated with clipping path. | Photo Credit: Baris-Ozer The possibility of Trump slapping 20-25 per cent tariff on India’s exports to the US spooked the rupee, which saw its biggest single day drop in three months, closing about 61 paise lower on Wednesday.With the President Donald Trump announcing a 25 per cent tariff plus a (“Russia”) penalty on India’s exports to the US (with effect from August 1st) after trading hours, the Indian currency is expected to further come under…

Gold slips below $3,300 on upbeat US economic data, traders stay cautious ahead of the Federal Reserve’s monetary policy decision.The Federal Reserve is widely expected to keep interest rates steady, but forward guidance on rate cuts is the main market driver.Safe-haven demand remains muted amid easing global trade tensions and improving risk appetite.Gold (XAU/USD) attracts sellers on Wednesday, hovering near $3,293 during the American trading session, down nearly 1.0% on the day. The yellow metal is losing ground after stronger-than-expected US economic data. Easing trade tensions have dampened Gold’s safe-haven appeal, keeping gains in check. However, a softer US Dollar…

At the usual post‑meeting press conference, Fed Chair Jerome Powell outlined why policymakers chose to keep the federal funds rate at 4.25%–4.50% following July’s meeting and took reporters’ questions on the decision.Powell’s press conference takeawaysEconomy is in a solid position.Inflation is somewhat above target.Believe the current stance of policy leaves us well positioned to respond in a timely way.Moderation in growth reflects a slowdown in consumer spending.Activity in the housing sector remains weak.Unemployment is low and has remained in a narrow range.Wide set of indicators suggests the job market is near maximum employment.Expects PCE up 2.5% and Core up 2.7%…

EUR/USD trades near 1.1475, its lowest level since June 23, marking a fifth straight daily decline.The Euro is pressured by a strong US Dollar and robust US economic data.US ADP jobs data beats forecasts, showing 104K job gains in July, reversing the prior month’s contraction.The Euro (EUR) is on the back foot for a fifth straight day against the US Dollar on Wednesday, weighed down by a stronger Greenback and ongoing concerns over the recently announced US-EU trade deal, which many investors see as skewed in Washington’s favor. The Euro remains under pressure as attention turns to the Federal Reserve’s…