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On Thursday, the rupee extended its gaining momentum for the fifth straight session appreciating 22 paise to close at 94.51 against the US dollar. | Photo Credit: istock.com The rupee gained 5 paise to 94.46 against the US dollar in early trade on Friday, supported by optimism over rising foreign inflows and a rise in risk appetite.Forex traders said the rupee is poised to gain strength, supported by strong underlying inflows and aggressive RBI intervention. However, higher crude oil prices and potential US-Iran tensions could limit further gains.At the interbank foreign exchange market, the rupee opened at 94.53 against the…
Gold (XAU/USD) struggles to capitalize on its strong gains registered over the past two days and consolidates below the $4,500 mark during the Asian session on Friday. The commodity, however, remains close to the weekly high, which it touched the previous day, as traders keenly await the release of the closely watched US monthly employment details. The popularly known US Nonfarm Payrolls (NFP) report will be looked upon for more cues about the Federal Reserve’s (Fed) policy path amid receding bets for a rate hike in September. The outlook, in turn, will play a key role in influencing the US…
Seen opening at 94.55-94.60; weekly gain of 1 percentage point faces Brent above $96 Source
The Japanese yen clung to its gains against the U.S. dollar on Friday and was on track for its strongest week in more than a month, as traders ramped up bets on a Bank of Japan interest rate hike and broader currency markets awaited U.S. payrolls data.The Japanese yen strengthened to as much as 155.25 per dollar in morning trade, just off the 155.20 high it hit last month after the July intervention. It later eased and was last flat at 155.71.The yen is now heading for a 2.5% gain this week, its biggest weekly gain since late July, when…
Kolkata: The Indian currency gained 0.5% on Thursday, making it a 10-week closing high, strengthened by a higher-than-anticipated $136 billion inflows that hit Indian markets over the past two months using the special concessional window. The rupee closed 94.4850 against the US dollar, after opening at 94.30 as compared with Tuesday’s close of 94.97.The currency recorded its sharpest daily gain since July 27. “The 93.80 level during September can’t be ruled out as we have got certain reserves muscles now,” said veteran foreign exchange consultant KN Dey.Read more: Jio sets eyes on Navratri-Diwali period to launch mega $4 billion IPOThe…
New Delhi | Mumbai: The Centre does not expect the Reserve Bank of India (RBI) to face material costs from the unprecedented $127-billion inflows through forex inflow schemes underpinned by a swap facility, people aware of the details of the dedicated plans that closed August 31 told ET.This assessment comes amid concerns the foreign currency non-resident-bank (FCNR-B) and other forex inflow programmes may have a high cost for the central bank, stemming largely from hedging and liquidity management expenses.The RBI is, however, expected to earn good returns when these record inflows are deployed in US treasuries that have seen a…
Reserve Bank of New Zealand (RBNZ) Monetary Policy Committee member Carl Hansen said on Thursday that future monetary policy moves hinge on trends across broad economic data sets. Key quotes Future policy moves hinge on trends across broad economic data sets. Wednesday’s rate increase was a clear consensus decision. Watching for data “surprises,” not one indicator, before October decision. Market reactionAt the time of writing, the NZD/USD pair is up 0.51% on the day at 0.5883. RBNZ FAQs The Reserve Bank of New Zealand (RBNZ) is the country’s central bank. Its economic objectives are achieving and maintaining price stability – achieved when inflation, measured by the Consumer Price Index…
The Dow Jones Industrial Average trades near 53,750, up 1.3% and on track for its strongest session since early August, after a Fed governor said he would be inclined to support holding rates at the September 15-16 meeting if the inflation data due over the next two weeks keep behaving. The tape has treated a conditional as a verdict. Hike odds on the FedWatch tool sit at 50.4% against 49.6% for a hold, down from above 60% on Wednesday, and the 10-year Treasury yield has backed off the multi-year high it set the day before.The market bought the first half…
The rupee, on Thursday, perked up to a two-and-a-half month high due to massive inflows into Foreign Currency Non-Resident (Bank) deposits under the RBI’s limited period concessional swap facility provided to banks.The Indian currency (INR) opened 67 paise stronger at 94.30 per US Dollar (USD) in the wake of inflows into FCNR(B) deposits touching a massive $127.23 billion during the 85-day period (June 8-August 31, 2026) that the aforementioned facility was open. It closed at 94.48 per USD, up 49 paise over the previous close of 94.97.Overall, between June 8 and August 31, the USD-INR Forex Swap facility, provided by…
Indian map and rupee symbol on stock market graph background. 3d illustration | Photo Credit: Rasi Bhadramani The Indian rupee notched a 10-week closing high on Thursday, buoyed by stronger-than-expected dollar inflows under the central bank’s special scheme, even as importer demand pared some of the currency’s earlier gains.The rupee closed 0.5% higher at 94.4850 per U.S. dollar, its highest level since June 25. The currency also posted its biggest daily gain since July 27.The rupee opened at 94.30 per dollar but trimmed gains to 94.49 during the session as importer demand picked up.Sentiment was boosted after the Reserve Bank…