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The rupee depreciated 22 paise to 87.78 against the US dollar in early trade on Tuesday after the US issued a draft notice detailing plans to impose an additional 25 per cent tariff on India.Forex traders said the rupee lost momentum as worries over the looming 25 per cent US tariff on Indian goods, set to take effect from August 27, drove strong dollar demand from importers.The United States has issued a draft notice detailing plans to implement the additional 25 per cent tariff on Indian products, as previously announced by President Donald Trump. At the interbank foreign exchange market,…
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The US Dollar Index has retraced to near 98.30 from Monday’s high of 98.55 as Trump fires Fed Governor Cook.Fed Cook’s removal has raised concerns over the credibility of the US central bank.Fed’s Powell turned dovish on the interest rate outlook.The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, corrects to 98.30 during the Asian trading session on Tuesday, following a decent recovery move the previous day. US Dollar Price Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the Japanese…
The Australian Dollar struggles as Trump threatens to impose a 200% tariff on Chinese goods.RBA Meeting Minutes suggested further rate cuts to be needed in the coming year.President Trump removed Fed Governor Cook from her position on the Fed’s board of directors.The Australian Dollar (AUD) depreciates against the US Dollar (USD) on Tuesday, extending its losses for the second successive session. The AUD/USD pair remains subdued as US President Donald Trump warned that he may impose a 200% tariff on Chinese goods if China refuses to supply magnets to the United States (US), per Reuters. It is worth noting that…
Gold price gains ground in Tuesday’s early European session.Concerns over Fed’s independence and potential US Fed rate cut support the Gold price. The US CB Consumer Confidence and Durable Goods Orders reports will be the highlights later on Tuesday. The Gold price (XAU/USD) rises to a two-week high near $3,385 during the early European trading hours on Tuesday. The precious metal edges higher amid concerns about the US Federal Reserve’s (Fed) independence after the report that US President Donald Trump says he is removing Fed Governor Lisa Cook. Additionally, signs that the US central bank will resume cutting interest rates provide some support to the…
Japanese Finance Minister Katsunobu Kato said on Tuesday that he is “alarmed over FX moves, including those driven by speculators.”Additional quotesWon’t comment on forex levels.Important for currencies to move in a stable manner reflecting fundamentals.Market reactionAt the time of writing, USD/JPY is losing 0.34% on the day to trade near 147.30, little moved by these above comments. Japanese Yen Price Today The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the New Zealand Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD -0.21% -0.18% -0.43% -0.07% -0.05%…
USD/CAD edges lower to near 1.3855 in Tuesday’s early Asian session. LeBlanc and Lutnick are set to meet later this week as Canada plans to ease most retaliatory tariffs against the US. Rising Fed rate cut bets weigh on the US Dollar. The USD/CAD pair trades with mild losses around 1.3855 during the early Asian session on Tuesday. The Canadian Dollar (CAD) strengthens against the US Dollar (USD) on Canada’s move to ease trade tensions with its largest trading partner. The Conference Board’s Consumer Confidence, Durable Goods Orders and the Richmond Fed Manufacturing Index reports will be released later on Tuesday. Canada- US Trade…
The rupee reversed early gains to close 6 paise lower at 87.58 per US dollar on Monday, pressured by a strong greenback and rising crude oil prices | Photo Credit: iStockphoto The rupee pared initial gains to settle 6 paise lower at 87.58 (provisional) against the US dollar on Monday, tracking a strong American currency and a recovery in crude oil prices.Forex traders said investors were cautious ahead of the implementation of the August 27 tariff deadline and the upcoming US economic data ahead of the Federal Reserve’s September 17 meeting.At the interbank foreign exchange market, the rupee opened on…
The Indian rupee gave up early gains to end lower on Monday as concerns over steep tariffs on Indian goods spurred dollar demand, with importer bids adding pressure. The currency closed 0.1% lower at 87.58, against its previous close of 87.53 in the previous session. The local unit, which opened at 87.39, and hit day’s high of 87.3450, saw selling pressure through the day amid dollar-buy orders from importers.”An additional 25% tariff is set to be enforced on August 27. This move will reduce Indian exports, widen the trade deficit, and add further stress to the rupee,” said Amit Pabari,…
The biggest highlight of last month, in our view, was the sovereign rating upgrade by S&P, which was long overdue. The move is likely to attract more capital towards India over the long term, both in debt and equity.Another key development was the announcement of the rationalization of GST slab rates by PM Modi in his Independence Day speech. This, too, was long overdue.There seems to be limited room for monetary policy to turn more accommodative, and therefore a fiscal impetus was needed to support and boost consumption.However, the market’s reaction to these positive developments has been muted.We believe the…