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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…

Individual Retirement Accounts (IRAs) play a central role in the retirement planning strategy of American households. These accounts offer significant tax advantages for those seeking to save for retirement, particularly as a complement to or in the absence of an occupational retirement savings plan such as a 401(k).Among the various types of IRAs available, two options are sometimes confused: Traditional IRAs and Spousal IRAs. Yet their functions, eligibility criteria and benefits are quite distinct.Traditional IRA: The classic formulaThe Traditional IRA is an individual retirement savings account that allows contributions to be made with pre-tax income, thereby reducing taxable income for…

Tiff Macklem, Governor of the Bank of Canada, answered reporters’ questions on the central bank’s policy outlook. This followed the recent BoC’s decision to keep its policy rate at 2.75%, which was largely anticipated by the market.BoC press conference key highlightsWe see signs of underlying upside pressure on inflation.The US trade policy remains unpredictable.We’re looking at a shorter horizon than usual.The Canadian economy is showing signs of resilience.This section below was published at 13:45 GMT to cover the Bank of Canada’s policy announcements and the initial market reaction.In line with market analysts’ expectations, the Bank of Canada held its policy…

The USD/CAD forecast shows intense pressure on the Canadian dollar ahead of the tariff deadline. Canada could face tariffs of 35% if there is no trade deal soon. Traders are expecting both the Fed and the BoC to pause. The USD/CAD forecast shows intense pressure on the Canadian dollar as the August 1 tariff deadline looms large. Canada remains among the few major economies without a trade deal. Meanwhile, market participants are preparing for the BoC and Fed policy meetings. -Are you looking for the best CFD broker? Check our detailed guide-  Talks between Canada and the US have gone…