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The rupee depreciated 52 paise to close at 87.43 (provisional) against the US dollar on Wednesday, on uncertainty over India-US trade deal after US President Donald Trump hinted at tariff rates of around 20-25 per cent ahead of the deadline of August 1. Forex traders said month-end dollar demand from importers and sustained foreign fund outflows weighed on the local unit. At the interbank foreign exchange, the domestic unit opened at 87.10 against the greenback and touched an intra-day low of 87.05 against the greenback. At the end of Wednesday’s trading session, the local unit settled at 87.43 (provisional), down…

The Indian rupee posted its steepest one-day drop since May and hit a five-month low on Wednesday, hurt by worries over steep U.S. tariffs on Indian exports alongside dollar demand from foreign banks and importers. The rupee hit a low of 87.5125 against the U.S. dollar before closing at 87.42, down 0.7% on the day. Traders said that while the Reserve Bank of India likely stepped in to support the local currency, the intervention was not very aggressive.A 20%-25% tariff may be imposed on India’s exports in the absence of a trade deal and as the Asian country holds off…

Traders pointed to dollar sales from Indian banks, most likely on behalf of the Reserve Bank of India, which helped limit the rupee’s losses. | Photo Credit: FRANCIS MASCARENHAS The Indian central bank likely stepped in to support the rupee on Wednesday, five traders told Reuters, as worries over higher US tariff rates on Indian exports pushed the currency to an over four-month low.The rupee was last quoted at 87.11 per US dollar, down 0.3 per cent on the day. The currency was a tad above the day’s low of 87.13 hit in early trading.Traders pointed to dollar sales from…

The rupee slipped below the 87 per dollar level against the US dollar in early trade on Wednesday as rising crude oil prices and uncertainty over the India-US trade agreement kept investor sentiments muted. Forex traders said month-end dollar demand from importers and sustained foreign fund outflows weighed on the local unit. At the interbank foreign exchange market, the rupee opened on a negative note and touched an early low of 87.15 against the American currency, registering a fall of 24 paise over its previous close. On Tuesday, the rupee declined to an over four-month low level and closed 21…

The Indian rupee slumped to its lowest this fiscal year against the dollar Tuesday on an across-the-board strengthening in the greenback amid uncertainty related to the impending trade deal with the US, dealers said. Month-end dollar demand from importers also exerted pressure on the rupee.The local currency fell to 86.9150 to a dollar intraday, before recouping some losses, tracking domestic equity markets. It closed at 86.8150 to a dollar, the lowest level since mid-March, compared with the previous close of 86.6650. Indian equities snapped a three-day losing streak with the benchmark indices closing higher Tuesday.“The dollar index has surged in…

US Commerce chief Howard Lutnick stated on Tuesday that President Trump is set to make his trade deal decisions this week, despite ongoing negotiations with China and the European Union, ahead of the August 1 deadline.Key QuotesOn pharmaceuticals:The plan coming in two weeks is going to be higher.On EU trade:Expect to continue talks.Digital services will be on the table.Steel and aluminium are also still on the table.Trump accepts that natural resources won’t face tariffs.On trade:Deals are on the table for Trump to consider, but he can just set the price.We’re going to have things done by Friday.Need completely open markets.On…

The Euro falls for a second consecutive day against the British Pound as criticism mounts over the US-EU trade agreement.European leaders describe the deal as “unbalanced” and skewed in favor of Washington.EUR/GBP reversed from a near two-year high of 0.8753 on Monday, marking its sharpest daily drop since April.The Euro (EUR) continues to weaken against the British Pound (GBP) for a second consecutive day on Tuesday, dragged down by rising backlash to the US‑EU trade deal announced over the weekend. The agreement, reached Sunday by US President Donald Trump and European Commission President Ursula von der Leyen, is being criticized…

The number of job openings on the last business day of June stood at 7.43 million, the US Bureau of Labor Statistics (BLS) reported in the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday. This reading followed the 7.71 million openings (revised from 7.76 million) recorded in May and came in below the market expectation of 7.55 million.”Over the month, both hires and total separations were little changed at 5.2 million and 5.1 million, respectively,” the press release read. “Within separations, quits (3.1 million) were little changed while layoffs and discharges (1.6 million) were unchanged.”Market reaction to JOLTS Job…

At a time when preparing for retirement increasingly relies on individual savings, Individual Retirement Accounts (IRAs) are establishing themselves as essential pillars of retirement planning in the United States.But how much do you really need to have set aside by age 30, 40 or 60? A recent study by Fidelity, based on an analysis of 16.8 million IRA accounts, sheds valuable light on average balances by age. An opportunity to compare your situation and, above all, to draw concrete conclusions.Striking differences between generationsData for the fourth quarter of 2024 reveal a logical but impressive progression of IRA balances with age.…

A strong rise in the dollar index, especially after the US-EU trade deal, dragged the rupee lower. | Photo Credit: iStockphoto The Indian rupee has been under pressure since the beginning of this month. The domestic currency has declined about 0.5 per cent in the last one week. This fall has taken it below a key support level of 86.50. The rupee touched a low of 86.92 on Tuesday against the dollar, before closing at 86.82.A strong rise in the dollar index, especially after the US-EU trade deal, dragged the rupee lower. Strong foreign money outflows from the Indian equity segments…