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The rupee gained 14 paise to 96.28 against the US dollar in early trade on Friday buoyed by positive sentiments at the domestic equity markets.However, heavy FII outflows and higher global crude oil prices amid heightened tensions in West Asia prevented further gains in the local unit, forex traders said.At the interbank foreign exchange, the rupee opened at 96.35 against the greenback before rising further to 96.28, up 14 paise from its previous close.The rupee depreciated for the fourth straight day on Thursday, shedding 17 paise to settle at 96.42 against the US dollar.The US expanded its airstrike campaign against…
Asian stock markets face a sharp sell-off on the last trading day of the week, tracking seeking negative cues from United States (US) equity markets. US technology stocks fell sharply on Thursday as stocks of sophisticated chips extended their losses.During the day, Nikkei has fallen like a house of cards, trading over 4% down near 64,100, Shanghai plunges 1.55% to near 3,820, Hang Seng plummets 1.64% at around 24,600. Meanwhile, South Korean markets are closed today due to Constitution Day.Chipmakers face heat on Thursday after Alphabet Inc. delayed the release of its flagship Gemini 3.5 Pro AI model, leading to…
The dollar held steady on Friday but was poised for a weekly decline as a softer-than-expected U.S. inflation report this week led traders to cut bets on imminent rate hikes from the Federal Reserve, although escalating attacks in the Middle East soured sentiment. Iran and the United States exchanged intensifying fire in a week-long escalation that has largely unravelled last month’s truce, spurring safe haven bids for the dollar and leading oil prices near one-month highs. [O/R] Investor attention will be on a speech from U.S. President Donald Trump at 0100 GMT. In currency markets, the euro was at $1.1445,…
Mumbai: The Indian rupee ended modestly weaker on Thursday, even as oil prices continued to hover in the $85 per dollar range and the dollar index fell to below 100.50 levels. The rupee closed at 96.35, nine paise weaker from its previous close of 96.26 as consistent dollar demand continued to pressure the currency. The currency traded at an intraday low of 96.38 per dollar, a level at which further weakness was contained by RBI intervention, traders said. Source
Iran has asked Yemen’s Houthi militia to stand ready to close the Red Sea oil route if the United States (US) strikes Iranian power infrastructure, posing a potent new threat to global energy supplies, Reuters reported on Thursday.According to a source close to the Houthis, the group had finished preparing to attack shipping by deploying missiles and drones near the Bab El-Mandeb Strait, the gateway to the Red Sea in Yemen’s highlands with views of Hodeidah and the Gulf of Aden. The source said that representatives of Iran’s Islamic Revolutionary Guard Corps (IRGC), who are already in Yemen, will control…
Mumbai: The country’s largest lender by assets, State Bank of India (SBI), mobilised about $1.9 billion in foreign-currency resources under the central bank’s special incentive scheme, people familiar with the matter told ET. SBI’s haul is the highest among state-owned lenders – and dwarfs those by its biggest private-sector rivals, too.Bank of Baroda (BoB) ranked a distant second, having raised $273 million so far, while Canara Bank and Punjab National Bank (PNB) mobilised $80 million each, said the sources cited above. The figures, representing foreign-currency resources mobilised until last Friday, were shared with the finance ministry at a meeting earlier…
The Pound Sterling trims some of its Wednesday gains versus the US Dollar, down by over 0.48% following solid US data. The sell-off comes amid risk aversion and augments the safe-haven appeal of the Greenback. At the time of writing, the GBP/USD trades at 1.3375, after peaking near 1.3545.GBP/USD slips as strong claims data and geopolitics lift DollarUS Retail Sales in June increased 0.2% MoM, as expected. Gasoline prices eased from $4.61 in May to $4.18 in the last month, leaving consumers with free money for discretionary spending. Excluding gasoline and autos, Retail Sales expanded 0.4% MoM, down from 0.5%Other…
BNY’s Geoff Yu says iFlow Carry is beginning to resemble its 2023 upswing. Neutral positioning in carry currencies, including those funded in the dollar, leaves room for exposures to rebuild. G10 FX attracted broad inflows, while EM FX selling was led by HUF, ZAR and KRW.Carry rebuild and G10 inflows”iFlow Carry resembles the heyday of 2023. In June, we highlighted that iFlow Carry had moved into statistically significant negative territory, which could signal improved risk appetite ahead. That analysis was based purely on flows, and we continue to take the view that a period of positive significance, where flows align…
Rupee ended modestly weaker on Thursday, unable to benefit from a dip in oil prices and broad strength in regional currencies in the face of dollar demand linked to maturing non-deliverable forward contracts.The rupee closed at 96.3450 per dollar, down 0.1% from its previous close and hovering close to its weakest level in nearly two months.The currency has fallen back to levels seen before policymakers announced a host of measures to shore up dollar inflows, ranging from incentives for overseas dollar deposits to removal of taxes on foreign investments in government debt.Traders have pointed to elevated dollar demand from merchants…
The Indian rupee ended modestly weaker on Thursday, unable to benefit from a dip in oil prices and broad strength in regional currencies in the face of dollar demand linked to maturing non-deliverable forward contracts.The rupee closed at 96.3450 per dollar, down 0.1% from its previous close and hovering close to its weakest level in nearly two months.The currency has fallen back to levels seen before policymakers announced a host of measures to shore up dollar inflows, ranging from incentives for overseas dollar deposits to removal of taxes on foreign investments in government debt.Traders have pointed to elevated dollar demand…