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The Indian rupee rose sharply on Friday to post its best single-day gain in more than two years as worries over U.S. fiscal health and the impact of trade tariffs continued to weigh on the dollar, sparking a rally in emerging market currencies. The rupee closed at 85.2125 against the U.S. dollar, up 0.9% on the day, its best one-day gain since November 2022. For the week, the currency rose 0.3% as Friday’s rally helped it recover from the dip past 86 to the dollar in the previous session.Persistent dollar sales from foreign banks, likely on behalf of custodial clients,…
The Indian rupee posted its sharpest single-day gain since November 2022, rising about 80 paise against the US dollar, driven by weakness in the greenback amid concerns over mounting US domestic debt and Moody’s recent credit rating cut. | Photo Credit: iStockphoto The rupee recorded its biggest single-day gain since November 2022, appreciating about 80 paise against the dollar. The greenback weakened on concerns about mounting US domestic debt, even as domestic equity markets attracted some FPI inflows.The Indian unit opened about 4 paise stronger at 85.97 per USD against previous close of 86.01. The USDINR pair hit a high/low…
Here is what you need to know on Friday, May 23:The US Dollar (USD) struggles to hold its ground against its rivals on Friday after posting marginal gains on Thursday. The European Central Bank (ECB) will publish Negotiated Wage Rates data for the first quarter. Later in the day, New Home Sales for April will be the only data featured in the US economic calendar. Heading into the weekend, investors will continue to pay close attention to speeches from central bank policymakers. US Dollar PRICE This week The table below shows the percentage change of US Dollar (USD) against listed…
The USD/CAD forecast indicates a growing likelihood that Trump’s tax bill will be passed into law. Traders are pricing a 67% chance of a Fed rate cut in September. Market participants are pricing a 27% chance of a BoC rate cut in June. The USD/CAD forecast indicates a growing likelihood that Trump’s tax bill will be passed into law, increasing the US government’s debt and hurting the dollar. Meanwhile, in Canada, BoC rate cut expectations have fallen significantly, supporting the loonie. –Are you interested in learning more about buying NFT tokens? Check our detailed guide- The US dollar fell on…
The rupee depreciated 15 paise to 86.10 against the US dollar in early trade on Friday, as foreign institutional investors continued with their sell-off due to a narrowing bond yield differential. Forex traders said speculation of an RBI rate cut in the upcoming MPC meeting, fuelled by softening food and energy prices, is also weighing on short-term rupee sentiment, even though such a move may bolster growth in the longer-term.At the interbank foreign exchange, the domestic unit opened at 85.95 and fell to 86.10 against the greenback, registering a loss of 15 paise over its previous close.On Thursday, the rupee…
The Japanese Yen attracts fresh buyers as a hotter CPI print reaffirms BoJ rate hike bets.Hopes for an early US-Japan trade deal and a weaker USD further weigh on USD/JPY.The bullish JPY fundamental backdrop supports prospects for deeper losses for the pair.The Japanese Yen (JPY) strengthens further against a broadly weaker US Dollar (USD) and drags the USD/JPY pair back below mid-143.00s during the Asian session on Friday. Hotter consumer inflation figures released from Japan earlier today reaffirmed market bets that the Bank of Japan (BoJ) will continue raising interest rates, which, in turn, is seen underpinning the JPY. Apart…
European Central Bank (ECB) President Christine Lagarde said on Friday that with US President Donald Trump’s extension of his trade war to nearly every country, we must question the links of dependency that we have with each other and, in certain matters, with the United States.Key quotes”Warned that international trade will be changed forever by the tensions over tariffs.”“While it is fairly obvious that international trade will never be the same again, it’s also pretty clear that there will be further negotiations.””Said that with Trump’s extension of his trade war to nearly every country, we must question the links of…
Bullion retreats from two-week high as US House passes debt-heavy budget.A strong US Dollar and firmer US S&P PMIs dent safe-haven appeal.Geopolitical risks with Iran still support longer-term bullish bias for Gold.Gold price dropped some 0.48% on Thursday and failed to hold onto the $3,300 figure after reaching a two-week high of $3,345 earlier. A strong US Dollar pressures the golden metal as US Treasury yields retreated from daily highs as the US House of Representatives approved Trump’s budget, which now will be sent for approval to the Senate. XAU/USD trades at $3,289, down 0.83%.The market mood has improved slightly…
Reserve Bank of India’s (RBI) pro-growth stance is likely to attract renewed equity inflows, says BofA BofA Research expects the Indian rupee to strengthen to 84 per US dollar by December 2025 from a prior forecast of 87, joining peers in turning more bullish on the currency amid improving capital inflows and trade engagement.BofA expects the rupee to track broader weakness in the US dollar and be supported by stable domestic fundamentals, it said on Thursday, adding that the Reserve Bank of India’s (RBI) pro-growth stance is likely to attract renewed equity inflows.The RBI cut rates in February and April…
The Indian rupee declined to a more-than-one-month low on Thursday, pressured by likely outflows from local equities and the breach of a key technical support level that triggered stop-losses on speculative long bets. The South Asian currency closed at 86.0025 against the U.S. dollar, down 0.4% on the day. It fell past a key support level of 85.80 to hit a trough of 86.1025 during the session, its lowest since April 11. Dollar bids from foreign banks and one large state-run lender, likely on behalf of their clients, also weighed on the rupee, traders said.India’s benchmark equity indexes, the BSE…