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Rupee rose 12 paise to 85.42 against the greenback in early trade, buoyed by strong FII inflows and a weaker dollar index. However, widening of trade deficit, a weaker start in the domestic equity markets and a rise in Brent crude prices capped further gains in the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened strong at 85.28 against the US dollar before dropping to 85.42, higher by 12 paise from its previous close. On Thursday, the rupee depreciated 22 paise to close at 85.54 against the greenback. “Rupee is expected in a narrow…

The USD remains on the back foot for the second straight day, though it lacks follow-through selling.The technical setup favors bearish trades and supports prospects for a further depreciating move.A sustained break below the 200-period SMA on H4 is needed to reaffirm the negative outlook. The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, trades with a negative bias for the second straight day on Friday, though the intraday downtick lacks bearish conviction. The index currently trades around the 100.70 region, down just over 0.10% for the day, and manages to hold above the 200-period…

Japan’s Finance Minister Shunichi Kato said on Friday that he would seek to meet US reasury Secretary Scott Bessent to discuss foreign exchange. Kato added that excessive FX moves damage the Japanese economy.Key quotesWill discuss FX with Bessent in line with points agreed in prior talks.FX should be determined by market.Excessive FX moves damage economy.Convinced that Bessent is a reliable counterpart able to have constructive dialogue, will continue to closely coordinate with him.Reaffirmed with Bessent in talks on April 24 that excessive Forex volatility has averse impact on economy.Will continue talks with him based on this understanding.Will seek to have a meeting…

EUR/JPY slides toward 163.00, testing key support from the ascending trendline and the 200-day EMA.The Euro remains under pressure after Q1 GDP was revised lower despite upbeat industrial output.Safe-haven flows boost the Yen amid cautious risk sentiment.EUR/JPY extended its pullback for a second consecutive session on Thursday, falling 0.5% to trade around 163.00, with the Japanese Yen (JPY) gaining traction on safe-haven flows. The Euro (EUR) also came under pressure after Eurozone growth data showed signs of moderation, prompting traders to reassess the region’s near-term outlook.The latest economic data showed the Eurozone economy grew by 0.3% in Q1, slightly below…

The rupee depreciated 18 paise to close at 85.50 (provisional) against the US dollar on Thursday, weighed down by demand for American dollars from importers and foreign fund outflows.Forex traders the rupee declined on dollar demand. However, a surge in the domestic markets and overnight weakness in crude oil prices cushioned the downside.At the interbank foreign exchange, the domestic unit opened at 85.53 and moved between an intra-day high of 85.48 and a low of 85.73 against the greenback. The unit ended the session lower at 85.50 (provisional), registering a fall of 18 paise over its previous closing level.On Wednesday,…

The Indian rupee fell on Thursday, weighed down by persistent interbank dollar demand, but pared losses after President Donald Trump said that India had offered a zero-tariff trade deal to the United States. The rupee closed at 85.55 against the U.S. dollar, down 0.3% on the day but above its intraday low of 85.7225. The rupee rose above 85.50 in an immediate reaction to Trump’s comments but thereafter bids from foreign and local banks picked up, a trader at a Mumbai-based bank said.The dollar bids were likely spurred by corporate demand and modest portfolio outflows, the trader said. The dollar-rupee…

The USD/JPY outlook shows a rebound in the yen. Japan’s wholesale inflation rose by 4.0% in April. Traders are looking forward to US data on sales. The USD/JPY outlook shows a stronger yen due to a growing divergence in policy outlooks between the Fed and the Bank of Japan. Inflation in the US continues dropping while that in Japan continues rising.  –Are you interested to learn more about MT5 brokers? Check our detailed guide- The yen extended its rally on Thursday after data in the previous session revealed higher producer inflation in Japan. Wholesale inflation rose by 4.0% in April,…

WTI price dropped by about 3% on Thursday due to escalating fears of a global supply surplus.Trump commented, “I think we are getting very close to a deal with Iran. Iran has agreed to the terms.”US EIA reported a substantial crude inventory increase of 3.5 million barrels last week, raising stockpiles to 441.8 million barrels.West Texas Intermediate (WTI) Oil price fell by approximately 3% on Thursday, extending the previous session’s losses of over 1%. WTI price is hovering around $60.70 per barrel during European trading hours.The decline in crude Oil prices comes amid growing concerns over a global supply glut.…

The rupee depreciated 32 paise to 85.64 against the US dollar in early trade on Thursday, tracking a negative trend in domestic equities. Forex traders said investors are awaiting cues from US FED Chair Jerome Powell’s speech on Thursday. His comments will be closely watched on how the Central Bank plans to proceed with Monetary Policy easing, they said. Meanwhile, the weakness of the American currency and easing crude oil prices offered some support to the local unit and restricted the downfall. At the interbank foreign exchange, the domestic unit opened at 85.53 and fell to 85.64 against the greenback,…

Indian Rupee posts modest gains in Thursday’s Asian session.Optimism from the US-China trade deal underpins the US Dollar and drags the INR lower. Traders brace for the US April Retail Sales and PPI data, due later on Thursday.The Indian Rupee (INR) strengthens on Thursday. The de-escalation of a trade war between the United States (US) and China, along with the fall in Crude oil prices and the weakness of the US Dollar (USD), provides some support to the Indian currency. However, the cooler-than-expected India’s retail inflation, which dropped to its lowest level since July 2019, might exert some selling pressure on the…