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The rupee depreciated 7 paise to close at 88.78 (provisional) against the US dollar on Friday, near its all-time low level, on dollar demand from importers and persistent foreign fund outflows. Forex traders said the USD/INR pair is hovering around its all-time low level, weighed down by trade tensions and global uncertainties. Moreover, persistent foreign fund outflows and the ongoing US visa fee hike issue also dragged down the domestic unit. At the interbank foreign exchange, the rupee opened at 88.68 against the US dollar and touched an intraday low of 88.85 and finally settled for the day at 88.78…
The Indian rupee closed slightly weaker on Friday, steadying just above its all-time low, but sentiment remained skewed against the currency on the back of ongoing U.S.-India trade frictions and portfolio outflows. The currency remained under pressure even as the dollar was on course to notch its worst week since August against major peers as investors held firm to expectations of policy easing by the Federal Reserve, despite a government shutdown delaying key economic data releases. The rupee closed at 88.7725 against the U.S. dollar, down marginally on the week but within touching distance of its all-time low of 88.80…
The Institute for Supply Management (ISM) is scheduled to release the September Services Purchasing Managers’ Index (PMI) this Friday. The report is a well-trusted measure of business performance in the sector, but it is usually published on the same date as the US Nonfarm Payrolls (NFP) report, which diminishes its relevance. This time, however, things are different, as the NFP is unlikely to be published due to the ongoing United States (US) government shutdown. The US ran out of funding on Wednesday, not for the first time, nor the last. Among the immediate consequences of a shutdown are the delays…
The Indian Rupee (INR) continues to trade flat around 88.90 against the US Dollar (USD) during late Indian trading hours on Friday. Still, the USD/INR is close to its all-time high of around 89.12 posted last week.The outlook for the pair remains firm as the delay by the United States (US) and India over reaching a trade agreement has dampened the competitiveness of Indian products in the global market.Currently, Washington is charging 50% tariffs on imports from New Delhi, one of the highest in the world, which includes a 25% import duty as a penalty for buying Oil from Russia.Trade…
USD/JPY failed to hold above 150 and slipped below its 200-day moving average, with focus now shifting to support at 146.20/145.40. A break lower could open the door to further downside, Société Générale’s FX analysts note. USD/JPY slips below 200-DMA”USD/JPY recently encountered strong resistance near 150 and has dipped below the 200-day moving average, indicating a lack of sustained upward momentum. It is now gradually approaching a multi-month ascending trend line in the 146.20/145.40, which serves as short-term support.” “Failure to overcome recent peak at 150 may signal a continued pullback. If the pair is unable to defend 145.40, there…
The Euro is trading higher for the second consecutive day against the British Pound on Friday. The pair found support right below 0.8700 earlier this week, but has managed to pare losses supported by hawkish comments from ECB officials and upbeat Services activity data.The final reading of the Eurozone HCOB PMI, released earlier on the day, revealed that the sector’s activity improved to 51.3 in September from 50.1 in August, These numbers are slightly below the 51.4 seen in the preliminary report, but still the best performance since January, and follow a moderately positive Manufacturing survey on Thursday, to ease concerns…
The softened underlying suggests Pound Sterling (GBP) may retest the 1.3400 level; a continued decline below this level is unlikely. In the longer run, GBP is likely to trade in a range between 1.3360 and 1.3525, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. GBP is likely to trade in a range24-HOUR VIEW: “Two days ago, GBP rose briefly to 1.3527 and then retreated. Yesterday, we pointed out that ‘the brief advance did not result in any significant increase in upward momentum, and GBP is unlikely to rise much further.’ We were of the view that GBP…
The Pound Sterling (GBP) trades in a tight range around 1.3440 against the US Dollar (USD) during the European trading session on Friday. The GBP/USD pair consolidates as the US Dollar (USD) trades sideways, with investors struggling to find fresh cues regarding the economic outlook in the wake of partial government closure.The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, wobbles around 97.90 at the time of writing.Partial US government shutdown has resulted in halt of key economic data releases, including the Nonfarm Payrolls (NFP) report that was scheduled for this Friday, as a number…
The rupee witnessed range-bound trading in morning deals on Friday and depreciated 5 paise to 88.76 against the US dollar, as the strength of the American currency in the overseas market and a negative trend in domestic equities weighed on investor sentiments. Forex traders said the USD/INR pair is trading in a narrow range as pressure from US policies, trade tensions and global uncertainties dented sentiments further. Moreover, persistent foreign fund outflows and the ongoing US visa fee hike issue dragged down the domestic unit.At the interbank foreign exchange market, the rupee opened at 88.68, then lost ground and touched…
The Australian Dollar (AUD) holds ground against the US Dollar (USD) on Friday after registering losses in the previous session. The AUD/USD pair remains steady following the release of S&P Global Purchasing Managers’ Index (PMI) data.The S&P Global Australia Composite PMI fell to 52.4 in September from 55.5 in August, marking a full year of monthly growth but at the slowest pace since June. Meanwhile, the Services PMI declined to 52.4 from 55.8, signaling continued expansion in the services sector for the 20th straight month, though also at its weakest rate since June.Australia’s Trade Surplus narrowed to 1,825 million month-over-month…