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The rupee depreciated 47 paise to hit an all-time low of 88.75 (provisional) against the US dollar on Tuesday, amid sustained outflow of foreign funds on the back of a steep hike in US H-1B visa fee that is expected to give a big blow to Indian IT services exports. Forex traders said the rupee dwindled towards record low levels as market participants analysed the likely repercussions of the new $100,000 H-1B visa levy, which could precipitate a slowdown in remittance growth and curtail service exports to the US. Moreover, risk aversion in domestic markets may also pressurise the rupee,…
The New Zealand Dollar gives away Monday’s gains and returns below 0.5850.The US Dollar picks up from Monday´s lows ahead of the US flash PMIs and Fed Powell’s conference.Weak New Zealand data is boosting expectations of further RBNZ easing and weighing on the NZD.The New Zealand Dollar has given away Monday’s gains against the US Dollar, retreating from the 0.5870 area to levels right above two-week lows near 0.5840, weighed by a moderate US Dollar’s recovery, ahead of US PMI data and Fed Powell’s speech.The US Dollar took a breather on Monday after rallying more than 2% against the kiwi…
The economic activity in the Eurozone’s private sector expanded at a modest pace in early September, with the preliminary HCOB Composite Purchasing Managers’ Index (PMI) edging slightly higher to 51.2 from 51 n August.In this period, the HCOB Manufacturing PMI declined to 49.5 from 50.7, pointing to a contraction in the manufacturing sector, while the Services PMI improved to 51.4 from 50.5. Assessing the survey’s findings, “cost inflation in the services sector, which the European Central Bank watches closely, has eased slightly but remains unusually high given the fragile economic backdrop,” Dr. Cyrus de la Rubia, Chief Economist at Hamburg…
GBP/JPY tests its initial resistance at the nine-day EMA of 199.81.The 14-day Relative Strength Index remains above 50, strengthening the bullish bias.The primary support lies at the crucial level of 199.50.GBP/JPY extends its gains for the second successive session, trading around 199.70 during the European hours on Tuesday. The currency cross appreciates ahead of the United Kingdom’s (UK) S&P Global Purchasing Managers’ Index (PMI) data for September.A look at the daily chart suggested the GBP/JPY cross is remaining within an ascending channel pattern, suggesting the market bias is bullish. Additionally, the 14-day Relative Strength Index (RSI), a key momentum gauge,…
The rupee on Tuesday extended its losses and slumped 48 paise to hit an all-time low of 88.76 against the US dollar in afternoon trade, as markets digested the shockwaves from US President Donald Trump’s steep H-1B visa fee hike. Forex traders said H-1B visa fees hike sparked worries over remittances and potential equity outflows from India’s IT sector — a double hit for the currency, at a time when foreign inflows have already been weak this year. At the interbank foreign exchange, the rupee opened at 88.41, then lost further ground and touched an all-time intraday low of 88.76…
The rupee depreciated 25 paise to an all-time intraday low of 88.53 against the US dollar in early trade on Tuesday, as headwinds like enhanced US tariffs on Indian goods, as well as the US H-1B Visa fee hike, dented investor sentiments. Forex traders said that global risk aversion and trade policy uncertainty have also exacerbated the rupee’s depreciation. At the interbank foreign exchange, the rupee opened at 88.41, then lost further ground and touched an intraday low of 88.53 against the US dollar, registering a decline of 25 paise over its previous close. On Monday, the rupee depreciated by…
The USD/JPY outlook suggests some strength in the yen after Friday’s slightly hawkish BoJ policy meeting. Japan has to choose a new prime minister on October 4th. Traders will watch Fed policymakers’ remarks for more clues on rate cuts. The USD/JPY outlook suggests some strength in the yen after Friday’s slightly hawkish Bank of Japan policy meeting. Meanwhile, the dollar retreated at the start of a week when Fed policymakers will reveal their views on the economy and future policy moves. –Are you interested in learning more about MT5 brokers? Check our detailed guide- On Friday, the Bank of Japan…
US President Donald Trump | Photo Credit: Aaron Schwartz US President Donald Trump’s steep hike in H-1B visa fees could hurt India’s services sector, curb remittance inflows and weigh on the rupee, economists said.Last week, Trump ordered a sweeping overhaul of the H-1B visa programme, mandating a $100,000 application fee aimed at deterring excessive use. India is especially vulnerable to these changes, as roughly 70 per cent of H-1B visa holders in the US are Indian — many employed through Indian IT firms.Highly skilled Indian migrants in wealthy nations are a vital source of cash for the country, steadily increasing…
The Indian Rupee fell to near 88.40 against the US Dollar following the US announcement of a one-time fee on H-1B visa applicants.India’s Commerce Minister Goyal is scheduled to visit Washington for trade talks on Monday.Fed’s Daly stated that the interest rate cut was aimed at bolstering the slowing US labor market.The Indian Rupee (INR) trades lower against the US Dollar (USD) at the start of the week. The USD/INR pair rises to near 88.40 as the announcement of the one-time hefty $1,00,000 fee on new applicants for H-1B visas by the United States (US) has raised concerns over the…
The Euro accelerates its recovery and approaches 1.1800 after bouncing at 1.1730.ECB and Fed officials are expected to provide further details about the banks’ monetary policies.Fed Chair Jerome Powell is expected to speak on Tuesday and might set the USD’s near-term direction.EUR/USD has attracted some buyers to snap a three-day losing streak on Monday. The pair is trading at 1.1765 at the time of writing after bouncing from 1.1730 lows. The pair has broken a three-day losing streak as the US Dollar retreated ahead of a slew of Fed speakers. In Europe, ECB officials and the preliminary Consumer Confidence data…