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Adding to the optimism, US Treasury Secretary Scott Bessent hinted that India could become the first country to sign a trade deal with the US The rupee closed at its highest level in about five months on Wednesday, buoyed by a weak Dollar, easing crude oil prices and foreign investor inflows into the domestic equity markets. This came even as tensions continued on the border between India and Pakistan, with the latter violating ceasefire along the line of control, and US continuing to stand its ground on tariffs. The rupee, which opened stronger at 85.15, closed 76 paise stronger on…

Gold price retraces losses on Wednesday after US GDP turns negative. Traders sent Gold initially lower after President Trump signed an order to ease tariffs on car parts. Both daily resistances and supports for Gold are narrowing, signaling the increasing chances of a breakout, from a technical point of view. Gold price (XAU/USD) is recovering from incurred losses and trades around $3,288 on Wednesday after the US Gross Domestic Product and Personal Consumption Expenditures (PCE).  Bullion is facing a second day of some profit taking after United States (US) President Donald Trump signed an executive order to ease tariffs on car…

The rupee surged 38 paise to 84.58 (provisional) against the US dollar on Wednesday as trade-deal hopes and foreign fund inflows boosted investor sentiments.US President Donald Trump’s statement that tariff talks with India are in a positive direction enthused investors, forex dealers said.However, geopolitical tensions between India and Pakistan and a muted sentiment in domestic equities weighed on investor sentiments.At the interbank foreign exchange, the domestic unit opened at 85.15 and moved between the intra-day high of 84.47 and the low of 85.15 against the greenback. The unit ended the session at 84.58 (provisional), registering a gain of 38 paise…

The Indian rupee braved multiple headwinds in April including U.S. trade policy flip-flops and India-Pakistan tensions to come out stronger on the back of inflows into equities and as exporters ramped up dollar sales. On the last trading day of the month, the local unit touched its year-to-date high and closed at 84.4875 against the U.S. dollar, up 0.91% on the day, and the highest since November 29. The currency rose 1.2% on the month, its second consecutive monthly rise, which helped extend a sharp reversal in the rupee’s fortunes after it plumbed to an all-time low of 87.95 in…

The oil market continued to decline for a third straight session this morning, ING’s commodity experts Ewa Manthey and Warren Patterson note. Prices are about to witness their record monthly loss”WTI is trading back below $60/bbl while ICE Brent is down about 15% this month, with prices about to witness their record monthly loss. Lingering tariff risks and expectations of OPEC+ loosening output curbs continue to pressure oil prices. Meanwhile, a bearish inventory report from the American Petroleum Institute (API) further weighed on prices.””Numbers overnight from the API show that US crude oil inventories increased by 3.8m barrels over the…

On Tuesday, the rupee gained 27 paise to settle at 84.96 against the US dollar | Photo Credit: FRANCIS MASCARENHAS The rupee depreciated 19 paise to 85.15 against the US dollar in early trade on Wednesday, driven by renewed geopolitical tensions and increased demand for the US dollar, which together exerted pressure on the local unit.Forex traders said geopolitical tensions between India and Pakistan have sparked risk-off sentiment in the market leading to the rupee weakness.However, foreign fund inflows and crude oil prices cushioned the downside for the domestic unit.At the interbank foreign exchange, the domestic unit opened at 85.15…

AUD/JPY advances as the Australian Dollar strengthens on CPI data from Australia and PMI figures from China.Australian Treasurer Jim Chalmers remarked that markets continue to expect further interest rate cuts despite the inflation uptick.The Japanese Yen softens amid weaker-than-expected industrial production and retail sales data from Japan.AUD/JPY edges higher after registering gains in the previous two sessions, trading around 91.30 during the Asian hours on Wednesday. The currency cross is supported by a stronger Australian Dollar (AUD), buoyed by inflation data out of Australia and mixed Purchasing Managers’ Index (PMI) data from China.Australia’s Consumer Price Index (CPI) rose 0.9% quarter-over-quarter…

Gold price declines to $3,315 in Wednesday’s early Asian session. Easing trade tensions weighs on the Gold price. The US ADP Employment Change, PCE and the flash Q1 GDP reports will be the highlights later on Wednesday. The Gold price (XAU/USD) extends the decline to near $3,315 during the early Asian session on Wednesday. The precious metal edges lower amid easing trade tensions and better risk sentiment in global markets. Traders will keep an eye on the US ADP Employment Change, Personal Consumption ExpendituresPrice Index (PCE) and the flash Q1 Gross Domestic Product (GDP) reports, which are due later on Wednesday. US President Donald Trump plans…

EUR/CAD trades near the 1.5800 zone after a muted performance during Tuesday’s session.The pair maintains a bullish bias, supported by strong moving averages despite some mixed momentum signals.Support and resistance levels remain clustered around the 1.5780 area, offering nearby technical guidance.The EUR/CAD was seen trading around the 1.5800 zone after the European session on Tuesday, showing little movement on the day after a slight decline. Despite the minor dip, the overall technical setup stays bullish. Indicators offer a mixed picture: the Relative Strength Index (RSI) holds a neutral stance around 57, the Moving Average Convergence Divergence (MACD) is flashing a…

The rupee consolidated in a narrow range and settled for the day 2 paise lower at 85.25 (provisional) against the US dollar on Tuesday, on recovery in the US dollar and geopolitical tensions between India and Pakistan. However, positive domestic markets and a decline in crude oil prices cushioned the downside for the domestic unit. At the interbank foreign exchange, the domestic unit opened at 85.06 and moved between the intra-day high of 84.96 and the low of 85.40 against the greenback. The unit ended the session at 85.25 (provisional), registering a fall of 2 paise over its previous closing…