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The rupee rose sharply by 65 paise to 86.13 against the US dollar in early trade on Tuesday as crude oil prices fell following hopes of a ceasefire between Iran and Israel. A weak greenback and a strong opening in the domestic equity markets further boosted the rupee, according to forex traders. Brent crude, the global oil benchmark, declined 2.73 per cent to $69.53 per barrel in futures trade as US President Donald Trump announced that Iran and Israel were close to a ceasefire. At the interbank foreign exchange, the local unit opened at 86.07 against the US dollar before…
The Dow Jones Industrial Average (DJIA) pulled back from Monday’s early gains after news outlets reported that accelerating Middle East conflicts took a turn early this week. According to early reporting, Iranian militants have launched a rocket strike targeting the Al-Asad Airbase, which is jointly operated by the US Air Force and the Iraqi Air Force.Iran is poised to lash out at US military assets in retaliation for US President Donald Trump ordering targeted missile strikes against Iranian nuclear facilities without congressional approval over the weekend. The action by the Trump administration marks a sharp reversal in Trump’s campaign promises…
,Indian Rupee trims early losses after safe-haven flows lifted the Dollar on US strikes against Iranian nuclear sites.USD/INR climbed close to the psychological 87.00 level before reversing as mixed US PMI data capped Dollar strength.US PMI data painted a mixed picture — the Composite PMI dipped slightly to 52.8, the Services PMI eased to 53.1 from 53.7, while the Manufacturing PMI held steady at 52.India’s Composite PMI jumps to 61.0, beating forecasts and signaling robust economic momentum.The Indian Rupee (INR) kicked off the week on a softer note, weakening against the US Dollar (USD) on Monday as investors flocked to…
LME Copper convenience yields are now reflecting critically low inventories, TDS’ Senior Commodity Strategist Daniel Ghali notes. Copper’s tension builds”Metal has flowed out of the system over the last months, reflecting increased competition for physical Copper from both China and the United States.””We highlighted that metal must make its way back into the system to prevent fears of a stock-out from reemerging, and while tom-next is now trading close to the LME’s capped rate, interestingly, the largest traders in Shanghai have increasingly sold their Copper positions concurrently with a decline in Chinese premiums.” “Shanghai Copper traders also remained on the…
The central banks of India and Malaysia have reduced the size of some derivatives positions they use to weaken their currencies. Taiwan has allowed its currency to surge against the dollar in recent weeks and dropped hints it would be comfortable with more if the moves were “orderly.” South Korea’s giant national pension fund has ended its five-month support of the won.A major reason for these moves is a simple change in the market landscape: The dollar has tumbled more than 7 per cent this year, easing pressure on emerging market currencies. But strategists and investors also point to the…
The rupee plunged 23 paise to close at a five-month low of 86.78 (provisional) against the US dollar on Monday amid a strengthening dollar and volatile crude oil prices following the US strike on Iran’s nuclear facilities. A sharp decline in the domestic equity markets further pressured the rupee, according to forex experts. However, strong FII inflows, along with a rise in the country’s forex reserves prevented further losses in the rupee, they said. At the interbank foreign exchange the rupee opened at 86.75 against the greenback and traded in the range of 87.67 to 86.85 before settling at its…
India’s foreign exchange reserves provide a crucial cushion against geopolitical turmoil, inflation, and currency pressure, says RBI member. | Photo Credit: iStockphoto India’s $700 billion in foreign exchange reserves gives the economy a crucial cushion against rising geopolitical turmoil, a member of India’s rate-setting panel said, as hostilities in the Middle East continue to deepen. Ram Singh, an external member of the monetary policy committee with the Reserve Bank of India, said in an interview with the Economic Times newspaper that he expects the country’s foreign-exchange buffer to help blunt the impact of inflation caused by rising crude and fertilizer prices. However,…
The USD/CAD outlook is positive amid dollar’s safe-haven demand. Escalating Iran-Israel conflict and rising oil prices support the pair. Diverging economic outlook limits the gains. The USD/CAD outlook gains traction on Monday, posting fifth consecutive winning streak on Monday. The pair moved above the mid-1.3700 area on Monday ahead of European session. The price opened with a significant gap up, following escalated tension in the Middle East that boosted demand for the safe-haven US dollar. –Are you interested in learning more about next cryptocurrency to explode? Check our detailed guide- The surge came after a dramatic turn in the Israel-Iran…
EUR/GBP strengthens to around 0.8570 in Monday’s early European session.Weaker-than-expected UK Retail Sales continue to undermine the Pound Sterling and create a tailwind for the cross. The ECB signaled a pause in rate cuts despite low inflation. The EUR/GBP cross trades in positive territory near 0.8570 during the early European trading hours on Monday. The Pound Sterling (GBP) weakens against the Euro (EUR) as UK Retail Sales declined more than expected in May. Traders will keep an eye on the preliminary reading of the Purchasing Managers Index (PMI) for June from the Eurozone and the United Kingdom, which will be released later…
The Australian Dollar depreciates as market sentiment weakens following US attacks on Iran’s three nuclear facilities.Australia’s Services PMI improved to 51.3 in June from 50.6 prior, while the Composite PMI increased to 51.2 from 50.5.Fed Governor Christopher Waller said that the US central bank could start cutting interest rates as soon as next month.The Australian Dollar (AUD) depreciated against the US Dollar (USD) on Monday, extending its losses for the third successive session. The AUD/USD pair remains weaker amid dampened risk sentiment, driven by the escalating Middle East tension.US President Donald Trump announced late Saturday that he had “obliterated” Iran’s…