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India’s foreign exchange reserves (forex) rose $1.567 billion to $677.835 billion in the week that ended on April 4, extending gains for the sixth straight week, showed the official data released by Reserve Bank of India (RBI).According to the data released by RBI, for the week ended April 11, the foreign currency assets rose by $892 million to $574.98 billion. The foreign currency assets are the major constituents of forex reserves. The gold reserve also saw an uptick as it surged by $638 million to $79.997 billion during the week, suggests the RBI data.However, the Special Drawing Rights (SDRs) saw…
The U.S. dollar rallied on Thursday after its recent weakness across peer currencies appeared exhausted for the time being, while the euro weakened slightly after the European Central Bank cut rates for the seventh time in a year. The greenback has largely stabilized this week and held within a tight range against the single currency, following large drops last week that were prompted by concerns over the economic impact of tariffs and investors shifting investments overseas. “We’ve had a pretty impressive run of strength for most of the G10 currencies and so I think we’re just in a bit of…
The rupee strengthened for the fourth consecutive session and closed 27 paise higher at 85.37 (provisional) against the US dollar on Thursday, hitting the April 3 closing level, on the back of foreign fund inflows in domestic equities and broad weakness in the greenback.The unit has pared all its losses since April 2, when US President Donald Trump announced sweeping reciprocal tariffs on multiple countries. On April 2, the rupee was quoted at 85.52 against the US dollar.According to forex traders, a positive trend in domestic equities following a reprieve from US tariffs boosted overall investor sentiment, even though some…
The Indian rupee rose on Thursday to log its best weekly performance in a month as foreign portfolio inflows into Indian equities picked up and as the dollar remained on the defensive amid concerns about how tariffs would affect the world’s largest economy. The rupee closed at 85.3675 against the U.S. dollar, up from its close at 85.6775 in the previous session. The currency rose about 0.8% week-on-week, its best weekly gain since March 17. Indian financial markets are shut on Friday for the Good Friday holiday.Persistent weakness in the U.S. dollar has helped Asian currencies across the board, while…
The USD/CAD outlook shows relief for the loonie after a BoC pause. Market participants are pricing a 50% chance of a BoC rate cut in June. The greenback paused its decline after US retail sales rose by 1.4%. The USD/CAD outlook shows relief for the Canadian dollar after the Bank of Canada paused after seven rate cuts. Meanwhile, the US dollar recovered after retail sales data revealed solid demand. However, tariff uncertainty kept a lid on gains. -Are you interested in learning about the forex indicators? Click here for details- The Bank of Canada kept interest rates unchanged on Wednesday,…
The rupee rallied for the fourth straight session and rose 10 paise to 85.54 against the US dollar in early trade on Thursday amid a renewed inflow of foreign funds in domestic equities and a weak American currency. However, subdued equity market sentiment and a slight recovery in crude oil prices put the local currency under pressure, according to forex traders. At the interbank foreign exchange, the domestic unit opened at 85.48 and slipped to 85.54 against the greenback in early deals, trading 10 paise higher from its previous closing level. The rupee closed Wednesday’s session with a gain of…
While a weakening yuan will put competitive pressure on most Asian currencies given their trade links with China, the risk for the rupee has gone up | Photo Credit: PRIYANSHU SINGH The Indian rupee’s recent gains may be short-lived, as depreciation pressure mounts on the currency with trade rival China loosening its grip on the yuan.While a weakening yuan will put competitive pressure on most Asian currencies given their trade links with China, the risk for the rupee has gone up. By one measure, the relationship between the currencies has climbed to the highest since May 2023, data compiled by…
The Indian rupee ended higher for a third straight session on Wednesday, as U.S. tariff concerns pressured the dollar and lifted safe havens like gold and the Swiss franc. The rupee closed at 85.6775 against the U.S. dollar, up 0.1% on the day. The local unit hit an intraday high of 85.52 earlier in the day before paring gains on corporate hedging demand, traders said.The dollar index slipped 0.5% to 99.6, with Asian currencies were mostly higher. Gold hit a record high, while the Swiss franc rose 0.5% versus the dollar. Worries about the economic impact of U.S. tariffs have…
The EUR/USD price analysis shows the euro rebounding after a brief pause. Market participants look forward to a likely European Central Bank rate cut on Thursday. The US will release its retail sales report. The EUR/USD price analysis shows the euro rebounding after a brief pause. The pause followed a strong rally as investors shifted from US to Eurozone assets amid economic uncertainty. However, after booking profits, traders are back for another rally. -Are you interested in learning about the forex indicators? Click here for details- The euro gained last week as Trump’s wild tariff decisions plunged investor confidence in…
The Indian rupee rose on Tuesday, diverging from most Asian peers, aided by likely dollar inflows into local stocks, although traders said volatility is likely to persist until there is clarity on U.S. tariffs. The rupee closed at 85.7725 against the dollar, up 0.3%. The currency touched a peak of 85.59 before trimming gains in the face of importer hedging demand. India’s benchmark equity indexes, BSE Sensex and Nifty 50, ended higher by over 2% each.The indexes have erased all of their losses since the announcement of U.S. tariffs on April 2, outperforming their regional peers. There was a “lot…