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The rupee rose 10 paise to 87.59 against the US dollar in early trade on Thursday, supported by a weaker dollar index and easing Brent crude prices. Besides, the Reserve Bank of India (RBI) stepped in to protect the local unit from crossing its all-time low, further supporting the local unit, according to forex traders. However, FII outflows and weaker domestic equity markets prevented sharper gains in the local unit as an additional 25 per cent US tariffs on Indian products kicked in on Wednesday. At the interbank foreign exchange, the rupee opened at 87.56 against the greenback before slipping…

The Indian rupee is set to open largely unchanged to slightly higher on Thursday, with bets for a Federal Reserve rate cut and hopes of the Reserve Bank of India’s (RBI) intervention offsetting the drag from steep US tariffs.The 1-month non-deliverable forward indicated the rupee will open in the 87.62-87.68 range versus the US dollar, compared with Tuesday’s level of 87.68. India’s financial markets were shut on Wednesday for a local holiday.The RBI likely stepped in on Tuesday to curb losses after the rupee came under pressure when Washington confirmed additional tariffs on Indian goods, traders saidThe rupee had briefly…

The US Dollar Index faces slight selling pressure ahead of the US PCE inflation data for July on Friday.Traders are confident that the Fed will cut interest rates in the September policy meeting.Fed’s Williams argued that officials need to see economic data to decide on interest rates in September.The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.12% lower to near 98.00 during the Asian trading session on Thursday. The US Dollar (USD) faces slight selling pressure as investors turn cautious ahead of the United States (US) Personal Consumption Expenditure Price Index (PCE) data…

USD/CAD depreciates amid rising concerns over Fed independence.Fed Governor Cook’s exit could increase the likelihood of interest rate cuts.BoC Governor Macklem stated that the central bank will maintain its 2% inflation target for the foreseeable future.USD/CAD extends its losses for the third successive session, trading around 1.3770 during the Asian hours on Thursday. The pair depreciates as the US Dollar (USD) faces challenges amid rising concerns over the US Federal Reserve’s (Fed) independence. Traders await the Q2 US Gross Domestic Product (GDP) Annualized due later in the day.US President Donald Trump announced early Tuesday that he was removing Fed Governor…

Australian Dollar appreciates as Private Capital Expenditure climbed 0.2% in Q2, against the expected 0.7% rise.The AUD gained support after hot Australian inflation data lowered expectations of an RBA rate cut.The CME FedWatch tool indicates pricing in more than 88% odds for a 25 basis-point Fed rate cut in September.The Australian Dollar (AUD) gains ground for the third successive session on Thursday, following the release of Private Capital Expenditure, which rose 0.2% in the second quarter, from the previous decline of 0.1% but falling short of the expected 0.7% increase. The AUD/USD holds ground as the US Dollar (USD) struggles…

Gold price edges lower in Thursday’s early European session.Worries over the Fed’s independence might limit the downside for the Gold price. The second estimate of US Q2 GDP data will take center stage later on Thursday. The Gold price (XAU/USD) trades in negative territory during the early European trading hours on Thursday. The precious metal retreats from a three-week high near $3,400 amid a rebound in the US Dollar (USD) and some profit-taking. Concerns about the Federal Reserve’s (Fed) independence lingered after US President Donald Trump fired Fed Governor Lisa Cook over allegations of mortgage borrowing misconduct. This, in turn, underpins the Gold…

WTI price steadies as traders await the imposition of US tariffs on India.The US is set to raise tariffs on Indian exports to 50% from 25% at 04:01 GMT on Wednesday.Russia lifted August crude exports from western ports by 200,000 bpd versus the initial plan.West Texas Intermediate (WTI) Oil price moves little after registering more than 2% decline in the previous session, trading around $63.10 per troy ounce during the Asian hours on Wednesday. Crude Oil prices remain steady as traders adopt caution ahead of new United States (US) tariffs on India, the world’s third-largest crude importer.The United States is…

EUR/USD falls slightly to near 1.1630 as the Euro hits by French political uncertainty.French PM Bayrou might lose confidence vote on September 9.The ousting of Fed Governor Cook has dampened the outlook of the US Dollar.The EUR/USD pair edges lower to near 1.1630 during the Asian trading session on Wednesday. The major currency pair faces a slight selling pressure as political uncertainty in France has weighed on the Euro (EUR).The existence of Prime Minister (PM) François Bayrou’s minority government has come under threat as all three opposition parties of France have expressed that they won’t back a confidence vote over…

Australian Dollar declines despite stronger Monthly CPI data.Traders remain cautious after President Trump warned of a 200% tariff on Chinese goods.Trump has indicated that White House economist Stephen Miran could be considered for Fed Governor Lisa Cook’s seat.The Australian Dollar (AUD) struggles following the release of the Monthly Consumer Price Index (CPI) on Wednesday. The AUD/USD pair receives downward pressure as the US Dollar (USD) recovers its recent losses from the previous session.Australian Bureau of Statistics (ABS) reported that the Monthly Consumer Price Index jumped by 2.8% year-over-year in July, following a 1.9% increase reported in June. The market consensus…

Gold price attracts some sellers in Wednesday’s early European session. Worries over the Fed’s independence might support the Gold price.Traders await the US July PCE inflation report later on Friday for fresh impetus. The Gold price (XAU/USD) remains under selling pressure during the early European trading hours on Wednesday. The precious metal retreats from a two-week high of $3,395 amid the profit-taking and modest rebound in the US Dollar (USD). The potential downside for the yellow metal might be capped amid concerns over the US Federal Reserve’s (Fed) independence as US President Donald Trump doubled down on his efforts to oust a Fed governor.…