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The dollar fell to a three-month low on Tuesday as concerns about slowing growth and the impact from tariffs on the U.S. economy outweighed any potential boost from the ramping up of levies on Canada, Mexico and China. President Donald Trump’s new 25% tariffs on goods from Mexico and Canada took effect, along with a doubling of duties on Chinese goods to 20%, at 12:01 a.m. EST (0501 GMT). In response, China said it will impose additional tariffs of 10-15% on certain U.S. imports from March 10. Canada has said that retaliatory tariffs on the United States would take effect…

The Indian rupee closed slightly higher on Tuesday tracking a rise in Asian peers, while dollar demand from importers and foreign banks kept a lid on the local unit’s gains. The imposition of U.S. trade tariffs on China, Canada and Mexico dampened risk appetite, triggering a decline in global stocks and bond yields. However, Asian currencies rose between 0.1% and 0.6%. The rupee closed at 87.2650 against the U.S. dollar, up 0.1% on the day.While the currency slipped a tad below 87.40 in early trading, intermittent dollar sales from state-run banks helped support the rupee, three traders said. “There was…

The rupee declined 8 paise to 87.40 against the US dollar in early trade on Tuesday, weighed down by persistent foreign fund outflows and a prevailing liquidity deficit. Forex traders said the ongoing uncertainty surrounding tariff imposition by the US has left financial markets in flux. Moreover, the tariff chaos has injected volatility and uncertainty into the US Dollar Index. At the interbank foreign exchange, the rupee opened at 87.38, then fell to 87.40 against the American currency, registering a decline of 8 paise over its previous close. On Monday, the rupee settled with a gain of 5 paise at…

The Indian rupee ended higher on Monday, tracking an uptick in regional peers at the start of a week in which the currency’s moves will depend on the news flow regarding U.S. tariffs and economic data, and the local central bank’s reaction. The rupee ended at 87.3700 against 87.4950 in the previous session. The Indian currency dropped 1% in February, logging its fifth straight monthly loss. “There was a mild recovery in the rupee, as it was slightly in an oversold zone last week,” a trader with a private bank said.Hedging demand, persistent equity outflows, and the usual market flows…

The rupee appreciated 9 paise to 87.28 against the US dollar in early trade on Monday as the American currency index retreated from elevated level and domestic equity markets indicated some recovery after firm macroeconomic data. According to forex traders, withdrawal of foreign capital is expected to halt as the latest government data released on Friday showed the country’s economy grew by 6.2 per cent in the October-December quarter, recovering sequentially from seven-quarter lows. However, the volatility triggered by the US tariff continued to linger, leading to an increase in crude oil prices and capping a sharp gain in the…

The Indian rupee logged its fifth straight monthly fall in February, weighed down by foreign portfolio outflows and increased hedging in the onshore and the non-deliverable forward market. The rupee ended at 87.4950 against the U.S. dollar compared with 87.20 in the previous session. The domestic unit fell 1% in February, and slipped to an all-time low of 87.95 during the month. However, periodic intervention by the Reserve Bank of India (RBI) largely curbed one-way moves on the domestic unit and prevented speculators from betting against the rupee.The RBI conducted a three-year dollar-rupee buy-sell swap auction on Friday, drawing bids…

The Indian rupee logged its worst day in three weeks on Tuesday, weighed down by weakness in regional peers, importer hedging and dollar demand related to the expiry of non-deliverable forward contracts. The rupee ended at 87.21 to the U.S. dollar, down from 86.6950 in the previous session. The domestic unit slipped 0.6% on the day, its biggest single-day fall since February 5. The rupee pared some losses as the central bank likely intervened to support the currency after it dropped due to demand for the greenback related to derivatives expiry, four traders told Reuters.”You have dollar demand on the…

The Indian rupee ended little changed on Monday, in contrast to the gains in its regional peers, as dollar demand from oil companies weighed. The rupee ended at 86.6950 to the U.S. dollar, compared with its close of 86.7125 on Friday. The Indian currency had opened higher at 86.56 and had hit 86.51 in early trades.”There was good dollar buying from state-run banks, on behalf of oil companies, which may have wanted to take advantage of the rupee edging closer to 86.50,” said a trader with a private bank. The likely outflows from Indian equities also contributed to the rupee’s…

The rupee pared initial gains and settled 7 paise lower at 86.71 (provisional) against the US dollar on Friday, weighed down by sustained foreign fund outflows and a recovery in the American currency index. Forex traders said the Indian rupee declined on Friday on weak domestic markets and a recovery in the US dollar index. However, weak crude oil prices cushioned the downside. At the interbank foreign exchange, the rupee opened on a positive note at 86.50 against the greenback. During the session it pared the gains and fell to an intra-day low of 86.77 before ending the session at…

Indian rupees weakened slightly on Friday, pressurizing dollars demand from importers and weakness in local shares, who have witnessed a migration of more than 2025 foreign funds. The rupee decreased to 86.7125 against the US dollar after increasing by 86.4850 in the session. The currency was 0.1% from the week to week. While a businessman from a private bank said that Mudra benefited from widely weak dollars in early trades, a consistent dollar purchases from foreign banks ate, said a businessman from a private bank.”The price action of the last two days suggests that the Dips (on USD/INR) will be…