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Rupee depreciated 15 paise to 85.34 against the US dollar in early trade on Wednesday, after the American currency recovered supported by Donald Trump’s softened stance — particularly towards the Federal Reserve and against China. Forex traders said the market found support after Trump on Tuesday backed off from threats to fire FED Chair Jerome Powell after days of intensifying criticism against him for not cutting rates. Trump also signalled the possibility of lower tariffs against China. The dollar index rose to 99.28, while the US 10-year bond yield was slightly lower at 4.34 per cent. All three US indices…
The USD/JPY price analysis shows a relief rally in the dollar. Trump told reporters he had no intention of removing Powell from office. Market participants are expecting business activity data from the US. The USD/JPY price analysis shows a relief rally in the dollar after Trump paused his attacks on the Fed. Meanwhile, market participants are awaiting US business activity data for further clues on future Fed policy moves. -Are you interested in learning about the forex indicators? Click here for details- The USD/JPY pair rose on Tuesday after Trump told reporters he had no intention of removing Powell from…
The rupee consolidated in a narrow-range and settled for the day lower by 8 paise at 85.23 (provisional) against the US dollar on Tuesday, as the support from positive domestic equities was negated by dollar short-covering by investors. Forex traders said foreign fund inflows supported the domestic unit. However, a recovery in crude oil prices dented investor sentiment. Moreover, concerns persisted over economic headwinds from tariffs and US monetary policy that could dampen demand. At the interbank foreign exchange, the domestic unit opened at 85.11 and moved between the intra-day high of 85.07 and the low of 85.23 against the…
Traders cited bids from importers and state-run banks as capping gains, with speculation that the RBI may be buying dollars to rebuild forex reserves, now at a near five-month high of $677.8 billion. | Photo Credit: The Indian rupee extended its winning streak on Monday as the dollar remained on the defensive, with investor confidence in U.S. assets dented by President Donald Trump’s criticism of the Federal Reserve chief.The rupee closed at 85.1275 against the U.S. dollar, up 0.3% on the day. The local unit touched an over two-week high of 85.0450 against the dollar earlier in the day, before…
The Indian rupee extended its winning streak on Monday as the dollar remained on the defensive, with investor confidence in U.S. assets dented by President Donald Trump’s criticism of the Federal Reserve chief. The rupee closed at 85.1275 against the U.S. dollar, up 0.3% on the day. The local unit touched an over two-week high of 85.0450 against the dollar earlier in the day, before paring gains. Asian currencies rallied as well, with the Thai baht and Malaysian ringgit leading gains with a near 1% rise each. The dollar index dropped 0.8% to an over 3-year low of 97.9.Criticism of…
The rupee opened about 22 paise stronger on Monday on the back of a weak Dollar and continued FPI investments in the domestic equity markets, which is on an uptrend. The Indian unit opened at 85.15 per US Dollar (USD) against previous close of 85.3675. It is currently trading at about 85.10.The rupee had clocked its best week in a month last week, aided by Dollar’s weakness and investment inflows into domestic equity markets from foreign portfolio investors. It ended last week (on Thursday) about 68 paise stronger.Facing headwinds Amit Pabari, MD, CR Forex Advisors, noted that the dollar has…
The USD/JPY forecast indicates weaker investor confidence in the US economy. The Trump administration hinted at plans to fire Fed Chair Jerome Powell. Data last week revealed stronger-than-expected sales in the US. The USD/JPY forecast indicates weaker investor confidence in the US economy following Trump’s comments, threatening the Fed’s independence. As a result, market participants are dumping the dollar and buying the safer yen. -Are you interested in learning about the forex indicators? Click here for details- On Friday, the Trump administration hinted at plans to fire Fed Chair Jerome Powell, causing panic among traders. Since he came into office,…
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…