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The GBP/JPY cross attracts some follow-through selling for the second consecutive day and drops to a one-and-a-half-week low during the early European session on Friday. Spot prices, however, rebounded a few pips in the last hour and currently trade near the 211.75 region, down 0.25% for the day.The British Pound (GBP) continues with its underperformance in the wake of the deepening UK political crisis and turns out to be a key factor weighing on the GBP/JPY cross. The downside, however, remains cushioned amid a broadly weaker Japanese Yen (JPY), led by concerns about economic risks stemming from the Middle East…
The dollar rode US Treasury yields higher on Friday and was set for its biggest weekly gain in more than two months, as mounting inflationary pressures from higher energy prices fuelled bets on a Federal Reserve rate hike this year.The dollar’s climb gathered pace as traders in London came online, rising alongside US Treasury yields that hit one-year peaks, as traders ramped up bets that the Fed would need to raise rates this year.Against the greenback, the euro fell to a one-month low of $1.1635 and was set to lose more than 1.2% for the week.The yen struggled on the…
The Indian rupee slipped on Friday and was on course for an over 1% weekly drop, as oil prices held above $100 per barrel, while dollar sales by state-run banks helped the currency avoid a record low, traders said. The rupee fell 0.2% to 95.94, hovering near its record low of 95.9575 hit in the previous session. Brent oil prices gained more than 1% to $107 per barrel after U.S. President Donald Trump said he would not be “much more patient” with Iran.The more than five-week ceasefire between the U.S. and Iran remains fragile, with neither side appearing close to…
The USD/INR pair, which had slumped to 95.96 against the American currency on Thursday, recovered sharply after reports surfaced that India is considering a major cut in taxes paid by foreign investors on Indian bonds. | Photo Credit: istock.com The rupee opened on a weaker note and fell 30 paise to 95.94 on Friday after hitting new lows over three straight sessions, as elevated crude oil prices, a strong dollar, and concerns over the West Asia crisis weighed on investor sentiment.Forex traders said USD-INR is under pressure and hovering very close to the 96 mark as dollar buying continues amid…
Gold (XAU/USD) is seen extending this week’s pullback from the monthly peak and drifting lower for the fourth straight day on Friday amid a sustained US Dollar (USD) buying interest. In fact, the USD Index (DXY), which tracks the Greenback against a basket of currencies, climbs to its highest level since April 8 amid a combination of factors. Stalled US-Iran peace talks, amid major disagreements over Tehran’s nuclear program and the Strait of Hormuz, keep geopolitical risks in play. Moreover, rising bets for interest rate hikes by the US Federal Reserve (Fed) lend additional support to the USD and undermine…
Mumbai: The Indian rupee went tantalisingly close to 96/$ Thursday in yet another nerve-jangling session that underscored the coming together of an unholy trinity: Persistent foreign fund outflows, the scourge of oil-fueled inflation and mounting concerns over balance of payments. The monetary unit traded at a record intraday low of 95.96/$, before reported central bank intervention salvaged some respectability for the battered local unit that is on course to remain among Asia’s weakest against the US dollar this fiscal year, too. AgenciesCurrency hits a record intra-day low of 95.96 but rebounds with likely RBI intervention Following reported central bank dollar…
US President Donald Trump said that he hoped the relationship between the US and China would be “stronger and better than ever before” ahead of a second day of talks with Chinese President Xi Jinping in Beijing, the Wall Street Journal reported on Thursday.“They look forward to trade and doing business. It’s going to be totally reciprocal on our behalf,” said Trump in opening remarks during his meeting with Chinese leader.Trump added in his Truth Social post that Xi had congratulated him on “so many tremendous successes,” including the US’ relationship with Venezuela, its job market as well as its…
MUMBAI: Amid the state’s moral suasion to discourage gold purchase and destination wedding, India’s tax authorities are dealing with a slew of shady overseas outflows through banks and cryptocurrency wallets.In several cases funds were sent to individuals in Thailand, which has become a money-laundering hub.According to information received by the Income tax (I-T) department under the agreement with Thailand, the purpose code (S0305) meant for ‘overseas education’ was used to mislead banks and money transfer operators to move funds to Thailand.In multiple cases, individuals have used dozens of fake permanent account numbers (PANs) with the same name but different addresses…
The rupee has closed at record lows in each of the four trading session in the current week. | Photo Credit: FRANCIS MASCARENHAS The rupee (INR) came close to the 96 per US dollar (USD) mark on Thursday as it was pressured by rising crude oil prices and continuous dollar outflows due to FPI sales from the domestic equity markets.The Indian currency hit a record intraday low (of 95.96 per USD) as well as an all-time closing low (of 95.7625, down about 6 paise against the previous close of 95.7050).However, RBI intervention ensured that the Rupee pulled back from the…
The AUD/USD pair weakens toward the 0.7220 region on Thursday as the United States (US) Dollar (USD) strengthens after April Retail Sales held up in the United States (US).Support for the USD emerged after US Retail Sales rose 0.5% in April, meeting market expectations and highlighting the continued resilience of consumer spending despite elevated borrowing costs. The retail data, which dropped from 1.6% in March, reinforces confidence in the underlying strength of the US economy and further supports expectations that the Fed could maintain a restrictive policy stance for longer. The latest US Producer Price Index (PPI) report showed producer…