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The rupee plunged to a fresh lifetime low Wednesday to close at $92.63/$1 after data on Indian crude oil imports showed New Delhi’s latest energy purchases this month cost $111 a barrel on average, pushing refiners and corporates to buy US dollars to help meet their respective commercial commitments.Traders said the Reserve Bank of India (RBI) was seen protecting the 92.50/$ level for the past three days, but mid-afternoon publication of the oil premium data tilted the scales heavily in favour of the greenback. Once the rupee breached the 92.50 level around 2.45 pm, there was elevated demand for dollars,…
US President Donald Trump’s administration plans to deploy thousands of US troops to reinforce its operation in the Middle East, as the US military prepares for possible next steps in its campaign against Iran, Reuters reported on Thursday. The deployments could help provide Trump with additional options as he weighs expanding US operations, with the Iran war going into its third week.Market reactionAt the time of writing, the West Texas Intermediate (WTI) is down 0.81% on the day at $97.05. Risk sentiment FAQs In the world of financial jargon the two widely used terms “risk-on” and “risk off” refer to the…
EUR/USD recovers part of its earlier decline on Wednesday as the US Dollar (USD) eases slightly from daily highs, offering modest support to the Euro (EUR) ahead of the Federal Reserve’s (Fed) interest rate decision at 18:00 GMT.At the time of writing, the pair is trading around 1.1518 after briefly slipping below the 1.1500 mark during the European trading session.Earlier in the day, the Greenback found support after reports of an attack on Iran’s South Pars gas field, adding fresh stress to already rattled energy markets amid the ongoing US and Israeli conflict with Iran. The latest escalation has intensified…
DBS’s Philip Wee notes that Japanese authorities have sharply escalated verbal intervention as the Japanese Yen weakens toward 160 against the Dollar, citing speculative moves and rising living costs. Markets are watching for possible Ministry of Finance action if USD/JPY fails to break below trendline support at 158.80. The pair remains underpinned near 159 ahead of major central bank meetings.Yen under pressure near 160 handle”In Japan, Finance Minister Satsuki Katayama has significantly intensified verbal intervention efforts, characterizing the JPY’s recent depreciation as speculative and disconnected from economic fundamentals.””Expressing a “strong sense of urgency,” Katayama highlighted the adverse impact of a…
The rupee slumped 23 paise to close at a record low of 92.63 (provisional) against the US dollar on Wednesday, weighed down by a stronger greenback and sustained FII outflows.Elevated crude oil prices in global markets amid intensifying conflict in West Asia further dampened sentiments, forex traders said.At the interbank foreign exchange, the local unit opened at 92.42 against the greenback and traded in the range of 92.41-92.48 for most of the session before losing ground at the fag end to close at its record low of 92.63 (provisional), down 23 paise from its previous close.The rupee logged its record…
The Indian rupee fell to a record low on Wednesday, extending a rough patch as the raging conflict in the Middle East kept oil prices elevated, raising macroeconomic risks for Asia’s third-largest economy and sparking capital outflows.The rupee fell to 92.6225 per dollar, eclipsing its previous low of 92.4750 hit last week.The currency has declined about 1.5% since the Iran war began amid nearly $8 billion of foreign portfolio outflows from local stocks over March so far.Brent crude oil prices have climbed about 40% since the war broke out. Sustained high oil prices would widen the current account deficit and…
The Indian rupee fell to its lifetime low on Monday, extending a rough patch as the raging conflict in the Middle East kept oil prices elevated, raising economic risks for India while also sapping capital flows. The rupee fell to 92.62 per dollar, eclipsing its previous low of 92.4750 hit last week. Brent crude oil prices have climbed about 40% since the Iran War began. The conflict has since sent shockwaves throughout global markets as energy importing economies grapple with the most severe supply disruption in decades. Source
West Texas Intermediate (WTI) oil price has given up its recent gains from the previous session, trading around $93.20 per barrel during the Asian hours on Wednesday. Traders are awaiting the US Energy Information Administration (EIA) report due later on Wednesday for fresh cues on supply trends.Crude oil prices softened after Iraq reached an agreement to resume exports through Turkey’s Ceyhan port, easing concerns over disruptions linked to the Iran conflict. Iran has also permitted safe passage for certain vessels based on their affiliations, further calming immediate supply fears.The United States has intensified efforts to reopen the Strait of Hormuz,…
The domestic unit on Tuesday hit the lowest intra-day level of 92.47 against the dollar before settling at an all-time low of 92.40, down 12 paise from its previous close. The rupee fell 3 paise to 92.43 against the US dollar in early trade on Wednesday, weighed down by FII outflows and a stronger greenback amid the raging war in West Asia.A fall in global crude oil prices and a positive opening at the domestic equity markets prevented a sharper decline in the local unit, according to forex traders.At the interbank foreign exchange, the local unit opened at 92.42 against…
The rupee fell 3 paise to 92.43 against the US dollar in early trade on Wednesday, weighed down by FII outflows and a stronger greenback amid the raging war in West Asia. A fall in global crude oil prices and a positive opening at the domestic equity markets prevented a sharper decline in the local unit, according to forex traders. At the interbank foreign exchange, the local unit opened at 92.42 against the greenback before slipping to 92.43, down 3 paise from its previous close.The domestic unit on Tuesday hit the lowest intra-day level of 92.47 against the dollar before…