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Mumbai: The Indian rupee was largely unchanged on Thursday and closed at 95.44, versus its previous close of 95.33, as dollar sales by the RBI kept the local unit in a tight range. Dollar demand from maturing forwards and debt-related outflows added pressure, which was countered by dollar sales from state run banks, traders said. Brent crude oil futures at $87 per barrel added further pressure on the currency.Read Also: Sebi seeks public comments on review of Accredited Investor frameworkThe rupee traded in a narrow 10 paise range of 95.35 and 95.45, while traders also held off from taking large…
US Treasury Secretary Scott Bessent said that Washington is going to apply measures that have “never been seen” on Iran, Reuters reported on Thursday. “Watch this space for more announcements coming next week because we are going to apply measures like have never been seen in the history of economic isolation on a country,” said Bessent. Earlier on Thursday, a senior Islamic Revolutionary Guards Corps (IRGC) official, Hossein Taeb, said that the Strait of Hormuz is “under Iran’s control and management” after US President Trump said Washington has “total control” over the waterway, Fox News reported. “Today you see that the Strait of…
The Dow Jones Industrial Average trades near 53,700 on Thursday, roughly 75 points and a tenth of a percent lower, on a morning when the S&P 500 prints a fresh record intraday high and the Nasdaq Composite runs close to a percent higher. The obvious reading of that gap is an old-economy benchmark missing a technology rally on a soft inflation print, and it is the wrong one.The arithmetic runs through a single component that reported its fiscal fourth quarter after Wednesday’s session and is being marked down for it. That one reaction accounts for very nearly the whole decline,…
West Texas Intermediate (WTI) Oil trades modestly lower on Thursday as traders weigh weaker demand forecasts from OPEC and the International Energy Agency (IEA) against supply disruptions in the Middle East. At the time of writing, WTI trades around $80.50 per barrel, down 1.35% on the day.There are still no signs that the Strait of Hormuz will reopen soon, with both the United States and Iran claiming control of the waterway. Commercial shipping remains well below pre-war levels, keeping a geopolitical risk premium embedded in energy prices and limiting WTI’s decline.OPEC now expects global Oil demand to grow by 580,000…
The Indian rupee ended modestly weaker on Thursday, weighed down by dollar outflows linked to derivative maturities and overseas debt repayments, while the central bank’s frequent interventions continued to drive volatility expectations lower.The rupee closed down 0.1 per cent at 95.44 per dollar, with its 1-month implied volatility, a gauge of future expectations, easing to 4.2 per cent, the lowest since early March.The currency’s implied volatility has retreated from a little over 5 per cent at the start of the month as the central bank’s frequent interventions kept a firm lid on losses, deterring speculation on the South Asian unit.The…
Michael Wan at MUFG reports that India’s July Consumer Price Index (CPI) rose to 4.45% year-on-year, slightly below consensus but above June’s 4.38%, driven mainly by higher food prices. With inflation still within the RBI’s 2–6% band, Wan expects the central bank to keep a neutral stance for now and delay a projected 50 basis points hiking cycle to start in December 2026.Inflation supports later tightening path”Meanwhile in India, July CPI printed at 4.45%yoy, marginally below consensus estimates of 4.5%yoy but accelerating from 4.38%yoy in June.””Food prices drove the uptick, with consumer food inflation rising to 5.52%yoy from June’s 5.32%yoy,…
The dollar’s advance stalled on Thursday after an overall benign U.S. inflation reading overnight spurred traders to pare back bets for a near-term Federal Reserve interest rate hike.The greenback was little changed against the yen as of Asia’s midday, but remained on course to gain about 1% this week as markets bought back the currency pair following recent joint U.S.-Japan intervention that saw it plummet to a three-month low.The dollar index, which measures the U.S. currency against the yen and five other major peers, was flat at 100 on Thursday, but on course for a 0.4% weekly rise.U.S. consumer prices…
The AUD/JPY cross trades in negative territory near 112.35 during the early European session on Thursday. The Japanese Yen (JPY) edges higher against the Australian Dollar (AUD) as traders are on high alert for further intervention from authorities. Reserve Bank of Australia (RBA) Governor Michele Bullock is scheduled to speak later on Friday. Goldman Sachs Research strategist Karen Fishman said that the JPY’s gains are now fading as the intervention is “not a sustainable fix … ultimately just buys some time.” Meanwhile, the Bank of Japan (BoJ) highlighted growing risks of accelerating inflation in its summary of opinions from the July meeting, with…
Mumbai The Indian rupee closed modestly higher on Wednesday, caught between the negative bias from higher crude oil prices and dollar sales by the Reserve Bank of India that helped counter the pressure.The currency closed at 95.33, 10 paise stronger from its previous close of 95.43. Dollar sales by state run banks, likely on behalf of the RBI, kept the rupee in a narrow range of95.25-95.44 , traders said. The rupee is expected to trade on a stronger footing on Thursday, between 95.00 and 95.50 as a cease fire deal was extended to August 17, which cooled Brent futures to…
The United States (US) and Iran remain at loggerheads over efforts to agree a permanent end to the war in the Middle East, Reuters reported on Wednesday. A senior Iranian source said that there had been no progress in talks to revive the interim deal agreed in June and to define a time frame for its implementation.US President Donald Trump said on Wednesday that Washington has “total control” over the Strait of Hormuz. Iran pushed back on Trump’s claim, insisting the critical waterway remains blocked.US Central Command (CENTCOM) continued to pressure Tehran, with its port blockade on Wednesday forcing dozens of ships…