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Mumbai: The Indian rupee retreated to a two-month low of 96.52 to a dollar Monday despite what dealers described as significant central bank interventions, as a steep rise in crude oil prices over the past 10 days stoked inflation concerns in an economy heavily reliant on Gulf-routed energy supplies.The rupee, which had touched a lifetime low of 96.96 to a dollar late May during the peak of the West Asia crisis, ended Monday at 96.45, with the Reserve Bank of India (RBI) selling dollars at lower levels for the rupee to prevent its rout, market participants said.”The market’s focus will…

OCBC strategists Sim Moh Siong and Christopher Wong expect USD/SGD to remain largely driven by broader US Dollar (USD) direction and risk sentiment, after recent rangebound trading around the low‑1.29s. With Singapore Consumer Price Index (CPI) due on 23 July and the Monetary Authority of Singapore (MAS) review likely the following week, their house view is for MAS to stay on hold while monitoring inflation against still‑elevated energy prices.Range trade ahead of MAS decision”USD/SGD remained largely rangebound around the low-1.29s, with the USD pullback post-US CPI failing to extend as geopolitical re-escalation and AI-selloff crimped sentiment.””This week, focus shifts to…

AUD/USD trades around the 0.7000 area on Monday, holding near recent highs after recovering from last week’s decline. The Australian Dollar (AUD) remains supported by limited US Dollar (USD) demand, although rising geopolitical risks and slightly higher US Treasury yields are restricting the pair’s upside.In China, the People’s Bank of China (PBOC) left its benchmark lending rates unchanged for a fourteenth consecutive month. The one-year Loan Prime Rate, which influences most corporate and household loans, remained at 3.00%, while the five-year rate, commonly used to price mortgages, was maintained at 3.50%. The expected decision had a limited immediate impact on…

The Reserve Bank of India’s concessional swap facility has attracted USD 20.72 billion in foreign currency inflows till July 17, with FCNR(B) deposits contributing over USD 17.4 billion. | Photo Credit: DANISH SIDDIQUI The Reserve Bank on Monday said its concessional swap facility, introduced to encourage foreign currency inflows, has attracted USD 20.72 billion till July 17.The swap facility has seen avid interest and attracted steady forex inflows since June 8, 2026, the central bank said in a statement.A strong mobilisation was witnessed through Foreign Currency Non-Resident (Bank) or FCNR (B) deposits.Of the total inflows, FCNR (B) deposits accounted for…

The Euro (EUR) trades marginally lower to near 1.1432 against the US Dollar (USD) during the European trading session on Monday. The major currency pair edges down as the US Dollar recovers its early losses.At press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades marginally higher to near 100.77.The Greenback bounces back even as oil prices have retreated amid hopes of de-escalation in ongoing military aggression between the United States (US) and Iran. Higher oil prices de-anchor inflation projections that prompt Federal Reserve (Fed) interest rate expectations, a scenario that is favorable…

ING’s Chris Turner writes that Sterling has benefited from expectations Andy Burnham will appoint a fiscally cautious chancellor, alongside stale short positioning and M&A-related flows into United Kingdom (UK) equities. Turner sees scope for limited further Pound strength during Burnham’s early days, but warns tight UK public finances likely mean tax hikes. EUR/GBP support is seen at 0.8470, with 0.8400 as a best-case level.Political shift but fiscal constraints”Andy Burnham is set to succeed Keir Starmer as the UK Prime Minister later today. Sterling has been doing quite well recently on the view that Burnham will select a more fiscally responsible…

Surging oil prices have strained India’s forex reserves | Photo Credit: Kesavan N 7606 India’s central bank stepped into the foreign exchange markets to support the rupee after the currency weakened toward a record low as a renewed surge in crude prices weighed on sentiment.The Reserve Bank of India sold dollars in both offshore and onshore markets, traders familiar with the matter said, asking not to be identified because they aren’t authorised to speak publicly. A spokesperson for the RBI did not immediately respond to an email seeking comment. The rupee fell as much as 0.2% to 96.4575 per dollar, putting…

EUR/JPY remains subdued for the third consecutive day, trading around 185.80 during the Asian hours on Monday. The currency cross is holding a constructive bullish bias as it stays above both the nine-day and 50-day Exponential Moving Averages (EMAs), now aligned as nearby dynamic support.The 14-day Relative Strength Index (RSI) at 55.33 leans to the upside without signalling overbought conditions, suggesting bullish momentum is present but not yet overstretched while price consolidates just under the recent highs.The daily chart technical analysis shows the EUR/JPY cross is remaining within the ascending triangle, at the top near 186.10. This flat ceiling, combined…

The AUD/USD pair edges lower to around 0.6975 during the early Asian session on Monday. The Australian Dollar (AUD) extends the decline below the 0.7000 psychological level due to escalating tensions in the Middle East. The Guardian reported that US Central Command (CENTCOM) announced another death of a service member as it launched more airstrikes at Iran on Sunday in response to the killing of American troops. The US military said the service member was killed in Iraq on Saturday during the “controlled detonation” of a downed Iranian drone.Both sides have been accused of striking critical infrastructure in recent days. Meanwhile,…

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann note that USD/CNH is currently consolidating in a narrow range around 6.77. In their 1–3 week view, they maintain a downside bias toward 6.7600 as long as strong resistance at 6.7820 remains intact. Over 1–3 months, they see tentative upside potential if key technical resistance is broken.Short-term consolidation, medium-term downside bias”24-HOUR VIEW: After USD fell as we expected on Wednesday, we highlighted the following yesterday: “Our view was not wrong, as USD subsequently rose to 6.7781 and then fell to a low of 6.7653. Downward momentum continues to…