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The Pound Sterling (GBP) recovers some ground versus the US Dollar (USD) on Wednesday, though tensions in the Middle East remain high, pushing macroeconomic data releases into the backseat. A better-than-expected employment reading in the US was mainly ignored by traders with their sights set on Friday’s Nonfarm Payrolls report. At the time of writing, GBP/USD trades at 1.3361.Sterling steadies despite Middle East tensions, with traders focused on Friday’s jobs reportDuring the European session, GBP/USD edged towards its daily high of 1.3403 amid relief at a possible de-escalation of the conflict between the US and Iran. Nevertheless, Reuters reported that…
The Rupee’s weakness also comes in the backdrop of the US Dollar (USD) gaining strength against other currencies as global investors are piling into Dollar assets due to risk-off sentiments | Photo Credit: KSL The Rupee continued to feel the reverberations of the war in West Asia, weakening 120 paise against the US Dollar in the last two trading sessions amid concerns over the negative impact that the spike in global crude oil prices could have on India’s current account balance and inflation.The rupee on Wednesday sank 68 paise to close at an all-time low of 92.15 per US Dollar…
TD Securities’ Global Strategy Team notes that UK Chancellor Reeves delivered a cautious Spring Statement with no major new policies. Updated OBR projections show slightly slower UK growth in 2026 but stronger growth thereafter, alongside lower inflation forecasts. The team highlights that reduced financing needs and remaining fiscal space could be used if geopolitical risks intensify or policy is loosened later.Spring Statement and OBR projections”As largely expected, Chancellor Reeves played it safe in her fiscal forecast update, with no material new policies announced. The OBR projections showed more headroom by 2029-30, at £23.6bn (vs £21.7bn prior).””Macro projections were updated as…
The Indian rupee weakened past 92 per dollar for the first time on Wednesday as an intensifying war in the Middle East drove oil prices sharply higher, heightened the risk of portfolio outflows and raised concerns about remittance flows from diaspora in the region. The rupee fell to 92.17 to the dollar, down 0.7%, eclipsing its previous all-time low of 91.9875 hit in late January. The widening Middle East conflict threatens to hit India through multiple external channels. The country imports more than 80% of its crude oil needs, making the rupee highly sensitive to oil price shocks that swell…
The rupee weakened over the last week, as global and domestic factors turned adverse. The escalation of tensions involving the US, Israel and Iran has sharply shifted the global risk sentiment, triggering a risk-off move across markets.A key concern is the potential disruption of oil supplies through the Strait of Hormuz, through which nearly 20 per cent of the world’s crude oil passes. Brent crude futures (now at $82/barrel) have risen about 14 per cent so far this month and are up about 33 per cent year-to-date. Given India’s dependence on oil imports, sustained strength in crude prices increases dollar…
The Indian rupee, already Asia’s worst-performing currency in FY26, lost 50 paise Monday as Iranian attacks on major West Asian energy assets caused crude oil prices to leap about 10% despite assurances by major global exporters to modestly boost output.The rupee closed below the 91 mark to a dollar for the first time in a month – at 91.48 – as financial assets across Asia were battered by an alarming escalation in the US-Iran conflict. The US dollar strengthened and precious metals expectedly surged on safe-haven appeal after Tehran blockaded a narrow Persian Gulf strait that evacuates oil pumped by…
Opening weaker at 91.25 per dollar(down 28 paise compared with previous close of 90.97), the rupee tested intraday high/low of 91.2150/91.4900. | Photo Credit: iStockphoto The US-Israel joint attacks on Iran had its ripple impact on the rupee, which weakened below 91 to the dollar and touched a one-month low on Monday.The Indian unit was weighed down by FPI selling in the equity markets amid risk-off sentiment setting in, prompting investors to invest in safe-haven assets such as US Treasuries and gold, and hardening global crude oil and gold prices.Opening weaker at 91.25 per dollar (down 28 paise compared with…
The rupee saw a steep loss of 42 paise to settle at 91.50 (provisional) against the US dollar on Monday after US and Israeli attacks on Iran intensified worldwide risk aversion, setting crude oil prices on fire and demand for the American currency soaring.Massive selling in domestic equity markets and withdrawal of foreign funds further dragged the Indian currency down, forex traders said.At the interbank foreign exchange, the rupee opened at 91.23 and touched the intraday low of 91.65 against the greenback. The currency ended the session at 91.50 (provisional) against the dollar, registering a steep loss of 42 paise…
The rupee fell to its weakest in a month, while the cost of hedging against further depreciation against the dollar rose, as the escalating military conflict in the Middle East kept financial markets across the globe on edge.The Reserve Bank of India likely stepped into the market, traders said, while dollar sales by foreign banks also helped curb losses in the rupee, which fell 0.5% to close at 91.47 per dollar in its steepest drop in more than a month.Stocks in Asia and Europe retreated, with MSCI’s gauge of Asia-Pacific shares down over 1.5% and India’s benchmark Nifty 50 index…
The Indian rupee slid to its weakest level in a month and local stocks slumped on Monday as the Iran war hurt risk assets and lifted oil prices, compounding worries for India which relies on the Middle East for a substantial part of its energy imports. The rupee fell 0.3% to 91.2350, its weakest level since early February, while benchmark stock indexes Nifty 50 and BSE Sensex were down about 1% each. The U.S. and Israel launched strikes on Iran over the weekend. The military action resulted in the death of Iran’s Supreme Leader and sparked a wave of retaliation…