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Gold (XAU/USD) trades with a mild upside bias on Thursday but remains confined within this week’s trading range as markets stay cautious ahead of key geopolitical developments. At the time of writing, XAU/USD trades at $5,174 as bulls struggle to sustain gains above the $5,200 level.The sideways price action reflects a lack of conviction among traders. Ongoing tensions in the Middle East and lingering uncertainty surrounding US trade policies continue to underpin safe-haven demand, helping to contain the downside.At the same time, fading expectations of near-term Federal Reserve (Fed) interest rate cuts are acting as a mild headwind for the…
The rupee slipped 1 paisa to settle at 90.92 (provisional) against the US dollar on Thursday, weighed down by a rise in global crude oil prices and a firm greenback against major rivals.However, foreign fund inflows supported the local unit and prevented the decline, forex traders said.At the interbank foreign exchange, the rupee opened at 90.86 against the greenback and traded in a narrow range of 90.81-90.93 during the session. Eventually, it closed at 90.92 (provisional), down 1 paisa from its previous close.The rupee stayed range-bound and settled with a gain of 4 paise at 90.91 against the US dollar…
The Indian rupee closed marginally stronger on Thursday, comforted by strength in regional currencies while elevated demand to buy dollars at the daily reference rate kept gains in check.The rupee closed at 90.9050 per U.S. dollar, up slightly from its close at 90.9475 in the previous session.Dollar demand at the reference rate, elevated due to maturity of contracts in the non-deliverable forwards market, was met with decent selling interest from interbank participants, a trader at a state-run bank said.The reference rate is a benchmark used to settle contracts and often attracts concentrated dollar buying or selling.The market could be positioning…
West Texas Intermediate (WTI) Oil price remains steady after two days of losses, trading around $65.40 per barrel during the European hours on Thursday. Crude Oil prices hold steady amid ongoing United States (US)-Iran tensions that threaten potential supply disruptions.Markets are closely monitoring the third round of US-Iran nuclear talks in Geneva on Thursday. US President Donald Trump recently warned of possible military action if negotiations fail, while Iran stated that US military bases across the Middle East would be considered legitimate targets, raising concerns of a broader regional conflict.According to Reuters, analysts at ING Group noted that the outcome…
The rupee rose 6 paise to 90.85 against the US dollar in early trade on Thursday on the back of a weaker greenback and FII inflows. A positive start to the session at the domestic equity markets lent further support to the local unit while a rise in global crude oil prices, coupled with geopolitical uncertainties, capped sharp gains, according to forex traders. At the interbank foreign exchange, the rupee opened at 90.86 against the greenback before inching up to 90.85, higher by 6 paise from its previous close.The rupee stayed range-bound and settled with a gain of 4 paise…
The USD/JPY pair extends the previous day’s modest pullback from the 156.80-156.85 region, or a two-week high, and attracts some follow-through selling during the Asian session on Thursday. Spot prices slide to the 155.75 area during the Asian session and, for now, seem to have snapped a two-day winning streak amid a combination of factors.The Japanese Yen (JPY) strengthens in reaction to hawkish comments from the Bank of Japan (BoJ) officials, backing the case for further policy tightening. Apart from this, trade-related uncertainties and geopolitical risks ahead of the US-Iran nuclear talks benefit the JPY’s safe-haven status. This, along with…
US Secretary of State Marco Rubio said on Thursday that Iran poses a very grave threat to the United States and has for a very long time. Rubio added that talks Thursday will focus on the nuclear programme.Key quotesIran poses a very grave threat to the United States and has for a very long time. Iran is not enriching currently but they are trying to reach the point where they ultimately can. Iran talks on Thursday will primarily focus on the nuclear program. Iran poses conventional weapons designed to attack America. Iran is attempting to develop intercontinental ballistic missiles. Do not think diplomacy is ever off the…
Following an alleged data breach in the Yes Bank-BookMyForex multi-currency forex card, Yes Bank said in a statement to ET that the bank flagged unusually high unauthorised transactions on its multi-currency prepaid forex cards on February 24. About Rs 2.5 crore worth of transactions were approved across roughly 5,000 customers, even as 688 attempts were blocked, preventing losses of around Rs 90 lakh.The incident was detected after the lender’s fraud-monitoring systems recorded an unusual spike in transaction declined on specific bank identification numbers (BINs) tied to cards issued in partnership with BookMyForex. The unauthorised activity was traced to 15 merchants…
The Reserve Bank of India (RBI) on Wednesday announced that it will conduct a switch auction of government securities worth Rs 25,000 crore on March 2. The auction will take place between 10:30 AM and 11:30 AM. The result of the auction will be announced on the same day, and settlement will take place on March 4, RBI said in a release. This is the third switch auction announced by the RBI this month. This operation is expected to reduce the redemption pressure in FY27, when government bonds worth Rs 5.47 lakh crore are due to mature.In a switch auction,…
NZD/USD trades around 0.5980 on Wednesday at the time of writing, up 0.27% on the day and extending its rebound for a second consecutive day. The pair benefits from a weaker US Dollar (USD) after US President Donald Trump delivered his State of the Union address before Congress. In his speech, Donald Trump said he had engineered a “turnaround for the ages” in the US economy, highlighting easing inflation and solid growth. He also stressed that, in his view, tariffs were a key driver behind this improvement. The president added that he could impose higher duties on countries that “play…