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According to UOB Global Economics & Markets Research, EUR/USD extended its recent decline as the US Dollar index hit a one-year high following the Fed’s hawkish hold. The pair closed at 1.1456, with Euro sentiment also shaped by comments from ECB Chief Economist Philip Lane on a potentially higher neutral rate and an ongoing energy-related price shock from the Middle East.Euro slides as DXY hits one year high”The US dollar extended gains on Thu to its highest in more than a year after a hawkish hold from the Fed triggered bets on rate hikes. The US dollar index (DXY) surged…
The Indian rupee ended largely unchanged against the dollar after a choppy session on Friday, as weakness in regional currencies largely offset the unwinding of long dollar positions, but the currency posted its best week in the last 11 on debt inflows.This was also the fourth weekly gain in the last five weeks.The rupee climbed to 94.21 early in the session as long dollar positions were unwound, but surrendered gains later as the dollar strengthened and index-rebalancing outflows hit the currency. It ended little changed at 94.32 per dollar.For the week, the rupee rose 0.83%, marking its best performance since…
Rupee ended largely unchanged against the dollar after a choppy session on Friday, as weakness in regional currencies largely offset the unwinding of long dollar positions, but the currency posted its best week in the last 11 weeks on debt inflows.This was also the fourth weekly gain in the last five weeks.The rupee climbed to 94.21 early in the session as long dollar positions were unwound, but surrendered gains later as the dollar strengthened and index-rebalancing outflows hit the currency. It ended little changed at 94.32 per dollar.For the week, the rupee rose 0.83%, marking its best performance since week…
For deposits up to $1 million, the interest rate has increased to 7%, Bandhan Bank said in a release. | Photo Credit: RUPAK DE CHOWDHURI Private sector lender Bandhan Bank on Friday said it has increased interest rates on Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits for non-resident Indian customers.The bank will now offer an interest rate of 7.1 per cent on US dollar-denominated FCNR(B) deposits of $1 million and above for tenures ranging from 3 to 5 years, according to a company release.For deposits up to $1 million, the interest rate has increased to 7 per cent, the bank said…
The Japanese Yen (JPY) remains offered against the US Dollar (USD) on Friday, and the USD/JPY pair stands comfortably around 161.30, its highest level since 2024, way beyond the level that triggered an alleged intervention on April 30.Markets have remained oblivious to the Bank of Japan’s (BoJ) decision to hike rates to 31-year highs earlier this week. Speculative traders have kept selling the Japanese currency, lured by rising bets that the US Federal Reserve will be forced to hike interest rates in the second half of the year.On Thursday, Japan’s Chief Cabinet Secretary, Minoru Kihara, reiterated that the authorities are…
On Tuesday, the rupee settled 10 paise higher at 94.40 against the US dollar. The rupee appreciated 20 paise to 94.20 against the US dollar in early trade on Friday on optimism that trade negotiations between India and the United States are set to gain momentum.Forex traders said the rupee opened on a positive note with oil prices remaining supportive and foreign inflows improving. The overall bias remains positive for the rupee, they said.Moreover, Indian Foreign Secretary Vikram Misri on Thursday said trade was a major subject of discussion between Prime Minister Narendra Modi and US President Donald Trump, with…
Silver price (XAG/USD) extends its losses for the third successive day, trading around $64.40 per troy ounce during the Asian hours on Friday. Silver prices fall as the traders price in the hawkish sentiment surrounding the Federal Reserve (Fed) policy outlook. Higher borrowing costs increase the opportunity cost of holding non-yielding assets like Silver, reducing their appeal.In his debut press conference, newly appointed Federal Reserve (Fed) Chairman Kevin Warsh emphasized that “price stability” remains the Fed’s ultimate guiding principle. The Federal Open Market Committee (FOMC) voted unanimously on Wednesday to hold its benchmark overnight borrowing rate steady at a range…
The yen was pinned near four-decade lows on Friday, with markets on heightened intervention watch as neither a U.S.-Iran peace deal nor a rate hike in Japan managed to arrest its prolonged slide. The yen was 0.1% stronger against the U.S. dollar at 161.205 yen, steadying after dropping to a two-year low on Thursday, though holidays in the U.S. and much of Asia kept liquidity thin. Most other currencies were little changed as shipping in the Strait of Hormuz returned to normal after the signing of the U.S.-Iran peace deal earlier this week, though question marks remain over whether the…
The dollar staged its biggest two-day rally in nearly three months, driving it back toward the late-March peak, as traders piled into bets that the Federal Reserve will start raising interest rates as soon as late next month.The advance has driven the Bloomberg Dollar Spot Index up some 1% as Wednesday’s Fed meeting, the first under Chairman Kevin Warsh, buttressed speculation that the central bank will start tightening monetary policy to rein in the recent surge of inflation.As bond traders positioned for the shift, driving short-term Treasury yields up sharply, global investors were given a renewed incentive to shift money…
Mumbai: The rupee strengthened for the fifth consecutive session to end at 94.33 on Thursday, versus its previous close of 94.52 per dollar. The rupee opened at 94.66, and later strengthened to an intraday high of 94.16, which prompted the Reserve Bank of India to intervene and absorb dollars. Its weakest level on Thursday was at 94.70 per dollar.Brent crude oil prices below $78 per barrel and unwinding of long dollar positions helped the currency gain to a six week high, traders said. Source