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Rupee touches strongest since April as foreign inflows offset firm dollar
On Wednesday, the Indian rupee surged to its healthiest value since April, closing at 93.69 against the dollar. This upswing was driven by a remarkable influx of foreign investments in local stocks, totaling nearly $6 billion in November. Even in light of a stronger dollar amid US inflation signals, the rupee stood firm. There's a notable optimistic shift in market sentiment, now eager for India's inflation data anticipated for October.
India's battered rupee finds an unlikely rescue party in cheaper oil and Wall Street's AI rout
As crude oil prices fall, India's import costs see a positive shift, bolstering the rupee's steadiness. The return of foreign portfolio investors to the Indian equities market, following significant sell-offs in October, has led to the rupee appreciating against the dollar. Enhanced energy supply is expected to mitigate inflation risks, contributing to a potential stabilization range of ₹92 to ₹93 per dollar for the currency.
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In a strategic move, Alphabet aims to raise about $3 billion via bond sales denominated in Hong Kong and Singapore dollars. The target sizes for these offerings are set at HK$8 billion and S$1.5 billion, respectively. This comes at a time when the market is experiencing an AI-driven selloff, greatly affecting investor enthusiasm.
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Rupee rises 7 paise to 93.70 against US dollar in early trade
The rupee strengthened 7 paise to 93.70 against the US dollar in early trade on Wednesday, supported by sustained foreign fund inflows, easing crude oil prices and improving geopolitical sentiment. The domestic currency has emerged as one of Asia's best performers in FY27, with traders expecting continued overseas investor participation to provide a buffer against external uncertainties.
Chinese yuan remains range-bound as US rate hike bets strengthen dollar
The Chinese yuan edged higher but remained range-bound as a weaker PBOC midpoint and expectations of further US rate hikes limited gains. Strong export data and a sizeable trade surplus, however, continue to support the currency's longer-term outlook.
Dollar gains traction as Fed speakers warn of risks from inflation
The US dollar is holding onto gains following a stronger-than-expected inflation report. Federal Reserve comments indicate potential rate hikes to address ongoing inflation concerns. Market expectations are shifting, with traders anticipating a rate hike at the upcoming policy meeting. The yield on the US 10-year Treasury bond has also increased, reflecting market sentiments. Cryptocurrencies like bitcoin and ether are trading near three-month lows amidst these developments.
Easing global headwinds, lower crude oil prices may further lift rupee in coming months: Economists
Economists predict the Indian rupee will strengthen against the US dollar in the coming months. Factors contributing to this appreciation include lower crude oil prices and improving foreign capital inflows. Additionally, a weaker US dollar and the easing of geopolitical tensions are supporting this trend. The Reserve Bank of India has implemented measures to stabilize the currency and enhance dollar availability.
Gold price, silver rate today: Why is gold rate down on Tuesday? Check latest bullion outlook
Gold price prediction: The decline in crude prices has eased some inflation concerns, although movements in the dollar and global bullion markets continue to influence gold's near-term direction.
India in a 'sweet spot' amid oil volatility and currency dynamics: Kotak Neo's Anindya Banerjee
India is in a favourable economic position due to declining crude oil prices and increasing foreign investment inflows. The Indian rupee is currently undervalued, and there is potential for appreciation if geopolitical tensions ease. Expectations suggest one more interest rate hike from both the Federal Reserve and the Reserve Bank of India. Additionally, shifting global investment sentiment is favoring markets such as India beyond artificial intelligence stocks.
Rupee among Asia's top performing currencies as AI trade cools
The Indian rupee has gained considerable strength in FY27, aided by increased foreign portfolio investor inflows. A notable decline in crude oil prices has also positively impacted the rupee's performance. Experts believe the Reserve Bank of India will manage the currency's appreciation to rebuild its foreign exchange reserves. Recent interventions in the currency market have capped further gains in the rupee.
South Korean shares surge over 3% as tech stocks rebound, oil prices ease
South Korean shares surged 3.57%, snapping a three-session losing streak, as gains in US technology stocks and falling oil prices boosted investor sentiment. Chipmakers Samsung Electronics and SK Hynix led the rally, while foreign investors turned net buyers. However, the won weakened and government bond yields edged higher.
Dollar sellers hit pause for US inflation data
The trade and sentiment-sensitive Australian dollar rose by nearly 1% through Monday to sit at $0.6921 early on Tuesday and the New Zealand dollar rose even further to trade at $0.5624, with both steady in morning Asia trade.
US Dollar crashes today: Why is USD down against other currencies?
Brent crude futures fell $5.75, or 5.85 per cent, to settle at $92.57 a barrel, and prices continued falling after settlement, while US West Texas Intermediate futures dropped $3.98, or 4.38 per cent, to $86.85.
Indian rupee breaks six-day winning streak on state banks' dollar bids
The Indian rupee snapped its six-session winning streak on Monday, November 9, as dollar purchases by state-run banks outweighed positive momentum. The currency touched a six-month high of 93.69 per dollar before closing slightly lower at 93.9275. Lower crude oil prices and foreign equity inflows provided some support.
FCNR(B) interest bill to keep dollar hedging costs high
As a multibillion-dollar FCNR(B) interest bill escalates, Indian banks grapple with increased dollar hedging expenses. Recently, the Reserve Bank of India mandated new reserve prerequisites for forex derivatives, compounding the challenges for banks that must secure cash reserves against these contracts. A significant number of Indian banks are currently without a robust hedging strategy, frequently depending on short-term contracts.
Gold drops as strong US payrolls boost dollar, yields
In light of stronger-than-anticipated US payroll figures, gold prices dipped significantly as the data suggested a robust labor market. This development heightened expectations for sustained high-interest rates from the Federal Reserve, bolstering the dollar's strength. Spot gold saw a decline of 0.3% to reach $4,074.36 per ounce, while US gold futures fell by 0.9%. However, Indian retail demand picked up ahead of Diwali festivities, taking advantage of the lower prices.
Rupee falls 9 paise to 94.50 against US dollar in early trade
In early trading on Friday, the rupee slipped by 9 paise to reach 94.50 against the US dollar, driven by a robust dollar and surging crude oil prices. After a brief bounce-back, it peaked at 94.36. The domestic equity market exhibited mixed performance, with Sensex rising yet Nifty falling. Notably, Foreign Institutional Investors remained active, purchasing substantial equities, bolstering market optimism.
Why is gold price up today? Precious metal rises by 1.6% to $4,124.89 per ounce after US midterm election results
The price of gold is on the rise again. The precious metal has reached to its highest level in over two weeks on Thursday. The jump in the bullion prices has been witnessed after the US midterm election results. The spot gold has increased by 1.6% to $4,124.89 per ounce by 0752 GMT.
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