ICICI Direct, The pound wiped its gains on Friday amid strong dollar. The pair lost more than 0.50% on Friday and moved below the 1.2450 mark after testing one week high at 1.2544•
The rupee is poised to test the 83-per dollar mark in the near term if the central bank remains on hold this week and changes its stance to neutral, effectively signaling an end to its hiking cycle.
USD-INR is expected to remain sideways within our range. A Double Butterfly (Asymmetrical) trade to capitalise
ICICI Direct, The US dollar index fell more than 0.50% on Thursday as weaker set of economic numbers and hawkish comments form Fed officials reinforced the expectation that Fed will take a pause in its rate hike regime.
At the interbank foreign exchange market, the local unit opened at 82.54 against the US dollar and settled at 82.42 (provisional), up 33 paise over its previous close amid sustained foreign fund inflows.
ICICI Direct, The US dollar index ended the day on a positive note amid a surprise gain in US JOLTS job opening numbers, which jumped to 10.103 million for the first time in the last two months.
ICICI Direct, The US dollar index paused in its rally and steadied near 104.20 as a US debt ceiling deal lifted risk appetite in the world markets and dented the safe haven appeal of the dollar.
However, a firm trend in domestic equities, foreign capital inflows and lower crude prices restricted the fall in the domestic unit, forex traders said.
However, the elevated level of the US dollar against major crosses overseas restricted the upward movement in the domestic unit, forex traders said.
As per a gazette notification by Department of Economic Affairs under the finance ministry, the weight of this coin could be 34.65- 35.35 gram.
ICICI Direct, The Euro fell to its two month lows on Thursday amid a strong dollar and weaker economic numbers from eurozone.
ICICI Direct, The Euro fell towards the 1.075 mark and slid more that 0.10% on Wednesday amid a strong dollar and weaker global risk sentiments.
Shaktikanta Das also spoke about other measures like international trade settlement in rupee to make the Indian currency widely acceptable as a tool of international trade settlements.
ICICI Direct, The Euro fell below the 1.08 mark and slid more that 0.40% on Tuesday amid a strong dollar and weaker economic numbers.
The Reserve Bank of India’s move to withdraw the 2,000 rupees ($24) notes will lead to growth in deposits at banks and lower their cost of funds, according to a note from Axis Mutual Fund.
ICICI Direct, The pound remained in a tight range on Monday after its sharp rebound on Friday.
ICICI Direct, The US dollar index retreated from its earlier gains after the US Federal Chair Jerome Powell struck a moderately dovish stance.
ICICI Direct, The US dollar gained more than 0.50% on Thursday as strong economic number further pared back bets on easing by Federal reserve.
ICICI Direct, The US dollar gained 0.24% on Wednesday on optimism about a deal to extend the debt ceiling and avert US default.
Non-deliverable forwards indicate rupee will open at almost around the same level of 82.38 in the previous session. The local currency on Wednesday dropped to 82.4425, the lowest in over six weeks.
ICICI Direct, The Euro failed to hold its gains and closed with a loss of 0.12% on Tuesday amid weaker German ZEW economic sentiments.
ICICI Direct, The US dollar index paused after rallying to its one month peak last week as traders awaited news from Washington on how to address the debt ceiling issue.
ICICI Direct, The Euro pared all its earlier gains and fell more than 0.50% on Friday amid a strong dollar.
ICICI Direct, The Euro fell more than 0.50% on Thursday amid a strong dollar.
ICICI Direct, The US dollar index fell by 0.20% on Wednesday as the US CPI dropped below the expected 5% mark for the first time since June 2021.