Wall Street mixed, dollar dips ahead of Fed minutes
In currency markets, sterling picked up after data showed that Britain’s inflation fell in July but the core measure came in slightly higher than expected. It was last up 0.39% at $1.275.
Pound rises after UK inflation data, yuan hits 9-month low
In Asia, the yuan touched its lowest level since November in both the onshore and offshore markets, falling to as low as 7.2989 per dollar, and hitting a trough of 7.3379, respectively.
Russia's ruble has tumbled: What does it mean for the wartime economy?
Previously, Russia saw a large trade surplus because of high oil prices and plummeting imports after Russia invaded Ukraine. But oil prices have dipped this year, and it’s more cumbersome for Russia to sell its oil due to Western sanctions, including price caps on crude and oil products like diesel.
Wall Street slips, yields jump as US retail spending persists
The steady march of strong spending drove concerns about whether the Fed may be able to end its rate-hiking in its fight against inflation.
Rupee falls 29 paise to close at all-time low of 83.11 against US dollar
The dollar gained after US PPI data was higher than forecast, and safe haven demand on risk aversion in global markets.
Sell EURINR; target of : 90.50 : August 14, 2023: ICICI Direct
ICICI Direct, Euro ended on negative note amid strong dollar and risk off sentiments in global equities.
Sell GBPINR; target of : 105.20 : August 10, 2023: ICICI Direct
ICICI Direct, Pound is expected move south towards 1.2670 level on pessimistic global market sentiments and worries over economic growth in Britain.
Buy GBPINR; target of : 105.90 : August 09, 2023: ICICI Direct
ICICI Direct, Pound slipped yesterday amid firm dollar and slowdown in UK consumer spending.
Sell EURINR; target of : 90.70 : August 08, 2023: ICICI Direct
ICICI Direct, Euro ended on negative note amid strong dollar and as German industrial production fell more than anticipated.
Sell USDINR; target of : 82.45 : August 07, 2023: ICICI Direct
ICICI Direct, Rupee depreciated on Friday amid surge in crude oil prices and wider selloff in Asian currencies.
Sell USDINR; target of : 82.50: August 04, 2023: ICICI Direct
ICICI Direct, Rupee depreciated for 3 rd consecutive session, hitting to its lowest level in 2 ½ months amid strong dollar and risk aversion in the global markets.
Sell EURINR; target of : 90.50: August 03, 2023: ICICI Direct
ICICI Direct, Euro slipped yesterday amid strong dollar and risk aversion in the global markets.
Sell USDINR; target of : 82.20 : August 02, 2023: ICICI Direct
ICICI Direct, Rupee depreciated marginally yesterday amid strong dollar and elevated crude oil prices.
Buy USDINR; target of : 82.50 : August 01, 2023: ICICI Direct
ICICI Direct, Rupee depreciated yesterday amid firm dollar and surge in crude oil prices.
Buy EURINR; target of : 90.90 : July 31, 2023: ICICI Direct
ICICI Direct, Euro recovered from its 3-week low and closed above the 1.10 mark on Friday amid softer dollar.
Buy EURINR; target of : 91.25 : July 27, 2023: ICICI Direct
ICICI Direct, Euro is likely to trade on bullish bias amid softness in dollar. Further expectation of 25 bps hike in today’s policy meeting could support the Euro to rise back towards 1.1120.
Buy USDINR; target of : 82.00 : July 26, 2023: ICICI Direct
ICICI Direct, Rupee depreciated for the first time in last three days ahead of the key FOMC meeting.
Internationalising INR: Local currency swap deals with trade partners can provide a boost
Capital account convertibility is neither a necessary nor a sufficient condition for the success of a country’s currency internationalisation process
Buy USDINR; target of : 82.15 : July 24, 2023: ICICI Direct
ICICI Direct, US$INR is expected to consolidate near the 82.00 level ahead of the key FOMC meeting due this week.
Buy USDINR; target of : 82.25 : July 21, 2023: ICICI Direct
ICICI Direct, Rupee is expected to depreciate amid rebound in the dollar. The strong labor market in the US has raised the bets that the Federal Reserve will keep interest rates higher for longer to rein inflation.
Buy EURINR; target of : 92.40 : July 20, 2023: ICICI Direct
ICICI Direct, Euro is likely to recover its yesterday’s losses amid weakness in dollar. Further sticky inflation numbers could force the ECB to stick to its hawkish monetary policy.
India-UAE Currency Deal: Internationalising the rupee, one step at a time
India’s policymakers are positioning the INR as an alternative currency for international transactions. They are using two strategies to further this cause
Buy EURINR; target of : 92.50 : July 19, 2023: ICICI Direct
ICICI Direct, Euro is likely to hold its ground against the dollar ahead of the key CPI numbers.
Internationalising the INR will be a gradual process
One major precondition for internationalising a currency is that the economy should be international as well. India has made great progress since the opening of the economy in 1991
