The dollar gained over 0.5% on Tuesday on the six currencies that make up the dollar index, and the gauge rose as high as 106.49 on Wednesday, a whisker off its highest since November
A string of robust US economic data, including a blowout unemployment report on Friday, and recent remarks from Fed Chair Jerome Powell have quashed speculation about early and steep rate cuts that the market had anticipated.
The dollar weakened against most of currencies on growing expectation of the Federal Reserve skipping an interest rate hike later in the day
Indian rupee on June 13 ended marginally higher for third straight sessions against US dollar ahead of key US CPI data and Fed policy meetings.
The rupee finished at 82.8350 per dollar, against its previous close of 82.75.
Spot gold was up 0.3% to $1,745.22 per ounce as of 0251 GMT. U.S. gold futures rose 0.3% to $1,745.40.
The declines come on the heels of reports on consumer confidence and manufacturing that have shown a still-solid US economy
He said restoring inflation to the 2% target is the central bank’s “overarching focus right now” even though consumers and businesses will feel economic pain.
Concerns that the Fed's expected interest rate hikes could hammer Asia's equities markets have dragged on the regional benchmark, though moves elsewhere have been even more dramatic.
In today’s edition of Moneycontrol Pro Panorama: Why rupee is turning pale, more vaccines on the way, Weekly Tactical, Coal India’s dividend tap, wealth creation makes its mark, corporate debt back in favour and much more
The US central bank should not take comfort from the bond market
The risks remain in the form of “vaccine hesitancy, deadlier variants, and a resurgence of cases in some foreign countries”
The new monetary policy framework – “robust updating” - puts focus on broader and inclusive employment and is more tolerant of higher inflation before any hikes in interest rates are considered
Thanks to this legendary former Fed chair, US inflation was tamed and has remained so ever since
The US central bank is scheduled to release its latest policy statement at 2 p.m. EST (1900 GMT), with investors widely expecting it to leave its benchmark overnight lending rate unchanged in a target range of 2.25 percent to 2.50 percent.
At the Interbank Foreign Exchange, the rupee opened on a weak note at 71.19 then fell further to 71.22 against the US dollar. The local unit, however, erased the initial gains and settled for the day at Rs 71.11, up by just 1 paisa over its previous close.
In the June policy, the Fed chose to concentrate on the US' economy rather than be distracted by emerging market woes
On the strategy for the September series, Mahajan says it is a tough call because of two major events--the RBI credit policy and the US Fed decision on rates.
USA-STOCKS-WEEKAHEAD:Wall St Week Ahead - Fed change unlikely to blunt equities' appeal over bonds
The Federal Reserve's "very aggressive" easy money policy is going to stay that way for a "long time," St. Louis Fed President James Bullard told CNBC on Friday.
A sketchy global environment has left investors looking for safe havens. After a troubled month of May, there are now hopes of June bringing in some clarity for markets. Mohammed Apabhai of Citi says the key events which everyone has an eye on are the Greek elections and the Federal policy meet.