The Dollar Index (DXY00) surged to its highest level in 4-1/2 months, ending with a gain of 0.48%. This uptick was initially fueled by last Friday's robust US February personal spending report, which boosted confidence in the dollar. Furthermore, Federal Reserve Chair Powell's remarks on Friday, indicating no rush to lower interest rates, provided additional support to the dollar. On Monday, the dollar continued its upward trajectory following the release of the stronger-than-expected March ISM manufacturing index, signaling a hawkish stance on Fed policy. In contrast, the Reserve Bank of India introduced regulations stating that exchange-traded rupee derivative transactions should solely serve hedging purposes. The Reserve Bank of India had previously announced in January that, effective April 5, exchanges would be allowed to offer forex derivative contracts involving the rupee for hedging contracted exposure. Watch this edition of Commodities Corner with Manisha Gupta and Amit Pabari, Founder & Managing Director, CR Forex.
first published: Apr 2, 2024 01:25 pm
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