India central bank steps in to contain fallout of oil price jump on rupee, traders say
MUMBAI, June 13 (Reuters) - The Reserve Bank of India is believed to have sold dollars to support the rupee after a surge in oil prices, triggered by Israeli strikes on Iran, put pressure on the currency, three traders told Reuters on Friday.
The Indian rupee dropped to 86.20 to the U.S. dollar before recovering to 86.04 on the back of the RBI's intervention.
The central bank sold dollars near 86.05, a currency trader said, citing two state-run banks.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Tel Aviv shares open lower in first trading session since Israel-Iran attacks began
JERUSALEM, June 15 (Reuters) - Tel Aviv stocks opened lower on Sunday in the first trading session since the start of a wave of missile strikes between Israel and Iran on Friday. The blue-chip Tel Aviv 35 index (.TA35), opens new tab was 1.5% lower, while the broader TA-125 (.TA125), opens new tab index was down 1.4%. Israel and Iran launched fresh attacks on each other overnight into Sunday for a second straight day.
Reuters
2 hours ago
- Reuters
Exclusive: US-China trade truce leaves military-use rare earth issue unresolved, sources say
BEIJING/SINGAPORE, June 15 (Reuters) - The renewed U.S.-China trade truce struck in London left a key area of export restrictions tied to national security untouched, an unresolved conflict that threatens a more comprehensive deal, two people briefed on detailed outcomes of the talks told Reuters. Beijing has not committed to grant export clearance for some specialized rare-earth magnets that U.S. military suppliers need for fighter jets and missile systems, the people said. The United States maintains export curbs on China's purchases of advanced artificial intelligence chips out of concern that they also have military applications. At talks in London last week, China's negotiators appeared to link progress in lifting export controls on military-use rare earth magnets with the longstanding U.S. curbs on exports of the most advanced AI chips to China. That marked a new twist in trade talks that began with opioid trafficking, tariff rates and China's trade surplus, but have since shifted to focus on export controls. In addition, U.S. officials also signalled they are looking to extend existing tariffs on China for a further 90 days beyond the August 10 deadline agreed in Geneva last month, both sources said, suggesting a more permanent trade deal between the world's two largest economies is unlikely before then. The two people who spoke to Reuters about the London talks requested not to be named because both sides have tightly controlled disclosure. The White House, State Department and Department of Commerce did not immediately respond to requests for comment. China's Foreign and Commerce ministries did not respond to faxed requests for comment. President Donald Trump said on Wednesday the handshake deal reached in London between American and Chinese negotiators was a "great deal," adding, "we have everything we need, and we're going to do very well with it. And hopefully they are too." And U.S. Treasury Secretary Scott Bessent said there would be no "quid pro quo" on easing curbs on exports of AI chips to China in exchange for access to rare earths. But China's chokehold on the rare earth magnets needed for weapons systems remains a potential flashpoint. China dominates global production of rare earths and holds a virtual monopoly on refining and processing. A deal reached in Geneva last month to reduce bilateral tariffs from crushing triple-digit levels had faltered over Beijing's restrictions on critical minerals exports that took shape in April. That prompted the Trump administration to respond with export controls preventing shipments of semiconductor design software, jet engines for Chinese-made planes and other goods to China. At the London talks, China promised to fast-track approval of rare-earth export applications from non-military U.S. manufacturers out of the tens of thousands currently pending, one of the sources said. Those licenses will have a six-month term. Beijing also offered to set up a "green channel" for expediting license approvals from trusted U.S. companies. Initial signals were positive, with Chinese rare-earths magnet producer JL MAG Rare-Earth ( opens new tab, saying on Wednesday it had obtained export licences that included the United States, while China's Commerce Ministry confirmed it had approved some "compliant applications" for export licences. But China has not budged on specialized rare earths, including samarium, which are needed for military applications and are outside the fast-track agreed in London, the two people said. Automakers and other manufacturers largely need other rare earth magnets, including dysprosium and terbium. The rushed trade meeting in London followed a call last week between Trump and Chinese leader Xi Jinping. Trump said U.S. tariffs would be set at 55% for China, while China had agreed to 10% from the United States. Trump initially imposed tariffs on China as punishment for its massive trade surplus to the United States and over what he says is Beijing's failure to stem the flow of the powerful opioid fentanyl into the U.S. Chinese analysts are pessimistic about the likelihood of further breakthroughs before the August 10 deadline agreed in Geneva. "Temporary mutual accommodation of some concerns is possible but the fundamental issue of the trade imbalance cannot be resolved within this timeframe, and possibly during Trump's remaining term," said Liu Weidong, a U.S.-China expert at the Institute of American Studies, Chinese Academy of Social Sciences. An extension of the August deadline could allow the Trump administration more time to establish an alternative legal claim for setting higher tariffs on China under the Section 301 authority of the USTR in case Trump loses the ongoing legal challenge to the tariffs in U.S. court, one of the people with knowledge of the London talks said. The unresolved issues underscore the difficulty the Trump administration faces in pushing its trade agenda with China because of Beijing's control of rare earths and its willingness to use that as leverage with Washington, said Ryan Hass, director of the John L. Thornton China Center at the Brookings Institution. "It has taken the Trump team a few punches in the nose to recognise that they will no longer be able to secure another trade agreement with China that disproportionately addresses Trump's priorities," Hass said.
Reuters
4 hours ago
- Reuters
When Golden Sunflower Meets Bauhinia: Hongqi Showcases Oriental Luxury at 2025 International Automotive and Supply Chain Expo (Hong Kong)
CHANGCHUN, China, June 12, 2025 (EZ Newswire) -- From June 12 to 15, Hongqi, opens new tab, a Chinese luxury car brand operated owned by the automaker FAW Group, opens new tab, unveiled its luxury vehicle lineup at the 2025 International Automotive and Supply Chain Expo (Hong Kong), opens new tab, showcasing its unique "Oriental Luxury" concept to the world. During the expo, Hongqi held the "Glory in Hong Kong, Shaping the Future Together" Golden Sunflower Exclusive Appreciation Event, which forged profound connections between Hongqi and local customers. With its outstanding products and rich brand heritage, Hongqi continues to expand the global influence of Chinese luxury brands. Qiu Xiandong, chairman of China FAW Group Co., Ltd. attended the opening ceremony of the 2025 International Automotive and Supply Chain Expo (Hong Kong) and the launch ceremony of the China Automotive and Supply Chain Enterprises Overseas Alliance, and delivered a speech. He stated that FAW Group is actively integrating into Hong Kong, serving Hong Kong, and making contributions in Hong Kong aiming to achieve a win-win result through deep cooperation. FAW Group aims to strengthen cooperation in industry, ecology, finance, and technological innovation, and is willing to partner with Hong Kong in creating a new legend. The Hongqi Golden Sunflower series vehicles, representing the pinnacle of Chinese automotive craftsmanship—Guoyao, Guoli, Guoya, and Guoyue—profoundly demonstrate Hongqi's mastery of design aesthetics, safety standards, and manufacturing quality. These vehicles became the center of attention at the event. The entire Golden Sunflower series of models demonstrates remarkable market appeal and injects strong momentum into Hongqi's successful entry into Hong Kong. During the Golden Sunflower Exclusive Appreciation Event, Liu Changqing, assistant president of China FAW Group Co., Ltd. and vice president of Hongqi Brand Operation Committee presented a customized commemorative gift to Wong Yan Kwong, the chairman of KONSTAR Group and Hong Kong Hongqi Enthusiasts Association. Xiandong presented a top-tier luxury sedan—Guoli, to Lo Man Tuen, the chairman of the Wing Li Group (International) Limited. At the 2025 International Automotive and Supply Chain Expo (Hong Kong), Hongqi unveiled a range of classic and modern models. The unveiling of precious models such as the Hongqi CA770, the right-hand-drive version of the CA770, and the CA72 carried the deep affection and cherished memories of several generations for China's high-end automotive industry. The three models—H9, opens new tab, HQ9, and E-HS9, opens new tab—showcased Hongqi dedication to product excellence and technology development. Additionally, the Hongqi "TianNian NO.1" flying car became a major highlight of the auto show with its forward-looking technological concepts and innovative design. Hongqi will always pursue its vision of evolving from "Oriental Luxury to the World's New Luxury" and continuously increase investment in R&D, accelerate core breakthroughs, and expedite its global expansion. Hongqi aims to share the new story of oriental luxury automotive brands with global users and share the new travel experiences of China's high-end intelligent manufacturing. In the next five years, Hongqi will launch over 20 new models globally, including new energy vehicles, fuel-efficient models, and Golden Sunflower series models. Hongqi is committed to delivering more high-quality vehicles that earn the trust of global consumers—driving Chinese automotive brands to new heights in the world. About Hongqi Hongqi is a Chinese luxury car brand operated owned by the automaker FAW Group. Hongqi was launched in 1958, making it the oldest Chinese passenger car brand. In the next five years, Hongqi will launch over 20 new models globally, including new energy vehicles, fuel-efficient models, and Golden Sunflower series models. Hongqi is committed to delivering more high-quality vehicles that earn the trust of global consumers—driving Chinese automotive brands to new heights in the world. For more information, visit Media Contact Lin Dingdinglin7@ ### SOURCE: Hongqi Copyright 2025 EZ Newswire See release on EZ Newswire
