'No compromise on sovereignty...': Malaysia confirms tariff deal with US, 61% of lines at zero duty
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Economic Times
2 days ago
- Economic Times
RBI intervention shields rupee from record low after Trump tariff threat
The Indian rupee extended its decline on Tuesday on the back of escalating trade tensions with the United States, although likely central bank intervention prevented the currency from breaching record low levels. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Indian rupee extended its decline on Tuesday on the back of escalating trade tensions with the United States, although likely central bank intervention prevented the currency from breaching record low rupee closed at 87.8000 to the U.S. dollar, down 0.2% from Monday's close of 87.6550. The local currency fell to a low of 87.8850 on Tuesday, just shy of an all-time low of 87.95 hit in Reserve Bank of India helped absorb some tariff-related pressure on the rupee through interventions conducted by state-run banks, a trader at a state-owned lender said.U.S. President Donald Trump on Monday again threatened to substantially raise tariffs on Indian goods, citing the country's continued purchases and resale of Russian oil, after announcing a surprise 25% tariff on Indian imports last response, India's foreign ministry said it would take "all necessary steps" to protect national interests and economic security, escalating a trade row between the two countries."As fears of more expensive crude oil loom, the Indian rupee stands at a crossroads amid rising geopolitical tensions," said Abhishek Goenka, chief executive of IFA and analysts said that persistent foreign outflows may accelerate, putting further strain on the rupee if talks RBI's interest rate decision on Wednesday could also influence the currency's Asian currencies traded mixed as the dollar recouped some of its losses on Tuesday. The Philippine peso dropped 0.6% after inflation hit the lowest in nearly six years. The Malaysian ringgit gained more than 0.2%, while the Indonesian rupiah was little dollar index was down 0.3% at 98.967, as of 1007 GMT.
Economic Times
3 days ago
- Economic Times
Rupee extends slide on foreign outflows, dollar demand from oil firms
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The Indian rupee extended its decline against the U.S. dollar on Monday, pressured by persistent foreign outflows and sustained dollar demand from importers, particularly state-run oil companies, traders and analysts rupee closed at 87.6550 to the dollar, compared with Friday's close of currency had opened stronger at 87.2250, tracking a weaker dollar after a softer-than-expected U.S. jobs report on Friday raised expectations of a Federal Reserve rate cut in dollar index was down 0.27% at 98.92 as of 1025 dollar-buying through the day, especially by oil importers, erased early gains, traders rupee had dropped to 87.74 last Thursday, its lowest since February and just shy of its record low of 87.95, following former U.S. President Donald Trump 's announcement of a steeper-than-expected 25% tariff on Indian Reserve Bank of India intervened through the week to support the currency, traders said."Consistent foreign outflows from local stocks and elevated corporate dollar demand are likely to keep the rupee under pressure," a trader at a private bank investors sold $2 billion worth of Indian equities on a net basis in intraday volatility, the rupee may stabilise in the coming days, said Dilip Parmar, foreign exchange analyst at HDFC RBI's rate decision at its monetary policy meeting later this week could also influence the local currency's trajectory, Parmar other Asian currencies gained on Monday, led by the Malaysian ringgit's rebound of nearly 1% as dollar weakness offered relief from recent losses.
Time of India
3 days ago
- Time of India
Rupee extends slide on foreign outflows, dollar demand from oil firms
The Indian rupee extended its decline against the U.S. dollar on Monday, pressured by persistent foreign outflows and sustained dollar demand from importers, particularly state-run oil companies, traders and analysts said. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Indian rupee extended its decline against the U.S. dollar on Monday, pressured by persistent foreign outflows and sustained dollar demand from importers, particularly state-run oil companies, traders and analysts rupee closed at 87.6550 to the dollar, compared with Friday's close of currency had opened stronger at 87.2250, tracking a weaker dollar after a softer-than-expected U.S. jobs report on Friday raised expectations of a Federal Reserve rate cut in dollar index was down 0.27% at 98.92 as of 1025 dollar-buying through the day, especially by oil importers, erased early gains, traders rupee had dropped to 87.74 last Thursday, its lowest since February and just shy of its record low of 87.95, following former U.S. President Donald Trump 's announcement of a steeper-than-expected 25% tariff on Indian Reserve Bank of India intervened through the week to support the currency, traders said."Consistent foreign outflows from local stocks and elevated corporate dollar demand are likely to keep the rupee under pressure," a trader at a private bank investors sold $2 billion worth of Indian equities on a net basis in intraday volatility, the rupee may stabilise in the coming days, said Dilip Parmar, foreign exchange analyst at HDFC RBI's rate decision at its monetary policy meeting later this week could also influence the local currency's trajectory, Parmar other Asian currencies gained on Monday, led by the Malaysian ringgit's rebound of nearly 1% as dollar weakness offered relief from recent losses.
