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Rupee edges higher ahead of Fed-driven week; opens higher at 86.47/$
The domestic currency opened 4 paise higher near the one-month low mark of 86.47 against the dollar on Monday, according to Bloomberg. The local unit has depreciated 0.83 per cent so far this month and 1.01 per cent in this calendar year so far.
The Indian rupee is expected to remain steady around 86.47 after the European deal, though India remains distant from a conclusive agreement, analysts said.
Sentiments in the global equity market eased after the European Union (EU) signed a trade deal with the US that subjects most of the bloc's exports to 15 per cent tariffs, just ahead of this week's deadline. Meanwhile, the dollar index, a measure of the greenback against a basket of six major currencies, was down 0.12 per cent at 97.62.
The market sentiment remains cautious amid upcoming global events and the August 1 tariff deadline set by US President Donald Trump, Bhansali said. "Exporters may consider selling near 86.60, while importers can look to buy around 86.40 today."
Foreign portfolio investors (FPIs) have been pulling out, keeping the dollar well bid, with further rupee weakness likely to accelerate outflows. Global funds have been net sellers for five consecutive sessions with a net outflow of ₹1,979.96 crore on Friday. ALSO READ:
The upcoming week will be a Fed-dominated one with key global events including the US Federal Reserve's FOMC rate decision, GDP data, and ADP Employment Change and Initial Jobless Claims lined up.
In commodities, crude oil prices edged up from three-week lows in Asian trading after the EU and US reached a trade agreement. Brent crude price was up 0.41 per cent at 68.72 per barrel, while WTI crude prices were higher by 0.35 per cent at 65.39, as of 8:55 AM IST.
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India.com
28 minutes ago
- India.com
Not only cheap oil, India is also buying this thing in large quantities from Russia, after EU ban, its purchase increases further
(Representational image) New Delhi: India is currently buying cheap oil from Russia in large quantities. Apart from crude oil, there is one more thing which India is buying a lot from Russia. The name of this thing is naphtha. In the month of June, India and Taiwan were the biggest buyers of naphtha coming from Russia. LSEG data shows that these countries bought cheap naphtha from Russia. What did India purchase from Russia? Naphtha is an essential item used in the petrochemical industry. Olefins and aromatics are made from it. Then plastics, synthetic resins, synthetic fibers and many types of chemicals are made from them. In February 2023, the European Union (EU) completely banned oil products coming from Russia. After this, countries of the Middle East and Asia started buying naphtha from Russia. How much naphtha was bought from Russia? According to Reuters, 250,000 tonnes of naphtha was sent to India from Russian ports in June. This was 5% less than in May. But in the first six months of the year 2025, India bought more than 1.4 million tonnes of naphtha from Russia. Shipping data showed that Russian naphtha arrived at India's western ports, such as Mundra, Hazira and Sikka. India used to buy naphtha from the United Arab Emirates (UAE) earlier. But now it is buying cheaper naphtha from Russia so that it has to spend less money. At the same time, according to LSEG data, 234,000 tonnes of naphtha was sent from Russia to Taiwan last month. This was double the amount in May. Between January and June, Taiwan bought 12.7 lakh tonnes of naphtha from Russia. Singapore, Malaysia, Turkey and China were also among the major countries buying Russian naphtha in June. What is the situation of other countries? Ship-tracking data showed no cargo from Russia arrived in Fujairah, United Arab Emirates (UAE) in June. In May, Russia sent 80,000 tonnes of naphtha to the UAE. Ships carrying about 300,000 tonnes of Russian naphtha are headed to Asia via the Cape of Good Hope in southern Africa. Asia received 150,000 tonnes of naphtha in May. From December 2023, traders have been avoiding the Red Sea because of the threat of attacks by Yemen's Houthi group. Therefore, they are shipping Russian oil products around Africa.
New Indian Express
28 minutes ago
- New Indian Express
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First Post
28 minutes ago
- First Post
Trump says India may face 20%–25% tariff, but deal not finalised yet
President Donald Trump said India could face a tariff rate of 20% to 25%, but cautioned that the final decision has not yet been made as both countries continue negotiating a trade deal ahead of the August 1 deadline, according to a report read more President Donald Trump said India could face a tariff rate of 20% to 25%, but cautioned that the final decision has not yet been made as both countries continue negotiating a trade deal ahead of the August 1 deadline. 'I think so,' Bloomberg quoted Trump as telling reporters on Tuesday when asked if that was a possible tariff rate for New Delhi. 'India has been a good friend, but India has charged basically more tariffs than almost any other country,' Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. STORY CONTINUES BELOW THIS AD 'You just can't do that,' he added. US Trade Representative Jamieson Greer told CNBC on Monday that an elusive India trade agreement would require more discussion between the two countries. 'They have expressed strong interest in opening portions of their market, we of course are willing to continue talking to them,' CNN quoted Greer as saying. 'But I think we need some more negotiations on that with our Indian friends to see how ambitious they want to be,' Greer added. President Trump has continued to push US trade partners to open previously restricted markets to American goods, and India is no exception. While neither Washington nor New Delhi has outlined specific points of contention, Indian Commerce Minister Piyush Goyal last week expressed optimism about concluding a deal with the US before Trump's self-imposed August 1 deadline. Although India has not yet received a formal tariff warning letter — a tactic Trump has used with over a dozen other countries — the president set tariffs on Indian goods at 26% on April 2, before putting the 'reciprocal' levies on hold during negotiations. Trump has frequently criticised India over its trade practices. STORY CONTINUES BELOW THIS AD 'They charge more tariffs than any other country,' he had said on February 13, just hours before meeting Prime Minister Narendra Modi. He has also described the US-India trade relationship as 'very tough,' citing a growing trade deficit that has nearly doubled over the past decade. The White House's concerns extend beyond tariffs. According to CNN, Trump administration officials have repeatedly flagged non-tariff trade barriers in India, including taxes on digital services and what they describe as 'uniquely burdensome' import regulations and testing requirements. The United States imported $87 billion in goods from India in 2024, while India imported $42 billion worth of goods from the US, added the report, citing US Commerce Department data. Major US imports from India include pharmaceuticals, communications equipment such as smartphones, and apparel. As the August deadline looms, negotiations remain active — but final decisions on tariffs or trade terms, as with other partners, rest with President Trump. With inputs from agencies STORY CONTINUES BELOW THIS AD
