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Business Recorder
4 days ago
- Business
- Business Recorder
Indian rupee to rise at open after dollar reverses tariff ruling-spurred rally
MUMBAI: The Indian rupee is poised to open higher on Friday, after the U.S. dollar's rally, which was sparked by a U.S. court ruling on tariff policy, proved short-lived. The 1-month non-deliverable forward indicated a open in the 85.36-85.40 range, versus the previous session's close of 85.5075. So far this week, the Indian currency has been in a 84.78 to 85.70 range and is on track for a marginal weekly decline. Indian rupee to open nearly flat, holds upper hand as dollar remains vulnerable The rupee 'is in a space where you have to play the ranges' with the near-term range defined by recent price action between 85.00 and 85.80, a currency trader at a Mumbai-based bank said. 'Moves below 85 (on dollar/rupee) and past 86 are difficult to imagine at this stage.' Dollar resumes decline The dollar index, which had touched an intraday high of 100.48 on Thursday, slipped to 99.30, allowing Asian currencies to recover from losses. The dollar had initially found support after a U.S. court ruling blocked most of former President Donald Trump's proposed tariffs. However, a federal appeals court later issued a temporary pause on the ruling, allowing the tariffs to remain in place for now. Senior officials from the Trump administration had anyway downplayed the impact of the ruling blocking the tariffs, expressing confidence it would be overturned on appeal and indicating that alternative legal avenues to impose tariffs remain available. While the initial court ruling sparked optimism, it does not eliminate the uncertainty surrounding the U.S. trade policy, ANZ Bank said in a note. 'The appeal process could drag on for months, adding to trade policy uncertainty,' ANZ noted, while pointing out that legal experts have suggested that the administration does indeed have other legal authorities to levy tariffs. The dollar was further pressured by data that showed the number of Americans filing new applications for jobless benefits rose more than expected last week.
Yahoo
4 days ago
- Business
- Yahoo
Rupee to rise at open after dollar reverses tariff ruling-spurred rally
By Nimesh Vora MUMBAI (Reuters) -The Indian rupee is poised to open higher on Friday, after the U.S. dollar's rally, which was sparked by a U.S. court ruling on tariff policy, proved short-lived. The 1-month non-deliverable forward indicated a open in the 85.36-85.40 range, versus the previous session's close of 85.5075. So far this week, the Indian currency has been in a 84.78 to 85.70 range and is on track for a marginal weekly decline. The rupee "is in a space where you have to play the ranges" with the near-term range defined by recent price action between 85.00 and 85.80, a currency trader at a Mumbai-based bank said. "Moves below 85 (on dollar/rupee) and past 86 are difficult to imagine at this stage." DOLLAR RESUMES DECLINE The dollar index, which had touched an intraday high of 100.48 on Thursday, slipped to 99.30, allowing Asian currencies to recover from losses. The dollar had initially found support after a U.S. court ruling blocked most of former President Donald Trump's proposed tariffs. However, a federal appeals court later issued a temporary pause on the ruling, allowing the tariffs to remain in place for now. Senior officials from the Trump administration had anyway downplayed the impact of the ruling blocking the tariffs, expressing confidence it would be overturned on appeal and indicating that alternative legal avenues to impose tariffs remain available. While the initial court ruling sparked optimism, it does not eliminate the uncertainty surrounding the U.S. trade policy, ANZ Bank said in a note. "The appeal process could drag on for months, adding to trade policy uncertainty,' ANZ noted, while pointing out that legal experts have suggested that the administration does indeed have other legal authorities to levy tariffs. The dollar was further pressured by data that showed the number of Americans filing new applications for jobless benefits rose more than expected last week. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.5; onshore one-month forward premium at 13.25 paise ** Dollar index at 99.30 ** Brent crude futures down 0.4% at $63.9 per barrel ** Ten-year U.S. note yield at 4.42% ** As per NSDL data, foreign investors bought a net $542.6 million worth of Indian shares on May. 28 ** NSDL data shows foreign investors sold a net $41.3 million worth of Indian bonds on May. 29 Sign in to access your portfolio
Reuters
4 days ago
- Business
- Reuters
Rupee to rise at open after dollar reverses tariff ruling-spurred rally
MUMBAI, May 30 (Reuters) - The Indian rupee is poised to open higher on Friday, after the U.S. dollar's rally, which was sparked by a U.S. court ruling on tariff policy, proved short-lived. The 1-month non-deliverable forward indicated a open in the 85.36-85.40 range, versus the previous session's close of 85.5075. So far this week, the Indian currency has been in a 84.78 to 85.70 range and is on track for a marginal weekly decline. The rupee "is in a space where you have to play the ranges" with the near-term range defined by recent price action between 85.00 and 85.80, a currency trader at a Mumbai-based bank said. "Moves below 85 (on dollar/rupee) and past 86 are difficult to imagine at this stage." The dollar index, which had touched an intraday high of 100.48 on Thursday, slipped to 99.30, allowing Asian currencies to recover from losses. The dollar had initially found support after a U.S. court ruling blocked most of former President Donald Trump's proposed tariffs. However, a federal appeals court later issued a temporary pause on the ruling, allowing the tariffs to remain in place for now. Senior officials from the Trump administration had anyway downplayed the impact of the ruling blocking the tariffs, expressing confidence it would be overturned on appeal and indicating that alternative legal avenues to impose tariffs remain available. While the initial court ruling sparked optimism, it does not eliminate the uncertainty surrounding the U.S. trade policy, ANZ Bank said in a note. "The appeal process could drag on for months, adding to trade policy uncertainty,' ANZ noted, while pointing out that legal experts have suggested that the administration does indeed have other legal authorities to levy tariffs. The dollar was further pressured by data that showed the number of Americans filing new applications for jobless benefits rose more than expected last week. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.5; onshore one-month forward premium at 13.25 paise ** Dollar index at 99.30 ** Brent crude futures down 0.4% at $63.9 per barrel ** Ten-year U.S. note yield at 4.42% ** As per NSDL data, foreign investors bought a net $542.6 million worth of Indian shares on May. 28 ** NSDL data shows foreign investors sold a net $41.3 million worth of Indian bonds on May. 29
Economic Times
15-05-2025
- Business
- Economic Times
Eggs at nearly $9 a dozen, Kiwis hit hard as food and power prices skyrocket
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Food prices in New Zealand have increased by 3.7 per cent in the financial year ending April 2025, according to the latest data from Stats NZ. This rise is mainly due to higher costs of vegetables, meat, and dairy products were the main contributors to this increase. Butter prices surged by 65.3 per cent, reaching an average of NZ$7.42 for 500 grams, nearly NZ$3 more than the previous year. Cheese prices rose by 24 per cent, and milk by 15.1 per saw the most significant price hike, with an 11 per cent increase over the past year. Meat, poultry, and fish prices went up by 2.6 per cent, while dairy products rose by 2.4 per prices have also surged. The average cost of a dozen eggs reached NZD 8.89 in January 2025, up from NZD 8.37 in December 2024. This marks a significant increase compared to previous grocery food group saw a 5.2 per cent increase, driven by higher prices for dairy items. Non-alcoholic beverages rose by 6.8 per cent, with instant coffee prices climbing 21.3 percent to an average of NZ$8.21 per 100 increase in food prices is part of a broader inflation trend in New Zealand. In July 2022, the country's inflation rate reached 7.3 per cent, the highest since 1990. Economists at ANZ Bank have indicated that faster interest rate increases may be necessary to counteract these inflationary non-food items, electricity prices increased by 2.3 per cent in April compared to March, while gas prices rose by 1.1 per cent. Airfares also saw significant hikes; international flights increased by 24.7 per cent, and domestic fares by 3.8 per cent, influenced by school holidays and consecutive long food costs are putting pressure on household budgets, especially for low-income families. Many are finding it harder to afford basic suggest that global factors, such as supply chain disruptions and increased production costs, contribute to the rise in food prices. Additionally, local weather events have affected crop yields, leading to shortages and higher prices.
Time of India
15-05-2025
- Business
- Time of India
Eggs at nearly $9 a dozen, Kiwis hit hard as food and power prices skyrocket
Food prices in New Zealand have increased by 3.7 per cent in the financial year ending April 2025, according to the latest data from Stats NZ. This rise is mainly due to higher costs of vegetables, meat, and dairy products. Dairy products were the main contributors to this increase. Butter prices surged by 65.3 per cent, reaching an average of NZ$7.42 for 500 grams, nearly NZ$3 more than the previous year. Cheese prices rose by 24 per cent, and milk by 15.1 per cent. Also Read: Drama in New Zealand Parliament, Māori lawmakers suspended over haka protest Vegetables saw the most significant price hike, with an 11 per cent increase over the past year. Meat, poultry, and fish prices went up by 2.6 per cent, while dairy products rose by 2.4 per cent. Live Events Egg prices have also surged. The average cost of a dozen eggs reached NZD 8.89 in January 2025, up from NZD 8.37 in December 2024. This marks a significant increase compared to previous years. The grocery food group saw a 5.2 per cent increase, driven by higher prices for dairy items. Non-alcoholic beverages rose by 6.8 per cent, with instant coffee prices climbing 21.3 percent to an average of NZ$8.21 per 100 grams. The increase in food prices is part of a broader inflation trend in New Zealand. In July 2022, the country's inflation rate reached 7.3 per cent, the highest since 1990. Economists at ANZ Bank have indicated that faster interest rate increases may be necessary to counteract these inflationary pressures. In non-food items, electricity prices increased by 2.3 per cent in April compared to March, while gas prices rose by 1.1 per cent. Airfares also saw significant hikes; international flights increased by 24.7 per cent, and domestic fares by 3.8 per cent, influenced by school holidays and consecutive long weekends. Rising food costs are putting pressure on household budgets, especially for low-income families. Many are finding it harder to afford basic groceries. Experts suggest that global factors, such as supply chain disruptions and increased production costs, contribute to the rise in food prices. Additionally, local weather events have affected crop yields, leading to shortages and higher prices.
