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Economic Times
23-05-2025
- Business
- Economic Times
Rupee soars with Asian peers to post best day in over 2 years
The Indian rupee experienced a significant surge on Friday, marking its best single-day gain in over two years, climbing 0.9% to 85.2125 against the dollar. This rally was fueled by concerns surrounding U.S. fiscal health and trade tariffs, which weakened the dollar and boosted emerging market currencies. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Indian rupee rose sharply on Friday to post its best single-day gain in more than two years as worries over U.S. fiscal health and the impact of trade tariffs continued to weigh on the dollar, sparking a rally in emerging market currencies The rupee closed at 85.2125 against the U.S. dollar, up 0.9% on the day, its best one-day gain since November the week, the currency rose 0.3% as Friday's rally helped it recover from the dip past 86 to the dollar in the previous dollar sales from foreign banks, likely on behalf of custodial clients, and liquidation of bearish bets on the currency helped the recovery, traders rupee's Friday move was a "rout" for the bearish bias that had built on the currency earlier in the week, when it failed to hold on to gains, a trader at a Mumbai-based bank said. Asian currencies rallied by as much as 1% as the dollar index fell 0.5% to 99.3, hovering near its weakest level in a fortnight."With U.S.-Asian trade deals very much up for discussion over the coming months, $/Asia can stay under pressure," ING Bank said in a benchmark equity indexes, BSE Sensex and Nifty 50 led gains among Asian equities with a 1% rise while the country's benchmark 10-year bond yield rupee has broadly underperformed its emerging market peers this EM currencies index is up 1.7% over May so far while the rupee has declined about 0.8%.In the near-term, the rupee is expected to hover between 84.80 and 85.80 but a breakout could prompt a pickup in corporate hedging which could accentuate the moves, said Abhilash Koikkara head of forex and rates at Nuvama Professional Clients await the Indian central bank's surplus transfer to the government, which is expected to be announced later in the day.
Time of India
23-05-2025
- Business
- Time of India
Rupee soars with Asian peers to post best day in over 2 years
The Indian rupee rose sharply on Friday to post its best single-day gain in more than two years as worries over U.S. fiscal health and the impact of trade tariffs continued to weigh on the dollar, sparking a rally in emerging market currencies . The rupee closed at 85.2125 against the U.S. dollar, up 0.9% on the day, its best one-day gain since November 2022. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas Prices In Dubai Might Be More Affordable Than You Think Villas In Dubai | Search Ads Get Quote Undo For the week, the currency rose 0.3% as Friday's rally helped it recover from the dip past 86 to the dollar in the previous session. Persistent dollar sales from foreign banks, likely on behalf of custodial clients, and liquidation of bearish bets on the currency helped the recovery, traders said. The rupee's Friday move was a "rout" for the bearish bias that had built on the currency earlier in the week, when it failed to hold on to gains, a trader at a Mumbai-based bank said. Live Events Asian currencies rallied by as much as 1% as the dollar index fell 0.5% to 99.3, hovering near its weakest level in a fortnight. "With U.S.-Asian trade deals very much up for discussion over the coming months, $/Asia can stay under pressure," ING Bank said in a note. India's benchmark equity indexes, BSE Sensex and Nifty 50 led gains among Asian equities with a 1% rise while the country's benchmark 10-year bond yield declined. The rupee has broadly underperformed its emerging market peers this month. MSCI's EM currencies index is up 1.7% over May so far while the rupee has declined about 0.8%. In the near-term, the rupee is expected to hover between 84.80 and 85.80 but a breakout could prompt a pickup in corporate hedging which could accentuate the moves, said Abhilash Koikkara head of forex and rates at Nuvama Professional Clients Group. Traders await the Indian central bank's surplus transfer to the government, which is expected to be announced later in the day.
Time of India
22-05-2025
- Business
- Time of India
Gold & silver price prediction today: What's the gold rate outlook for May 22, 2025 & is it headed for Rs 98,000 - should you buy or sell?
Gold price prediction: What is the outlook for gold and silver today and for the next few days? (AI image) Gold and silver price prediction: MCX Gold and MCX Silver have been volatile in the last few days with geopolitical events and Donald Trump's tariff related developments weighing on investor sentiment. While gold is traditionally a safe haven asset, it has fallen from its peak in the last few sessions. What is the outlook for gold and silver today and for the next few days? What are the target levels investors should look at? Abhilash Koikkara, Head - Forex & Commodities, Nuvama Professional Clients Group shares his views: MCX Gold Outlook MCX Gold has shown a bullish breakout from the lower end of its support zone, indicating a shift in sentiment and the potential for upward momentum. This breakout suggests that the recent downside pressure has likely been absorbed, and the bulls are regaining control. The key resistance is placed at the 95,700 level, and a decisive move above this mark will likely trigger further upside, pushing prices toward the 98,000 level in the near term. On the daily chart, the Relative Strength Index (RSI) has reversed direction from the neutral 50 level and is now trending upward toward the overbought zone. This shift in RSI reflects strengthening momentum and supports the bullish outlook for prices. From a technical standpoint, the trend appears constructive, and as long as prices sustain above the support zone of 94,100, the bias remains positive. The formation of higher lows, along with improving momentum indicators, reinforces the possibility of continued gains. In conclusion, MCX Gold is well-positioned for further upside. With support at 94,100 and resistance at 95,700 expected to be breached, the next potential target lies at 98,000. Traders may consider a bullish stance as long as the price holds above key support levels. CMP: Rs 95,500Target: Rs 98,000SL: Rs 94,100 MCX Silver Outlook The daily chart analysis indicates that MCX Silver prices have successfully broken above the consolidation range of 97,500–94,000, signalling a bullish breakout and opening positive potential. With this breakout, there is a possibility for silver prices to extend their upward movement and test the previous swing high at the 1,02,000 level. The Relative Strength Index (RSI), which was previously hovering around the neutral zone (50), has begun to rise, suggesting increasing bullish momentum. The RSI is on its way toward the overbought zone (70), indicating that there is sufficient room for further price appreciation in the near term. Based on Fibonacci analysis, the 61.8% projection from the range of 86,260 to 98,800, coupled with the support zone at 93,700, suggests a potential target for silver prices around the 101,800 level. Given the current market conditions, we are optimistic about Silver's short-term prospects. Prices are expected to move towards 101,800 with stop loss at the 95,600 level. At the current market price (CMP) of 97,750, the outlook remains positive, and a rally could materialize as the price continues its upward momentum post-consolidation. CMP: Rs 97,750Target 10,18,00SL: Rs 95,600 Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
15-05-2025
- Business
- Time of India
Gold & silver price prediction today: What's the gold rate outlook for May 15, 2025 & why is the Rs 92,000 level critical - should you buy or sell?
Should you buy or sell gold, and what are the gold and silver price levels you should watch out for? (AI image) Gold and silver price prediction : Gold prices have dipped sharply in the last few days while silver price s are showing strength. Even as some geopolitical tensions around the world weigh, there are signs of the dollar gaining favour. In such a scenario, what is the outlook for gold and silver prices? Should you buy or sell gold, and what are the gold and silver price levels you should watch out for? Abhilash Koikkara, Head - Forex & Commodities, Nuvama Professional Clients Group shares his views: MCX Gold Gold prices witnessed a sharp 5% decline last week, bringing the precious metal down to a critical support level near ₹92,000. This level holds significant technical importance, and as long as it remains unbroken, there is a potential for a rebound. If the support holds, a retracement is likely, targeting at least the 50% Fibonacci level of the recent fall from ₹97,500 to ₹92,400. This places the retracement target around ₹95,000 followed by 61.8% retracement which comes to ₹95,500. Such a move would be considered a technical pullback, potentially offering short-term buying opportunities. However, the situation remains fragile. A decisive break below ₹92,000 could negate the possibility of recovery and open the door to further downside momentum. In that case, increased selling pressure could drive gold prices lower, possibly testing the ₹90,000 mark in the coming sessions. Traders should closely monitor price action around this support zone, as it will likely dictate the short-term trend. While fundamentals such as inflation concerns or geopolitical tensions can influence gold, technical levels like these often act as key decision points for market participants. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cost Of Amusement Park Equipment From Mexico Might Surprise You - See Tips Amusement Park Equipment | search ads Click Here Undo Overall, ₹92,000 is a make-or-break level for gold, and the market's behaviour around this point will be crucial in determining its next move. CMP: Rs 93,400 Target 1: Rs 95,000 Target 2: Rs 95,500 Stop Loss: Rs 92,000 MCX Silver Silver prices have been exhibiting a positive formation in recent weeks, indicating underlying strength in the trend. However, during the last week, the metal entered a consolidation phase, trading within a narrow range with key resistance at ₹97,500 and support at ₹95,300. This range-bound movement reflects a temporary pause in momentum as the market awaits a breakout in either direction. A decisive move above the ₹97,500 resistance level could trigger a fresh wave of buying interest, paving the way for a rally towards the psychologically significant ₹1,00,000 mark. Sustained strength beyond that could further extend gains toward ₹1,05,000 in the near term, reinforcing the bullish outlook. On the other hand, if silver fails to break above resistance and instead slips below the ₹95,300 support level, it may attract renewed selling pressure. In such a scenario, prices could decline sharply and potentially revisit the ₹92,000 zone, where buyers might look to re-enter. Therefore, the current price band between ₹95,300 and ₹97,500 acts as a critical decision-making zone. Traders should remain alert and wait for a clear breakout or breakdown before initiating fresh positions. The direction of the next significant move in silver will largely depend on how prices behave around these levels. CMP: Rs 96,700 Target 1: Rs 1,00,000 Target 2: Rs 1,05,000 Stop Loss: Rs 95,300 Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
08-05-2025
- Business
- Yahoo
India-Pakistan conflict pushes rupee to worst day in over two years
By Jaspreet Kalra MUMBAI (Reuters) - The Indian rupee weakened sharply to log its steepest fall in more than two years on Thursday as the ongoing India-Pakistan conflict hurt the currency alongside the country's bonds and equities. The rupee rose at the start of the session but weakened sharply after India said it had "neutralised" attempts by Pakistan to "engage" several military targets in its northern and western regions on Wednesday and early Thursday. Pakistan said it had shot down 25 Indian drones. India hit "terrorist infrastructure" in Pakistan in the early hours of Wednesday, two weeks after it accused the nation of involvement in an attack in Indian Kashmir in which 26 people were killed. Islamabad had denied the accusation and vowed to retaliate to India's missile strikes. Indian markets dropped following the latest statements from the two nuclear-armed neighbours. The rupee closed down 1% at 85.71 against the U.S. dollar, its worst day since February 2023, after hitting a low of 85.7625 during the session. Benchmark Indian equity indexes, the BSE Sensex and Nifty 50, ended down 0.5% and 0.6%, respectively while the yield on India's benchmark bond rose nearly 7 basis points to 6.3983%. The rupee could continue to face pressure in the near-term and may fall towards 86.50, said Abhilash Koikkara, head of forex and rates at Nuvama Professional Clients Group. Panic dollar buying from importers could pick up, which would add to the headwinds, Koikkara said. Dollar-rupee forward premiums also jumped with the 1-year implied yield rising 16 basis points to a near one-month high of 2.34%. The rupee's 1-month implied volatility, a gauge of future expectations, rose to an over two-year high of 6.3%. "International investors undoubtedly evaluate geopolitical risk into their assessment of India, contributing to the rupee's underperformance," said Samsara Wang, Asian sovereign analyst in New York-headquartered PineBridge Investments' global emerging markets fixed income team. "That said, conflicts between India and Pakistan have not had a lasting effect on Indian financial assets, and the impact is likely to be limited and temporary.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
