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Business Standard
2 days ago
- Business
- Business Standard
Rupee snaps two-month rally; reverses early gains to end lower at 85.36/$
The Indian Rupee closed weaker for the fourth straight day on Friday, paring its early gains, even as the dollar weakened after US President Donald Trump's tariffs were reinstated. The domestic currency ended 6 paise lower at 85.36 against the US dollar, after closing at 85.52 on Thursday, according to Bloomberg. The currency also snapped two months of gains, as it weakened by over 1 per cent in May. The currency ends stronger ahead of the crucial GDP data scheduled to be released later today. A better-than-expected GDP figure could spark a sharp appreciation in the rupee, particularly amid easing crude oil prices and a weakening dollar, according to Amit Pabari, managing director at CR Forex Advisors. On Thursday, the US Court of Appeals granted the Trump administration's request to temporarily pause the trade court's ruling to block 'liberation day' tariffs. The US economy contracted in the March quarter, the first decline in three years. The dollar index, which measures the greenback against a basket of six major currencies, was up 0.31 per cent at 99.58. With See-saw tariff policies continuing to keep investors on edge, the dollar index has fallen 8 per cent this year. The greenback is heading for its fifth straight monthly loss as traders braced for further bouts of uncertainty around trade and fiscal health, experts said. "We continue with the recommendation to sell dollars near 85.70/75 whenever we get the level, while we buy dollars on a cash basis," Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, said. "We need to hold hedging imports unless we get a level lower than 85.00 on the dollar rupee pair."
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Business Standard
3 days ago
- Business
- Business Standard
Rupee slips for third straight day on Trump tariff ruling; ends at 85.52/$
The Indian Rupee weakened on Thursday but remained range-bound near its opening losses, as the US dollar strengthened following a federal court's decision to block President Donald Trump's 'liberation day' tariffs. The domestic currency closed 16 paise weaker at 85.52 against the US dollar, after ending at 85.36 on Wednesday, according to Bloomberg. The currency extended its fall to a third-straight day and is on course to end the month with a depreciation of 1.2 per cent. From a technical standpoint, the dollar-rupee pair remains in a consolidation zone with resistance near 85.70-85.90 levels and strong support of 84.90-85.10 levels, according to Amit Pabari, managing director at CR Forex Advisors. "A breach on either side could pave a sharp movement in that direction." A panel of three judges at the US Court of International Trade in Manhattan issued an order, siding with the view that Trump had wrongfully invoked an emergency law. This led to a strengthening of the dollar index, helping it climb back to the 100 level alongside a rally in the Wall Street equity futures contracts. The dollar index, which measures the greenback against a basket of six major currencies, was up 0.13 per cent at 100.00. With See-saw tariff policies continuing to keep investors on edge, the dollar index has fallen 8 per cent this year. The Dollar also rose after the release of the latest FOMC minutes, which struck a notably cautious tone, according to Pabari. The dollar is expected to face resistance near the 101.50–102.00 zone, while immediate support lies around 99.50, he added. On the economic front, growth in India's industrial production fell to an eight-month low of 2.7 per cent in April from an upwardly revised figure of 3.94 per cent in March. Also Read The market is currently consolidating within a range and is expected to remain so, supported by steady capital inflows into the country and consistent net equity purchases by foreign portfolio investors, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
Time of India
3 days ago
- Business
- Time of India
Rupee ends slightly lower on firmer dollar, importer hedging
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The Indian rupee weakened slightly on Thursday, as the greenback firmed following a court decision to block President Donald Trump 's "reciprocal tariffs" from going into effect, while traders also pointed to importer dollar bids weighing on the local rupee closed at 85.5075 against the U.S. dollar, down 0.2% from its close at 85.36 in the previous dollar index rose to an over one-week high of 100.48 before slipping back below the 100-handle while Asian currencies were trading offshore Chinese yuan was little changed at 7.19 while the Malaysian ringgit led losses among Asian peers, with a 0.5% also pointed to routine dollar bids from importers weighing on the rupee."From a technical standpoint, the USD/INR pair remains in a consolidation zone with resistance near 85.70-85.90 levels and strong support of 84.90-85.10 levels," said Amit Pabari, managing director at FX advisory firm CR Forex."A breach on either side could pave a sharp movement in that direction," Pabari U.S. court decision to halt reciprocal tariffs provided some relief to the greenback which had otherwise struggled this year due to trade dollar strengthened against safe havens like the Swiss franc and Japanese yen as well."We think the combination of this tariff news and a slightly hawkish FOMC minutes (almost all participants commented on the risk that inflation could prove to be more persistent than expected), can help the dollar stay bid in the near term," ING said in a of the Federal Reserve's May policy meeting also pointed out that the recent sharp decline in the dollar was primarily driven by increased foreign exchange hedge ratios, rather than significant foreign selling of U.S. assets.
Economic Times
3 days ago
- Business
- Economic Times
Rupee ends slightly lower on firmer dollar, importer hedging
The Indian rupee weakened slightly on Thursday, as the greenback firmed following a court decision to block President Donald Trump's "reciprocal tariffs" from going into effect, while traders also pointed to importer dollar bids weighing on the local unit. ADVERTISEMENT The rupee closed at 85.5075 against the U.S. dollar, down 0.2% from its close at 85.36 in the previous session. The dollar index rose to an over one-week high of 100.48 before slipping back below the 100-handle while Asian currencies were trading mixed. The offshore Chinese yuan was little changed at 7.19 while the Malaysian ringgit led losses among Asian peers, with a 0.5% decline. Traders also pointed to routine dollar bids from importers weighing on the rupee. "From a technical standpoint, the USD/INR pair remains in a consolidation zone with resistance near 85.70-85.90 levels and strong support of 84.90-85.10 levels," said Amit Pabari, managing director at FX advisory firm CR Forex. ADVERTISEMENT "A breach on either side could pave a sharp movement in that direction," Pabari added. The U.S. court decision to halt reciprocal tariffs provided some relief to the greenback which had otherwise struggled this year due to trade uncertainty. ADVERTISEMENT The dollar strengthened against safe havens like the Swiss franc and Japanese yen as well. "We think the combination of this tariff news and a slightly hawkish FOMC minutes (almost all participants commented on the risk that inflation could prove to be more persistent than expected), can help the dollar stay bid in the near term," ING said in a note. ADVERTISEMENT Minutes of the Federal Reserve's May policy meeting also pointed out that the recent sharp decline in the dollar was primarily driven by increased foreign exchange hedge ratios, rather than significant foreign selling of U.S. assets. (You can now subscribe to our ETMarkets WhatsApp channel)
Reuters
3 days ago
- Business
- Reuters
Rupee ends slightly lower on firmer dollar, importer hedging
MUMBAI, May 29 (Reuters) - The Indian rupee weakened slightly on Thursday, as the greenback firmed following a court decision to block President Donald Trump's "reciprocal tariffs" from going into effect, while traders also pointed to importer dollar bids weighing on the local unit. The rupee closed at 85.5075 against the U.S. dollar, down 0.2% from its close at 85.36 in the previous session. The dollar index rose to an over one-week high of 100.48 before slipping back below the 100-handle while Asian currencies were trading mixed. The offshore Chinese yuan was little changed at 7.19 while the Malaysian ringgit led losses among Asian peers, with a 0.5% decline. Traders also pointed to routine dollar bids from importers weighing on the rupee. "From a technical standpoint, the USD/INR pair remains in a consolidation zone with resistance near 85.70-85.90 levels and strong support of 84.90-85.10 levels," said Amit Pabari, managing director at FX advisory firm CR Forex. "A breach on either side could pave a sharp movement in that direction," Pabari added. The U.S. court decision to halt reciprocal tariffs provided some relief to the greenback which had otherwise struggled this year due to trade uncertainty. The dollar strengthened against safe havens like the Swiss franc and Japanese yen as well. "We think the combination of this tariff news and a slightly hawkish FOMC minutes (almost all participants commented on the risk that inflation could prove to be more persistent than expected), can help the dollar stay bid in the near term," ING said in a note. Minutes of the Federal Reserve's May policy meeting also pointed out that the recent sharp decline in the dollar was primarily driven by increased foreign exchange hedge ratios, rather than significant foreign selling of U.S. assets.
