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Time of India
3 days ago
- Business
- Time of India
What led to rupee becoming Asia's worst performing currency in May?
After appreciating towards 83.94/$1 levels in April, the combined impact of tariff uncertainties, border tensions and expectations of further monetary easing by the central bank made the rupee the worst performing currency in Asia in May. The rupee weakened 1.27% in May, from 84.48/$1 at the beginning of the month to 85.57/$1 as of May 30, and retreated the most in Asia. Agencies 'There have been unwinding of long rupee positions amid tariff uncertainties while importers are taking advantage of lower forward premiums,' said Kunal Sodhani, head of treasury at Shinhan Bank India. One year dollar-rupee forward premiums fell to 1.94%, from 2.34% in early April. Some positive cues like lower inflation, growth prospects and a softer dollar index have helped the rupee to trade around the 85.50/$1 levels, but global economic factors can add to further weakness. 'A sharp rebound in the US dollar, an unexpected shift in the Federal Reserve's interest rate outlook, or delays in the India-US trade negotiations could dampen optimism in the near future,' said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhibased research firm.
Mint
10-05-2025
- Business
- Mint
Gold rates today ₹2800 away from record high. Is this the right time to buy gold?
Gold rate today: Following the economic uncertainty buzz after the steady US Fed rates, gold prices witnessed strong buying last week. After losing for two successive weeks, MCX gold rates surged over 4%, whereas spot gold prices surged 2.65% last week. According to market experts, this disparity is primarily attributed to the Indian National Rupee's (INR's) depreciation of over 1%, amplified the gold price rally in the domestic market. MCX gold rates finished at ₹ 96,535 per 10 gm on Friday, logging a weekly gain of ₹ 3,835 per 10 gm against the previous week's close of ₹ 92,700. While finishing at ₹ 96,535 levels, MCX gold rate today is around ₹ 2800 away from the record high of ₹ 99,358 per 10 gm. Highlighting the reasons that are fueling gold rates today, Sugandha Sachdeva, Founder of SS WealthStreet said, "The US Fed's decision to maintain interest rates at 4.5% at its recent policy meeting reflects ongoing economic uncertainties, owing to the impact of tariffs on the US economy, which boosted gold's appeal as a safe-haven asset. Similarly, the Bank of England's rate cut of 25bps to 4.25% has further supported gold prices." Pointing towards the persisting safe-haven demand for gold, Sugandha Sachdeva of SS WealthStreet said, "Apart from these key policy meetings during the week, overall tariff uncertainty still looms as the US announced tariffs on foreign-produced movies and threatened to impose tariffs on the pharma sector, heightening market volatility and increasing demand for gold. Additionally, rising India-Pakistan tensions contributed to gold's safe-haven demand, particularly in the domestic market. Any major depreciation in the Indian rupee due to these escalating geopolitical risks could lead to additional gains in the domestic markets." Pointing towards appreciation in the Indian rupee after dip in the US dollar rates, Jigar Trivedi, Senior Research Analyst at Reliance Securities, said, "The US dollar index edged lower to around 100 on Friday, after two straight sessions of gains, as traders looked ahead to US-China trade talks scheduled for the weekend. President Trump expressed optimism and expects the negotiations to yield tangible progress. Meanwhile, the newly announced US-UK trade deal provided some relief to investors hoping for a de-escalation in global trade tensions." Jateen Trivedi, VP Research — Commodity & Currency at LKP Securities, said, "Gold price today is oscillating between ₹ 95,750 and ₹ 96,750 on the MCX, largely influenced by sharp movements in the Indian rupee. On the global front, Comex gold price eased as market sentiment turned optimistic following trade-related announcements between the US and Europe, along with the possibility of renewed trade talks between the US and China." On triggers that may dominate gold rates in the near-term, Jigar Trivedi of Reliance Securities said, "Market attention will continue on US trade negotiations, followed by key data including the inflation rate, retail sales, and speeches from Federal Reserve officials, notably Chairman Jerome Powell." "Upcoming US-China trade talks scheduled for the weekend introduce uncertainty. A positive outcome may ease market fears, potentially capping gold's gains. At the same time, if talks collapse, that could trigger a rally in gold prices," said Sugandha, adding, "For the next week, upcoming US economic data like US CPI, PPI, and Eurozone GDP could impact global market sentiment and also provide cues for the precious metal." Speaking on the gold price outlook in the near term, Sugandha Sachdeva said, "Apart from these key policy meetings during the week, overall tariff uncertainty still looms as the US announced tariffs on foreign-produced movies and threatened to impose tariffs on the pharma sector, heightening market volatility and increasing demand for gold. Additionally, rising India-Pakistan tensions contributed to gold's safe-haven demand, particularly in the domestic market. Any major depreciation in the Indian rupee due to these escalating geopolitical risks could lead to additional gains in the domestic markets." Expecting volatility in gold prices, Jateen Trivedi of LKP Securities said, "While trade optimism is exerting pressure on gold, ongoing border tensions and shifting geopolitical narratives continue to lend support. In the near term, gold price will likely remain range-bound between ₹ 94,500 and ₹ 97,500, with heightened volatility expected as risk sentiment continues to fluctuate." Sharing the essential pivots regarding MCX gold rates today, Sugandha Sachdeva of SS WealthStreet said, 'Technical set-up indicates that gold prices are taking support at the ₹ 94,500 and ₹ 92,000 per 10 gm level, while key hurdle for gold is seen at the ₹ 97,500 per 10 gm mark. A breach of the same shall take the prices to ₹ 98,780 per 10 gm mark and could even test previous record high levels of ₹ 99,358 per 10 gm. On the international front, gold prices are finding strong support at the $3,280 per ounce mark. If prices continue to trade above this level, we may see the precious metal reach the $3,380 to $3,420 levels.' According to the information available on the India Bullions Association (IBA), here is the list of gold rates today in Delhi, Mumbai, and other Indian metro cities: Gold rates in Delhi — ₹ 96,540/10 gm; Gold rates in Mumbai — ₹ 96,710/10 gm; Gold rates in Bengaluru — ₹ 96,780/10 gm; Gold rates in Chennai — ₹ 96,990/10 gm; and Gold rates in Kolkata — ₹ 96,580/10 gm.
Mint
10-05-2025
- Business
- Mint
Gold rates today ₹2800 away from record high. Is this the right time to buy gold?
Gold rate today: Following the economic uncertainty buzz after the steady US Fed rates, gold prices witnessed strong buying last week. After losing for two successive weeks, MCX gold rates surged over 4%, whereas spot gold prices surged 2.65% last week. According to market experts, this disparity is primarily attributed to the Indian National Rupee's (INR's) depreciation of over 1%, amplified the gold price rally in the domestic market. MCX gold rates finished at ₹ 96,535 per 10 gm on Friday, logging a weekly gain of ₹ 3,835 per 10 gm against the previous week's close of ₹ 92,700. While finishing at ₹ 96,535 levels, MCX gold rate today is around ₹ 2800 away from the record high of ₹ 99,358 per 10 gm. Highlighting the reasons that are fueling gold rates today, Sugandha Sachdeva, Founder of SS WealthStreet said, "The US Fed's decision to maintain interest rates at 4.5% at its recent policy meeting reflects ongoing economic uncertainties, owing to the impact of tariffs on the US economy, which boosted gold's appeal as a safe-haven asset. Similarly, the Bank of England's rate cut of 25bps to 4.25% has further supported gold prices." Pointing towards the persisting safe-haven demand for gold, Sugandha Sachdeva of SS WealthStreet said, "Apart from these key policy meetings during the week, overall tariff uncertainty still looms as the US announced tariffs on foreign-produced movies and threatened to impose tariffs on the pharma sector, heightening market volatility and increasing demand for gold. Additionally, rising India-Pakistan tensions contributed to gold's safe-haven demand, particularly in the domestic market. Any major depreciation in the Indian rupee due to these escalating geopolitical risks could lead to additional gains in the domestic markets." Pointing towards appreciation in the Indian rupee after dip in the US dollar rates, Jigar Trivedi, Senior Research Analyst at Reliance Securities, said, "The US dollar index edged lower to around 100 on Friday, after two straight sessions of gains, as traders looked ahead to US-China trade talks scheduled for the weekend. President Trump expressed optimism and expects the negotiations to yield tangible progress. Meanwhile, the newly announced US-UK trade deal provided some relief to investors hoping for a de-escalation in global trade tensions." Jateen Trivedi, VP Research — Commodity & Currency at LKP Securities, said, "Gold price today is oscillating between ₹ 95,750 and ₹ 96,750 on the MCX, largely influenced by sharp movements in the Indian rupee. On the global front, Comex gold price eased as market sentiment turned optimistic following trade-related announcements between the US and Europe, along with the possibility of renewed trade talks between the US and China." On triggers that may dominate gold rates in the near-term, Jigar Trivedi of Reliance Securities said, "Market attention will continue on US trade negotiations, followed by key data including the inflation rate, retail sales, and speeches from Federal Reserve officials, notably Chairman Jerome Powell." "Upcoming US-China trade talks scheduled for the weekend introduce uncertainty. A positive outcome may ease market fears, potentially capping gold's gains. At the same time, if talks collapse, that could trigger a rally in gold prices," said Sugandha, adding, "For the next week, upcoming US economic data like US CPI, PPI, and Eurozone GDP could impact global market sentiment and also provide cues for the precious metal." Speaking on the gold price outlook in the near term, Sugandha Sachdeva said, "Apart from these key policy meetings during the week, overall tariff uncertainty still looms as the US announced tariffs on foreign-produced movies and threatened to impose tariffs on the pharma sector, heightening market volatility and increasing demand for gold. Additionally, rising India-Pakistan tensions contributed to gold's safe-haven demand, particularly in the domestic market. Any major depreciation in the Indian rupee due to these escalating geopolitical risks could lead to additional gains in the domestic markets." Expecting volatility in gold prices, Jateen Trivedi of LKP Securities said, "While trade optimism is exerting pressure on gold, ongoing border tensions and shifting geopolitical narratives continue to lend support. In the near term, gold price will likely remain range-bound between ₹ 94,500 and ₹ 97,500, with heightened volatility expected as risk sentiment continues to fluctuate." Sharing the essential pivots regarding MCX gold rates today, Sugandha Sachdeva of SS WealthStreet said, 'Technical set-up indicates that gold prices are taking support at the ₹ 94,500 and ₹ 92,000 per 10 gm level, while key hurdle for gold is seen at the ₹ 97,500 per 10 gm mark. A breach of the same shall take the prices to ₹ 98,780 per 10 gm mark and could even test previous record high levels of ₹ 99,358 per 10 gm. On the international front, gold prices are finding strong support at the $3,280 per ounce mark. If prices continue to trade above this level, we may see the precious metal reach the $3,380 to $3,420.' According to the information available on the India Bullions Association (IBA), here is the list of gold rates today in Delhi, Mumbai, and other Indian metro cities: Gold rates in Delhi — ₹ 96,540/10 gm; Gold rates in Mumbai — ₹ 96,710/10 gm; Gold rates in Bengaluru — ₹ 96,780/10 gm; Gold rates in Chennai — ₹ 96,990/10 gm; and Gold rates in Kolkata — ₹ 96,580/10 gm. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
01-05-2025
- Business
- Time of India
Rupee strengthens to 84.48 amid positive trade deal sentiment
Mumbai: The Indian rupee appreciated to its strongest level since November 29 to close at 84.48/$1 on Wednesday, due to inflows into Indian equities, a pick-up in dollar sales by exporters and unwinding of long dollar positions, traders said. The rupee was stronger by 0.9% on the day, where it had previously closed at 85.26, LSEG data showed The rupee strengthened despite border tensions with Pakistan, and positive sentiment surrounding a potential trade deal between India and the US aided the rupee. The dollar index was at 99.4. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo Exporters hedging their exposure as the currency strengthened past key levels of 84.70 catalysed rupee's upward movement as stop losses were hit for many banks, traders said. Wednesday's sharp gain of over 0.60% was primarily fueled by optimism surrounding a potential trade deal between the US and India, which lifted market sentiment further. Additionally, the rupee broke a crucial technical level at 85, prompting exporters to hedge their forex exposure and sell US dollars, thereby accelerating the local currency's rise," said Sugandha Sachdeva, founder of SS WealthStreet - a New Delhi-based research firm.
Economic Times
24-04-2025
- Business
- Economic Times
Rupee gains on exporters' dollar sales, holds on to key support level
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Markets 1. Rupee logs worst day in 2 weeks on dollar strength, position unwinding The Indian rupee ended higher on Thursday as speculators failed to take the unit below a well-recognised support level, with dollar sales by exporters also rupee ended 0.2% higher at 85.26 to the U.S. dollar, compared to its previous close of local unit had slipped to an intraday low of 85.6625 in the session, but managed to recoup losses as it failed to move beyond a "crucial" support zone of 85.70-85.80, said a foreign bank rupee "seems poised to find support around the 85.80 level, with upside capped near 85 to a dollar," Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm, said."A period of consolidation within this range appears likely unless there is a significant downward shift in the dollar index ," she dollar index fell on Thursday, surrendering some of the previous day's big gains after U.S. President Donald Trump backed down from threats to fire the head of the Federal Reserve and appeared to soften his stance on Trump administration would look at lowering tariffs on imported Chinese goods pending talks with Beijing, a source told Reuters on Wednesday."The dollar has further to run according to our models, but in our view requires Trump to deliver more positive news," ING Bank said in a U.S. Treasuries steadied as Trump's reversal on Fed Chairman Jerome Powell seemed to ease the threat to U.S. monetary and fiscal credibility, with the 10-year yield 4 basis points lower at 4.35%.Meanwhile, worries over rising tensions between New Delhi and Islamabad following a deadly militant attack in India's Kashmir region kept the rupee's gains in check, as per forward premiums rose on Thursday amid the escalating geopolitical concerns.
