Author: Currencies

Representative Image ICICI Direct’s currency report on EURINR The Euro extended its rebound on Friday as dollar slide to its lowest level in a week. Further, sticky German CPI numbers raised the hopes of increase in interest rates by ECB in its next policy. The German CPI rose by 0.8% MoM in February • The […]

Representative image ICICI Direct’s currency report on EURINR The Euro witnessed a rebound on Thursday as weakness in the dollar supported the Euro to rise back towards key psychological zone of 1.06. Further, an upward revision in French Q4 private sector payrolls to up 0.2% QoQ from 0.0% has supported the pair • The Euro […]

The Indian rupee strengthened against the U.S. currency on Thursday, with traders citing inflows, but the Reserve Bank of India’s likely intervention capped further gains and brought the local unit closer to 82 per dollar. The rupee finished at 81.9750 per dollar, against its previous close of 82.055. The currency firmed to 81.7750 during the […]

Representative image ICICI Direct’s currency report on USDINR The US dollar index extended Tuesday’s gain amid strong labour market data. US ADP employment numbers and JOLTS job openings indicated strength in the job market. The February ADP employment numbers rose 242,000 against forecast of 119,000. Meanwhile, the upside in the rally got restricted after the […]

The rupee depreciated 11 paise to close at 82.03 (provisional) against the US currency on Wednesday as a strong dollar in the overseas market weighed on investor sentiments. Forex traders said the Dollar index gained strength after US Federal Reserve Chairman Jerome Powell reignited worries of a 50-bps rate hike in the Federal Open Market […]

Representative Image Standard Chartered Plc., which was among the most bearish forecasters for the Indian rupee over the past couple of years, is turning more upbeat on the currency amid an improvement in the nation’s trade deficit and a softer dollar. The British lender now sees the base case for the rupee at 81 per dollar by end-2023 […]

Representative Image ICICI Direct’s currency report on USDINR The US dollar index rallied more than 1.25% on Tuesday. The hawkish comments from Fed chair Jerome Powell sent the dollar to its eight week high as he said the ultimate level of interest rate is likely to be higher than anticipated earlier. The robust economic numbers, […]

At the interbank foreign exchange market, the local unit opened strong at 82.67 and touched an intra-day high of 82.47 and a low of 82.72 against the greenback. The rupee appreciated by 5 paise to close at 81.92 (provisional) against the US dollar on Monday, as a positive trend in domestic equities and fresh foreign […]

Representative image ICICI Direct’s currency report on USDINR The US dollar index fell 0.42% on Friday on lower bond yields, after the Fed policy makers pointed a slow and steady approach is the need of the hour despite strong job market. Further, stronger than expected Chinese economic numbers boosted the risk appetite and weighed on […]

Representative Image The Indian rupee will remain at its current level three months from now and gain only marginally by the end of February 2024, barely recouping any of its losses from last year, a Reuters poll of foreign exchange strategists found. The rupee has steadied after falling more than 10% in 2022, when it […]

Representative image ICICI Direct’s currency report on USDINR The US dollar index rallied more than 0.5% after US Jobless claims dropped to 190k, suggesting strong job market. Further, rise in the labor costs raised the prospects of tighter monetary policy by the Federal reserve. The hawkish comments from the Fed member to keep lifting rates […]

Representative Image Religare Retail Research’s currency report on USDINR The USDINR pair depreciated by 0.23% percent at 82.71 in the previous session, amid lackluster trend in the dollar index. The dollar ticked higher against major currencies in choppy trading, on track for its first monthly gain since September on views that interest rates will stay […]

At the interbank foreign exchange market, the local unit opened strong at 82.67 and touched an intra-day high of 82.47 and a low of 82.72 against the greenback. The rupee appreciated by 8 paise to close at 82.50 (provisional) against the US dollar on Wednesday, as a positive trend in domestic equities and easing crude […]

At the interbank foreign exchange market, the local unit opened strong at 82.67 and touched an intra-day high of 82.47 and a low of 82.72 against the greenback. The rupee appreciated by 15 paise to close at 82.64 (provisional) against the US dollar on Tuesday, ahead of the release of key domestic macroeconomic data. Forex […]

The initial surge in inflation was driven, first, by high food and energy prices and, subsequently, by broad-based price increases in the goods sector as a whole. (Image source: Bloomberg) US inflation staying higher is pushing bets that the Federal Reserve will keep rates higher and for longer, ING said in a note. Markets have […]

Representative Image ICICI Direct’s currency report on EURINR The Euro bounced back from its one and half month low on Monday and closed above the 1.06 mark amid weak dollar and rise in risk appetite in the global markets. We expect Euro to trade with a positive bias for the day amid weakness in dollar […]

ICICI Direct’s currency report on GBPINR The Pound depreciated by 0.60% on Friday amid strong dollar and risk aversion in global markets. Meanwhile, further downside was prevented as the consumer confidence indicator in the United Kingdom improved to -38 in February 2023 from – 45 in the previous month and pointing to the highest reading […]

The Reserve Bank of India (RBI) has allowed domestic and partner countries’ banks to settle bilateral trade in Rupees. In July last year, four months after Russia invaded Ukraine, India proposed to put in place a system to enable the invoicing, payment, and settlement of trade in Rupees with its trade partners. One reason for […]