U.S. Treasury yields fell overnight after data showed the economy contracted again in the second quarter, suggesting that the Fed may not need to be so aggressive with rate hikes to cool inflation.
Among factors being considered include intervention measures from the Reserve Bank of India (RBI), and benchmarking of likely future USD-INR levels (e.g. Rupee at 82, 83, etc.) against companies’ financial abilities
While relatively subdued inflation allowed central banks in Asia to remain dovish in a bid to support the post-pandemic economic recovery, that led to weakening currencies and capital outflows
Rupee has hit the 80 mark against the dollar for the first time ever. The currency has been in a free fall and depreciated for the eighth consecutive session against the backdrop of foreign fund outflows, widening trade and current account deficits. Safe-haven demand for US dollars on rising global recession risks has also contributed to the weakness. The steep fall in the domestic currency will lead to costlier imports and even more expensive overseas education and travel. Watch the video to find out why you should care about a depreciating rupee.
This is 7th time that the rupee has hit a record low against the dollar this month
According to ICICI Direct The US dollar slipped on Friday amid a rise in risk appetite in global markets and as Atlanta Fed President Raphael Bostic cautioned against central bank moving “too dramatically”.
At the interbank foreign exchange market, the local currency opened strong at 79.72 and witnessed an intra-day high of 79.71 and a low of 79.92 against the US dollar in the day trade.
The common currency was at $1.0453, up 0.13 percent on the day, after losing 0.75 percent on the dollar the day before.
The rupee opened at 78.51 per dollar and rose to 78.87 level, an all-time high, on June 28.
At the interbank foreign exchange market, the local currency opened at 78.20 and finally settled at its all-time low of 78.33, down 1 paisa from its previous close.
There should be an effort to extend these financial inclusion solutions globally, he said. In his address, the Prime Minister said: "It is necessary to focus on how to make our domestic banks, currency an important part of international supply chain and trade".
“We are instituting measures that every other country in the world is instituting,” Ncube said in an interview with Bloomberg Television’s Manus Cranny and Yousef Gamal El-Din from Davos on Thursday. “We are not in panic mode.”
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After opening lower at 77.67, the local unit plunged further to its all-time intra-day low of 77.79 due to a spike in crude oil prices and disappointing macroeconomic data.
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Banks, especially public sector lenders, that have actively raised money from offshore markets will find it costlier to service debt due to the currency’s depreciation.
Macroeconomic factors including uncertainty related to the ongoing Russia-Ukraine war are likely to have some impact on IT services companies with considerable presence in Eastern Europe
The US currency’s rapid rise will make it harder for other countries to curb inflation
Currency trading is a less explored corner of the market among individual traders. In a new series, we take you into the world of currency trading, starting with the basics
An aggressive international trade lobbying is required to actively promote Rupee trade with dominant economies
The dollar was back at 114.70 yen , after dropping 0.4% overnight and away from last week's top at 115.68 which now marks major resistance. Still, it remains comfortably above key support around 113.47.
ICICI Direct expect the Euro appreciated by 0.32% yesterday mainly on the back of weakness in dollar and rise in risk appetite in the global markets.
The euro sank with the British pound after the Netherlands went into lockdown on December 19 and Britain's health minister declined to rule out the chance of further restrictions before Christmas amid the rapid spread of the Omicron coronavirus variant
The seizure of fake currency notes increased 191% in 2020, according to data from the National Crime Records Bureau. Rs 2,000 notes accounted for 53 percent of the total seizure by value, followed by Rs 1,000, at 35 percent.