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Forex traders say higher dollar demand as well as an upward momentum in crude oil prices due to volatile geopolitical situation pushed local unit further downward

Trump’s threat to impose a 100% tariff on BRICS members should be treated as just a boastful rhetoric

Forex traders noted that lower crude oil prices in the international market boosted the local currency's recovery. At the interbank forex market, the rupee opened at 84.42 and gained further to 84.38 against the US dollar, up by 8 paise from its previous close.

 Mumbai: The rupee rose 2 paise to 83.96 against the US dollar in early trade on Friday amid a weakening greenback. However, a rise in crude oil prices and constant FII outflows capped further gains in the domestic unit, according to forex traders. A weak start to the day in the domestic equity markets also […]

Forex experts noted that rising global oil prices and significant foreign fund outflows limited further recovery of the domestic currency. At the interbank foreign exchange, the rupee opened at 83.95, up by just 1 paisa against the US dollar, and remained mostly flat in early trading.

Most major central banks have shifted towards rate cuts, with the US Fed recently lowering rates by 50 basis points. Meanwhile, the RBI has kept its accommodative stance. The focus now turns to whether the central bank will transition from this accommodative position to a more neutral approach.

The rise in the country's foreign exchange reserves to a record high of USD 704.88 billion on Friday has further strengthened the domestic currency, according to forex traders.

Forex traders noted that subdued sentiment in the domestic equity markets, along with significant foreign fund outflows over the past three days, hindered any recovery in the rupee. In the interbank foreign exchange market, the local currency opened at 83.96 against the US dollar but was unable to recover from the sharp decline experienced in the previous session.

The continued outflow of foreign funds from capital markets and a stronger U.S. dollar put pressure on the Indian currency, according to forex traders. At the interbank exchange, the rupee opened at 83.91 and slipped further to 83.93 against the dollar, trading 11 paise lower than the previous session's close.

Forex traders noted that rising crude oil prices and a strong U.S. dollar against major global currencies, driven by increased demand from importers at the month's end, exerted pressure on the local currency. Additionally, they mentioned that investor participation was subdued as they awaited cues from the upcoming domestic manufacturing PMI (Purchasing Managers' Index) figures to be released this week.

The Indian currency was pressured by a weak domestic equity market and a stronger US dollar against major global currencies, driven by increased month-end dollar demand from importers, according to forex traders.

Foreign Institutional Investors (FIIs) turned net sellers on Wednesday, adding further pressure on the domestic currency against the dollar, according to forex experts. In the interbank foreign exchange market, the local unit opened at 83.66, down 8 paise from the previous close of 83.58 against the American currency.

Forex traders noted that the US dollar weakened against major currencies following a sharp drop in consumer confidence, which fell to 98.7 from 105.6 in August, the largest decline in three years. At the interbank foreign exchange market, the rupee opened at 83.59 against the dollar, then rose to 83.54, gaining 10 paise from its previous close.

Falling crude oil prices provided support to the Indian currency, though it was partially weighed down by foreign fund outflows, according to forex traders. At the interbank foreign exchange market, the rupee opened at 83.63 and strengthened to 83.56 against the US dollar, trading 9 paise higher than its previous close.

Forex traders noted that market participants are awaiting the US Fed's policy announcement on Wednesday, where a rate cut is expected, though its size remains uncertain. They also mentioned that the rupee remains stable within a defined range due to active intervention by the Reserve Bank of India (RBI).

Forex traders noted that the rupee remains in a tight range, with the Reserve Bank of India (RBI) keeping a strong hold on the domestic currency. At the interbank foreign exchange market, the rupee opened at 83.92 and edged up to 83.91, marking a 5 paise increase from its previous close.

Forex traders noted that the rupee remains stable within a narrow range due to active intervention by the Reserve Bank of India (RBI). In the interbank foreign exchange market, the rupee opened at 83.97 against the US dollar, up by 2 paise from its previous close.

Forex traders noted that gains in the rupee were limited by rising international crude oil prices, a decline in domestic equity markets, and foreign capital outflows. On the interbank foreign exchange market, the rupee opened 1 paisa higher at 83.96 against the dollar, following a 4 paisa increase to 83.97 on Thursday.

The dollar index, measuring the greenback's strength against six major currencies, fell 0.14% to 101.67. Meanwhile, Brent crude, the global oil benchmark, dropped 0.62% to 73.29 in futures trading.

Forex traders noted that the market is awaiting the US GDP and Personal Consumption Expenditure (PCE) inflation data. These data points are crucial as they could influence the Federal Reserve's decision on whether to implement a 25 or 50 basis point rate cut at its September meeting.