The previous Trump term saw corporate tax cuts that brought more liquidity to markets, encouraging investment into cryptocurrency
business1 day ago
The Indian rupee slipped to its weakest closing level on record on Thursday but fared better than its regional peers as state-run banks' dollar sales countered a surging greenback and weakness in local stocks.
The rupee closed at 22.9959 against the UAE dirham (84.3950 against the US dollar), down marginally from its close at 22.9911 in the previous session. The currency was nearly unchanged week-on-week.
The dollar has surged since Donald Trump's victory in the US presidential election, hurting emerging market assets. Trump's likely tariffs and immigration policies could fuel inflation, potentially slowing and curtailing US rate cuts.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
On the day, the dollar index rose 0.4 per cent to its highest in a year at 106.92 while Asian currencies declined between 0.1 per cent to 0.7 per cent .
While dollar strength has weighed on emerging market currencies, the rupee has fared better than most Asian peers over November, helped by interventions by the Reserve Bank of India.
The Indian currency is down 0.4 per cent on the month while the Thai baht and offshore Chinese yuan have weakened by 2.7 per cent and 1.5 per cent, respectively.
India's merchandise trade deficit in October widened more than expected to $27.14 billion, data released on Thursday showed.
Investors await remarks from Federal Reserve Chair Jerome Powell later in the day for cues on the future path of Fed policy rates.
"A positioning-led correction in USD may fail to take DXY back below 106.0, and interest in buying the dollar dips will likely emerge soon," ING Bank said in a note.
Indian financial markets are closed on Friday for a local holiday.
ALSO READ:
The previous Trump term saw corporate tax cuts that brought more liquidity to markets, encouraging investment into cryptocurrency
business1 day ago
The arrival of fintech players is also giving new channels for people to remit and receive money
business1 day ago
The scheme is being launched under a UAE Cabinet Resolution which introduced an alternative voluntary savings scheme for private sector employers and employees
business1 day ago
The company reported the highest third-quarter EBITDA in history generating Dh376.7 million, it witnessed a 14 per cent YoY increase
business1 day ago
The new feature allows customers to use a single card to pay from different funding sources
business2 days ago
Al Seeb Developers’ Royal Regency Suites to be ready by March 2027
business2 days ago
Reportage Properties offers special discounts on the company’s projects in the UAE, Saudi Arabia, Egypt and Turkey
business2 days ago
Medical hospitalisation scheme is now available to all persons who are 70 years old and above
business2 days ago