Trade officials say internal discussions aimed at preparing for Trump administration
business3 days ago
The rupee appreciated 6 paise to 83.27 against the US (23.13 against UAE dirham) dollar in early trade on Monday amid a positive trend in domestic equities and foreign fund inflows.
At the interbank foreign exchange, the rupee opened at 83.28 against the dollar and then touched a low of 83.30, and a high of 83.27 against the greenback.
On Friday, the rupee settled at 83.33 against the dollar (23.24 against UAE dirham).
[For real-time forex rates, click the widget below or visit KT's dedicated Trading News page here.]
The elections results, "are likely positive for equity inflows, and as such reduces some pressure for INR depreciation in the near-term," MUFG Bank said in a note on Monday.
U.S. Treasury yields dropped on Friday after comments from Fed Chair Jerome Powell signalled optimism that the central bank's current policy rate may be adequate to complete the job of combating inflation.
"Having come so far so quickly, the (Federal Open Market Committee) is moving forward carefully, as the risks of under- and over-tightening are becoming more balanced," Powell said.
The 10-year U.S. Treasury yield inched up in Asia after falling to a low of 4.19 per cent on Friday, its weakest level since early September.
Fed futures are pricing in a 60 per cent chance of a rate cut at the Fed's March meeting, up from 21 per cent over a week ago, according to the CME's FedWatch tool.
Most Asian currencies edged higher and the dollar index was up slightly at 103.28.
Over the week, investors will keep an eye on U.S. economic data for further cues on Fed policy while awaiting the Reserve Bank of India's policy decision on Friday.
ALSO READ:
Trade officials say internal discussions aimed at preparing for Trump administration
business3 days ago
Investigation found that ACL had contravened several requirements in anti-money laundering and sanctions rules and guidance rulebook
business3 days ago
One of the key hurdles lies in the economics of last-mile delivery
business3 days ago
Indian state's cabinet overruled advice that Adani deal was not good value
business3 days ago
Congo has filed complaints over use of conflict materials
business3 days ago
The price of 18-carat gold is nearly a fifth lower than that of 22-carat gold
business3 days ago
Ohana Development and Jacob & Co. partner unveil Dh4.7 billion project
business3 days ago
In 2024, Dubai is expected to deliver nearly 100,000 new homes
business3 days ago