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On paper, $780.8 billion represents the massive economic cushion of India's Foreign Exchange (Forex) Reserves, solidifying its position among the top four global economies in financial backing.
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The Indian rupee is trading near 96.25 against the US dollar on Monday as markets await the Reserve Bank of India’s upcoming monetary policy decision.
The RBI continues to actively intervene via state-run banks to cushion rupee against sharp depreciation near the 96 thresholds,
Most Asian stocks moved in a tight range on Tuesday as uncertainty over interest rates, especially before a speech by Federal Reserve Chair Jerome Powell, kept investors on edge.
#asianstock@MdConsolidated
RBI steps up gold buying amid US dollar volatility.
Dollar rallies on safe-haven bids, rate cut delay; yen hits 34-year low
Rupee to struggle on worries over oil prices, weak risk.
India's pharma exports to US surge 15% in 11 months ofFY24
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The yen's fresh slide to a 34-year low complicates the Bank of Japan's deliberations on the timing of a next interest rate hike, as a resulting rise in import costs pushes up inflation but also hurts already weak consumption and the broader economy.
#forextrading#forexsignals
The Fed left interest rates unchanged as expected at the last meeting while dropping the tightening bias in the statement but adding a slight pushback against a March rate cut.
The US CPI beat expectations for the second consecutive month with the disinflationary trend reversing.
The oil market has recently witnessed a significant head and shoulders pattern breakout, signalling a clear shift towards a bearish reversal scenario. Subsequently, the price has persistently descended below the EMA200 line, affirming the establishment of a robust downtrend.
“recalls its repeated warnings of the dangers of the explosion of the situation as a result of the continuation of the occupation, the deprivation of the Palestinian people of their legitimate rights, and the repetition of systematic provocations against its sanctities.”
War premium returned to the oil market on Monday after the weekend attack by Hamas on Israel.
On Friday, The Wall Street Journal reported that Saudi Arabia, the world’s top crude oil exporter, could be willing to raise early next year its oil production.
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The Indian rupee was trading flat on Wednesday amid limited risk appetite and mixed Asian cues and ahead of U.S. inflation data and the Reserve Bank of India's (RBI) policy decision.
The currency was stuck in a narrow range around 82.80 on Tuesday as well.
Happily, for Saudi Arabia, it does not take a genius to work out that persuading its OPEC+ brothers to cut their oil production to ramp up prices and then quietly selling additional oil over and above its official quota is a major money spinner.
Share markets stumbled on Thursday as U.S. bonds yields hit nine-month peaks, helping the dollar to shrug off a U.S. credit downgrade to hit a four-week high against its major peers.
Asia FX rises, dollar index slides below 100 on waning rate hike bets.
Most Asian currencies rose on Friday, while the dollar hit a 15-month low against a basket of currencies as weak U.S. inflation readings saw investors pricing in fewer interest rate hikes this year.
Inflation concern. Rate hike fears. These have been the drivers of oil market moves for months now. Demand and supply have largely remained ignored. But this may be about to change.
So I would love to be bearish here but I keep reading about: Saudi Cuts, Russia withholding oil, China ordering LNG for the next 3 decades, US flights and travel hitting record, fines put on oil drillers/methane burners, India's fuel demand jumping 10% year over year.
Earlier this month, natural gas prices in Europe rose twofold in the space of 10 days, with a single trading day seeing a jump of 27% two weeks ago. On June 15, prices jumped by 30%. A day later, they dropped almost as sharply as they had risen, shedding over 20%.