Code USD(Bid) INR(Bid) USD(Ask) INR(Ask)
USD 83.2325 83.2425
EUR 1.05874 88.1216 1.05881 88.1380
GBP 1.21769 101.3514 1.21775 101.3686
JPY 148.857 55.9129 148.861 55.9211
CHF 0.91337 91.1238 0.9134 91.1378
SGD 1.3675 60.8603 1.3676 60.8720
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The Rupee closed weaker on Tuesday as the dollar index surged to a 10-month high even as banks sold dollars, likely on behalf of the Reserve Bank of India in the offshore non-deliverable forward markets. The RBI likely sold the greenback in the offshore non-deliverable forward market to prevent a sharp depreciation in the Indian unit, and to prevent it from hitting a record low. The dollar was also supported by the surge in yield on the benchmark 10-year US Treasury note. A combination of solid economic growth and supportive. Moreover, the Japanese yen touched an eleven-month low against the greenback on Monday after the Bank of Japan on Friday kept its ultra-low interest rates unchanged and pledged to keep supporting the economy until inflation sustainably hits its 2% target, suggesting it was in no rush to phase out its massive stimulus program. The premium on the one-year dollar/rupee forwards is likely to slump, tracking a surge in US Treasury yields.......
The dollar index rose to a 10-month high on expectations that the US Fed will keep interest rates higher for longer than earlier expected. As a result, the yen slipped to an 11-month low against the dollar. The weakness in the yen was also because the Bank of Japan on Friday retained ultra-low interest rates. The US benchmark 10-year Treasury yield jumped to a 16-year high and the dollar index touched a 10-month peak on Monday due to expectations that the US Federal Reserve may keep interest rates at higher levels for longer than initially anticipated. At its policy meeting last week, the US Federal Open Market Committee kept interest rates unchanged, but projections by Fed officials indicated that interest rates in the world's largest economy would remain higher for longer.......


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