Code USD(Bid) INR(Bid) USD(Ask) INR(Ask)
USD 83.4675 83.4775
EUR 1.06556 88.9396 1.06571 88.9628
GBP 1.23697 103.2468 1.23721 103.2792
JPY 154.598 53.9656 154.668 53.9965
CHF 0.91014 91.6430 0.91079 91.7194
SGD 1.36105 61.2704 1.36228 61.3332
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The Rupee opened weak against the dollar as the dollar index remained strong and crude prices were pushed higher. The dollar index rose to a five-month high against major currencies on the back of strong US data which fuelled the view that the US economy is still on solid ground, which indicates that the US Federal Reserve will likely delay the timing of the first interest rate cut. Comments from New York Fed President John Williams saying there is no urgent need to cut interest rates right now given the strength of the economy, also helped lift the dollar. The New York Fed president is always a voter on the central bank's policy-setting committee. Reports released on Thursday showed US initial jobless claims were unchanged at a seasonally adjusted 212,000 for the week ended Apr 13, still lower than the forecast of 215,000. In other data for the housing sector, US existing home sales fell in March as higher interest rates and house prices sidelined buyers. Home sales dropped 4.3% last month to a seasonally adjusted annual rate of 4.19 mln units. The Japanese yen slipped, which also pushed the dollar up. Market participants have raised the bar on possible intervention by Japanese authorities to prop up the yen, now pointing to the 155 level, even though they believe Japan could step in any time. Bank of Japan Governor Kazuo Ueda said on Thursday the central bank may raise interest rates again if the yen's decline significantly pushes up domestic inflation. The dollar index, which measures the strength of the greenback against a basket of six major currencies, was at 106.27, as against 106.16 on Thursday. The index settled at 105.92 on Wednesday. A rise in crude prices may also weigh on the Indian unit. Oil prices jumped over 3% on reports of explosions in Iran. Crude prices were sharply up in Asian trade today as tensions in the West Asia came back into focus after Iranian news agencies reported several explosions across the country, indicating potential strikes by Israel. Iran's Fars News Agency said today that explosions were heard in Isfahan in central Iran, in parts of southern Syria, and in parts of Iraq. ABC news reported that US officials said Israel had retaliated against Iran. The June contract of Brent crude oil on the Intercontinental Exchange was at $90.34 a barrel. It closed at $87.11 a bbl on Thursday and $87.29 a bbl on Wednesday. On Thursday, safe haven gold rose further due to ongoing tensions in West Asia, which added to the metal's sheen, despite the strong economic data that was released by the US, suggesting fewer interest rate cuts. Jun gold futures (ounce): $2398.00 Thursday vs $2388.4 Wednesday......
The US dollar weakened sharply against other major currencies after data showed that the US economy suffered a record contraction in Apr-Jun, while jobless claims rose in the week ended Saturday also rose.The US unit also extended its decline globally on Thursday after Trump raised the possibility of delaying presidential election in the US, scheduled for November.European Stocks ended lower on Thursday due to mounting concern over sluggish economic recovery and a possible second wave of the COVID-19 pandemic.Germany reported its worst decline in GDP since 1970, with the Eurozone’s largest economy shrinking 10.1% quarter-on-quarter in Apr-Jun.Corporate earnings were high on investors' agenda on Thursday.In the US, Most share indices ended lower on Wednesday following bleak economic data.Lack of progress in talks between Congressional Democrats, Republicans and the White House on a new coronavirus aid package also weighed on sentiment.Gold futures settled lower on Thursday after nine consecutive days of gains, with the bullion retreating from a record rally as traders booked some profit.......


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