Code USD(Bid) INR(Bid) USD(Ask) INR(Ask)
USD 83.4050 83.4150
EUR 1.07392 89.5703 1.07395 89.5835
GBP 1.27146 106.0461 1.27157 106.0680
JPY 157.794 52.8542 157.802 52.8632
CHF 0.8838 94.3613 0.88389 94.3822
SGD 1.35058 61.7499 1.35069 61.7624
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The Rupee opened stronger against the dollar as the dollar index fell after the release of the weaker-than-expected US retail sales figures. However, a rise in crude oil prices will likely limit gains for the Indian currency. The dollar index was firm before the US retail sales data was released on Tuesday. However, after the data showed that retail sales in May grew 0.1% on a monthly basis, less than the 0.3% that economists had projected in a Reuters poll, the dollar index fell. Moreover, retail sales numbers for April were also adjusted downward to a fall of 0.2% from the previous reading of unchanged retail sales. This reinforced expectation that the US Federal Reserve may start cutting rates soon. The dollar index, which measures the strength in the greenback against a basket of six major currencies, was at 105.26, against 105.25 on Tuesday. On Monday, it touched a high of 105.65. The dollar also weakened due to a rise in the yen after data showed that, on a yearly basis, Japan's exports rose for the sixth consecutive time in May. As a weakening dollar is expected to support the rupee throughout the day, dealers expect importers to make the most of the relatively lower dollar/rupee levels, which could put some pressure on the rupee. A rise in crude oil prices could also cap the gains in the Indian unit, dealers said. Oil prices rose due to supply uncertainty as a Ukrainian drone strike led to a fire in the oil terminal at a major Russian post, according to a report by Reuters. Supporting the commodity's prices were comments from the Israeli Foreign Minister, Israel Katz, who warned of an all-out war with Lebanon's Hezbollah group. This came at a time when the US was trying hard to avert any further escalation of the war between Israel and Hamas. However, gains in oil prices were limited as US crude stocks rose by 2.3 mln barrels in the week ended Friday, according to a report by Reuters, which cited market sources. This was slightly more than 2.2 mln bbl that analysts had projected in a Reuters poll. The August Brent crude contract on the Intercontinental Exchange was $85.32 a barrel. It settled at $85.33 a bbl on Tuesday after opening at $84.31. On Monday, prices had settled at $84.25 a barrel. Gold prices rose on Tuesday after softer-than-expected US retail sales data firmed expectations of rate cuts this year. Lower interest rates make the non-yielding safe haven metal attractive. Aug gold futures (ounce): $2,346.90 Tuesday vs $2,329.00 Monday......
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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