The USDINR NDF is currently trading at 73.39/41.
The U.S. currency hovered close to its lowest levels of the year today as market participants hung on to bets that the Fed would remain steadfast in its easy policy settings ahead of data expected to show a sharp rise in annual U.S. inflation.
The dollar hit its weakest in two months against the euro overnight, following a strong European growth survey, and it traded just above that level at $1.2140 early in Asia. The yen dropped slightly to 108.79 per dollar.
Sentiment aided the dollar index a fraction higher to 90.278 as selling pressure persisted in stock markets, but that still leaves it just above key support around 89.677 and 89.206. Sterling hung on to recent gains to trade at $1.4118.
The SGX Nifty was trading 15.00 points or 0.10 % lower at 14,835.00, indicating a flat-to-negative start for the broader index in India.
The U.S. currency is also being weighed down by the improving global growth outlook, which tends to draw investors' cash to emerging markets, and by big and growing U.S. trade and current account deficits which also send dollars abroad.
Brent crude futures climbed 23 cents, or 0.3%, to settle at US$68.55 a barrel while U.S. West Texas Intermediate crude futures rose 36 cents, or 0.6%, to end the session at $65.28.
25 Jun 2021 11:12 AM
Gold advanced today and was set for its first weekly rise in four as the U.S. currency weakened, with market participants focusing U.S. inflation data after mixed signals from Fed officials on interest rate hikes.
25 Jun 2021 10:36 AM
Check how the Indian markets started their day
25 Jun 2021 09:09 AM
The Indian rupee is expected to appreciate against the U.S. currency following a rise in Asian currencies and equities on upbeat economic outlook.
25 Jun 2021 07:30 AM
Check What Happened Overnight In Financial Markets
24 Jun 2021 06:35 PM
Key factors to keep in mind before the US markets open
24 Jun 2021 03:55 PM
The Indian rupee strengthened for the second straight day against the U.S. dollar and closed higher at 74.16, aided by strong portfolio equity inflows.