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FCNR-B flows taper as higher costs trip math for double-digit returns
Indian banks are experiencing a slowdown in special foreign currency deposit collection. Rising overseas borrowing costs are impacting banks' leverage offerings to clients. High-net-worth individuals seek double-digit dollar returns, assessing tax implications. Banks are recalibrating deposit mobilization strategies after recent guideline releases. Investor expectations for higher spreads are increasing due to Indian supply.
Gold, silver prices today: Comex gold slips $107, silver drops $3 as Middle East tensions escalate; Fed minutes in focus
Precious metals saw further losses on 8 July, influenced by renewed Middle East tensions and a strengthening US dollar. Gold dropped to $4,050 and silver fell below $60, as escalating conflicts following US strikes on Iran raised concerns over inflation and interest rates.
INR tumbles sharply against US dollar as oil prices soar on renewed US-Iran tensions; Sensex, NIFTY plunge over 2%
The Indian rupee tanked 59 paise to settle at 95.55 (provisional) against the US dollar on Wednesday as the US launched fresh strikes on Iran after Tehran struck three ships in the Strait of Hormuz, pushing up crude oil prices and strengthening the dollar. The US military attacked Iran early Wednesday after it said Tehran struck three ships in the Strait of Hormuz, part of an American effort that also revoked the Islamic Republic's ability to openly sell crude oil in the world market. Iran retaliated with strikes targeting Bahrain and Kuwait. Following the strikes, global crude oil prices rose exponentially. Brent crude, the global oil benchmark, was trading higher by 6.16 per cent at USD 78.73 per barrel in futures trade. The Indian stock market also suffered a massive crash, with the NSE Nifty 50 plunging 516.65 points (2.12%) to close at 23,882.05, while the BSE Sensex tanked 1,677.12 points (2.15%) to settle at 76,503.60.
Dollar index adds strength as renewed tensions between US and Iran drive inflation concerns
Dollar index is adding strength on Wednesday morning in Asia following renewed tensions between US and Iran. Reported US air strikes on Iran following recent attacks on ships transiting the Strait of Hormuz drove oil prices higher, fueling inflation concerns and reinforcing expectations of interest rate hikes has kept dollar index upbeat. Meanwhile, investors also wait for the minutes of the Federal Reserves June meeting for additional insight into the policy outlook. The dollar index that measures the greenback against a basket of currencies is quoting at 100.88, up marginally on the day. The yield on the US 10-year Treasury note remained near a one-month high of around 4.55% on Wednesday after climbing sharply in the previous session.
Indian Rupee loses momentum as international oil prices and dollar firms up
The Indian rupee lost momentum in opening trades on Wednesday as international oil prices and dollar firmed up following renewed tensions between US and Iran. Reported US air strikes on Iran drove oil prices higher, fueling inflation concerns and reinforcing expectations of interest rate hikes that kept dollar index upbeat. Meanwhile, investors also wait for the minutes of the Federal Reserves June meeting for additional insight into the policy outlook. INR opened at Rs 95.15 per dollar and hit a low of 95.19 so far during the day. Local equities are also seen in negative tracking global peers on concerns that the AI-fueled rally in chipmakers may be losing momentum. The Nifty 50 has fallen below 24,250 while the BSE Sensex has tumbled over 550 points, trading around the 77,60077,800 range. Yesterday, rupee appreciated 48 paise to close at 94.95 against the US dollar, on improved global risk sentiments as higher traffic flows through the Strait of Hormuz reduced supply uncertainties.
Sensex tumbles over 550 points, Nifty falls below 24,250 as Iran-US conflict escalates
Indian stock markets experienced a decline on Wednesday as oil prices surged. Benchmark indices Sensex and Nifty fell significantly due to renewed Iran-US conflict escalations. Broader market indices also slipped into the red, reflecting widespread bearish sentiment. Foreign investors, however, continued their buying trend for a fifth consecutive session. The Indian rupee opened lower against the US dollar amid these developments.
Gold, Silver Rate Today: MCX gold price falls near ₹1.45 lakh per 10 grams, silver eases amid escalating US-Iran war
Gold, Silver Rate Today: Gold and silver prices in India opened lower on MCX, following weakness in global bullion prices, as escalation in the tensions between the US and Iran in the Middle East stoked inflation fears and lifted dollar.
Gold near one-week low, silver extends losses: Key factors behind the fall
Gold and silver prices fell due to a stronger US dollar, rising oil prices, and increased expectations of a September US Federal Reserve rate hike.
Gold, silver prices today: Comex gold and silver edge lower amid Middle East tensions, firm US dollar
Precious metals declined on 7 July amid rising tensions in the Middle East and ahead of Federal Reserve meeting minutes. Gold and silver futures fell sharply, continuously influenced by international geopolitical concerns and fluctuations in the US dollar and crude oil prices.
INR seen supported by improving global risk sentiments
The Indian rupee appreciated 48 paise to close at 94.95 (provisional) against the US dollar on Tuesday, on improved global risk sentiments as higher traffic flows through the Strait of Hormuz reduced supply uncertainties. Market sentiment was also buoyed after Saudi Arabia slashed August crude oil prices for Asia by USD 11 per barrel. Moreover, softness in Brent oil prices is alaos expected to ease inflationary pressures for India, the world's third-largest oil importer. However, Indian shares ended slightly lower on Tuesday, with benchmark indexes Sensex and Nifty snapping a four-day winning streak. The Indian benchmark equity indices snapped their four-day winning streak, ending marginally lower due to late-session profit booking and weak Asian cues. The NSE Nifty 50 declined by 31.65 points (0.13%) to close at 24,398.70, while the BSE Sensex dropped 104.35 points (0.13%) to settle at 78,180.72.
INR appreciates on improved market sentiment
The Indian rupee appreciated 15 paise to 95.28 against the US dollar in early trade on Tuesday on improved market sentiment after reports that Saudi Arabia has slashed August crude oil prices for Asia amid easing of geopolitical tensions in the Middle East. Lower Middle East risk premium and higher traffic from the Strait of Hormuz kept the oil prices lower. At the interbank foreign exchange market the rupee opened at 95.33 and later touched 95.28 against the American currency, registering a gain of 15 paise from its previous close. Yesterday, rupee depreciated 20 paise to close at 95.43 against the US dollar, as a strengthening greenback weighed on emerging market currencies. Meanwhile, local markets are extending gains amid strong quarterly updates from banking heavyweights like HDFC Bank, favorable monsoon progress, and steady foreign institutional buying. The BSE Sensex was trading at 78,374.76, up by 89.69 points (0.11%), while the NSE Nifty 50 was up 38.90 points (0.16%) at ..
This railway PSU stock surged 8% after bagging a multi-million dollar order; Details here
Shares of RITES are trading 8.1 higher on Tuesday at ₹233.76 after the order win announcement. The stock is the top gainer on the Nifty 500 index today. The stock had made a record high of ₹413.08 on February 27, 2024, from which it has declined over 40%.