“Rupee extended its gains in yesterday’s session after Fed Chairman signaled a likely slowdown in the pace of tightening in December, while indicating that more hikes will be necessary to curb inflation.
Currencies Reports
Indian Rupee Hits Record Low As Dollar Index Surges
The Indian rupee hit its lowest level against a strengthening U.S. dollar after Jerome Powell’s hawkish remarks at Jackson Hole.
Sanctioned Russian’s Family Sells $6 Billion Stake in Gold Miner
Said Kerimov, the son of sanctioned Russian billionaire Suleiman Kerimov, resigned from the board of gold miner Polyus PJSC on Monday, the same day his family’s holding company reduced its stake in the business to less than 50%.
Safe-Haven Currencies in Demand Amid U.S., Iran Tension
The yen and other safe-haven currencies were in demand on Monday, along with assets such as gold, as investors fretted that the killing of Iran’s most prominent military commander by the United States could trigger a broader Middle East conflict.
USD/INR Trades in Range, Further Trend Sideways – Gold Silver Reports
USD/INR Trades in Range
Intraday bias remains slightly bullish for the moment.
It made intraday high at 69.79 and low at 69.66 marks.
Orderly Rupee Depreciation To Increase Competitiveness, Says World Bank Official
An orderly depreciation of the rupee would increase competitiveness and relieve some of the pressures in capital market, according to a top World Bank official, who described it as a “positive development” if done in the right way.
EURUSD Requires Patience, and Lots of It – Gold Silver Reports
Monday’s session did just that. Sellers challenged 1.1530 but were unable to penetrate the level. That bounce from 1.1530 has led to today’s retest of the 1.1630 area.
Forex Reserves Drop $33.2 Million to $400.84 Billion – Gold Silver Reports
India’s foreign exchange reserves fell by $33.2 million to $400.847 billion in the week to 17 August mainly due to fall in foreign currency assets, according to RBI data.
In the previous week, the forex reserves had witnessed a drop of $1.822 billion to $400.881 billion.
Australian Dollar’s Surge Is Bringing Out the Bears
Gold Silver Reports – Australian Dollar’s Surge Is Bringing Out the Bears — The Australian dollar’s longest rally in 18 months is bringing out the bears. The Aussie is poised to go into reverse as the Federal Reserve keeps raising interest rates, while the Reserve Bank of Australia leaves borrowing costs at a record low, said James Athey at Aberdeen Standard Investments in London, who is adding to his short positions. Schroder Investment Management Australia Ltd., which is also short, said the Aussie is likely to trade closer to 70 U.S. cents than 80 cents in 12 months.