The rupee settled 7 paise higher at 75.58 against the US dollar on Monday supported by weak American currency and easing crude prices even as the equity market was trading in the negative territory.
Investors rushed to safe-haven bet US dollar due to market uncertainty after oil prices slumped into negative territory in US markets
The rupee did not react much to the measures announced since this was more towards a short-term liquidity measure which the markets had expected from the RBI.
The rally is under threat only when gold breaks 44,500
Gold is trading near all time high and some pullback is expected. Instead of chasing prices at a higher level, we recommend to buy on dips near 44,300.
If you are able to satisfy the Customs that you had valid reasons to do so, there may be no adverse implications
A slump in demand saw Brent crude prices drop 66 per cent to an 18-year low to below $22 a barrel during the year
Forex markets will remain shut on April 1 for the annual closing of banks and on April 2 on account of Ram Navami.
ADX is showing momentum on the upside for Gold
The rupee, which opened on a positive note at 75.90, settled for the day with gains of 78 paise at 75.16 against the American currency
A thinly traded market is compounding the problem for the rupee
"The central bank may have been intervening in these markets in small measures in the past too, but Friday's action was quite loud," said a senior currency dealer requesting anonymity.
Traders expect the central bank to step in to prevent further sharp falls in the currency but don't see it protecting the rupee at any particular level
In the past few sessions, the move in the Rupee has been largely offshore driven, taking precariously close to a new all-time low of 74.48 against the US Dollar
The Sensex fell nearly 2,000 points, as foreign investors liquidated their investments for safe haven assets such as US bonds. As prices of bonds rise, yields fall.
Market participants will keenly watch the YES Bank developments especially after the Enforcement Directorate on Sunday arrested the bank's co-founder Rana Kapoor under money laundering charges
As manufacturing in China recovers, so will the demand for raw materials
The report stated that industries, such as logistics and jewellery, had seen the biggest increase in usage over the past two years
Volatility continued to grip the markets amid investor concerns over the global coronavirus outbreak
Currency dealers say the central bank is intervening so that the currency doesn't strengthen more