The dollar index, which measures the greenback against a basket of six major currencies, was at 108.07 and the yield on the 10-year benchmark US Treasury note rose to 4.52%.
Market participants said that the intervention was nominal from the Reserve Bank of India (RBI) in the forex market, indicating that the central bank wants to slow down the depletion in the forex reserves.
In the last two months, India's foreign exchange reserve has reduced by over $46 billion.
As per RBI data, the forex reserves shrank to $654.857 billion as on December 6 from $704.885 billion on October 4.
"The hawkish tilt from the Fed sent traders heavily dialing back in easing expectations of rate cuts next year and in turn sparked a broad dollar rally, sending all currencies into a tailspin. This seems like an extended pause from the FOMC and no change in rates in the first half. The higher-for-longer syndrome seems to be back," said Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors.
Meanwhile, Barclays Head of FX and EM Macro Strategy Asia, Mitul Kotecha, sees the rupee weakening further to 87 by the end of next year, despite temporary measures to arrest its decline. He, however, said the currency is expected to continue outperforming its Asian peers.
この記事は Financial Express Kochi の December 20, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Financial Express Kochi の December 20, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Coldplay fans flock to resale sites for tickets
POPULAR BRITISH ROCK band Coldplay will be performing at the DY Patil Stadium in Navi Mumbai on January 18, 19 and 21 and at Ahmedabad's Narendra Modi stadium on January 25 and 26.
Kejriwal opposes ED's request to adjourn plea against his bail
FORMER DELHI CHIEF minister and AAP convener Arvind Kejriwal on Friday \"vehemently\" opposed in the high court the ED's request to adjourn its plea on cancelling his bail in the Delhi excise policy case.
Oil prices edge lower amid more supply concerns
OIL PRICES EDGED lower on Friday but remained on course for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade added to worries about oil supply disruptions.
Quad meet with India on the table day after Trump takes office
● Secy of State nominee Rubio had faulted Obama govt for neglecting India-US ties
Hamas to release first hostages on Sunday
THE PALESTINIAN MILITANT group Hamas is expected to release the first hostages under a Gaza ceasefire deal on Sunday, Israeli Prime Minister Benjamin Netanyahu's office said on Friday, after 15 months of war that demolished the enclave.
Wipro beats estimates, raises revenue guidance
THE COUNTRY'S FOURTH-LARGEST IT company, Wipro, on Friday reported a sequential increase in both revenue and profit for the quarter ended December, driven by improved demand in the US market and the banking, financial services and insurance (BFSI) vertical. The results surpassed Bloomberg's consensus estimates.
Foreign flows into India bonds to fall short on rupee slump, US yields surge
FOREIGN INFLOWS THAT were expected into Indian government bonds over the next two-and-a-half months will fall short of expectations, stymied by a currency that is repeatedly hitting lifetime lows and Treasury yields that are hovering at multi-month highs, investors said.
HSBC gets RBI nod to open 20 new branches
HSBC INDIA ON Friday said it has received approval from the Reserve Bank of India to open 20 new branches in key cities including Navi Mumbai, Lucknow, Mysuru, Nagpur and Nashik.
Review portfolio at every major life event
Your investment style should evolve as your circumstances change
Cabinet Approves Refarming of 687 MHz Spectrum for 5G, 6G
COMMUNICATIONS MINISTER JYOTIRADITYA Scindia on Friday said the Cabinet has approved the refarming of 687 MHz of spectrum from various government ministries for the deployment of 5G and future 6G services.
