Page 19 - Dollar

Margins of aluminium companies likely to contract 400-500 bps in Q2: ICRA

Operating margins of the domestic primary aluminium companies are likely to shrink by 400-500 bps sequentially in the second quarter of 2022-23 due to factors like high input costs, rating agency Icra said on Thursday. "Owing to a twin onslaught of correction in aluminium prices and elevated input costs, the estimated operating profitability of ICRA's sample set of domestic players is likely to contract sequentially by almost 400-500 bps in Q2 FY2023 compared to Q1 FY2023," Icra said in a statement. International prices of aluminium have corrected by around 38 per cent from the record high of around 3900/tonne US dollar in March. While in the first quarter of FY23 the average LME aluminium spot prices remained at USD 2,870 per tonne, the same have corrected in the second quarter of FY'23 (YTD) to around USD 2,425 per tonne. Further, the cost of power for domestic aluminium producers continued to remain high, due to lesser supply of coal linkage to non-power sectors and high price o

Gold drops below $1,700 against stronger dollar, interest rate hike bets

Gold prices fell below the key $1,700 level on Thursday for the first time since July, as a rising dollar and expectations for aggressive interest rate hikes eroded its appeal

Russia mulls buying $70 billion in yuan, other 'friendly' currencies

The yuan briefly extended gains against the dollar after the news, rallying to a session high.

Rupee expected to trade in Rs 79.75-80.0/$ range in the near-term: Report

The Indian rupee is expected to trade in the range of 79.75-80.00 against the US dollar in the near term because the US Federal Reserve Chair has clearly signalled higher rates are likely to stay

Yen hits 24-year low, 140 level beckons as Fed hike bets buoy dollar

Markets have priced in about a 40% chance the ECB will increase rates by 75 basis points next week, even as risks of a painful recession rise along with gas prices

Dollar eases, but remains near 2-decade high as traders brace for hikes

The index is on track for a rise of around 2.6% in August, its third-straight monthly gain

Gold edges higher in early Asian hours as dollar slips from 20-year high

Gold prices inched up in early Asian hours as the dollar eased off a 20-year high, offsetting pressure from expectations of the U.S. Federal Reserve keeping interest rates higher to combat inflation

Dollar sags below 20-year peak as euro reinvigorated by ECB bets

By comparison, bets for a 75 bps increase by the Fed on Sept. 21, while higher at 70%, have receded from as much as 75% on Monday

Searing inflation in the UK pushes the Pound to a near 37-year low

The currency is trading around $1.18, less than 4 US cents away from its weakest level since 1985 against the dollar, underscoring the challenges facing the British economy

Forex reserves fall $6.7 bn to $564 bn in 7 days, at 2-yr low: RBI

The central bank has been selling dollars in the foreign exchange market aggressively to curb any sharp fall in the rupee, which is one of the main reasons for the reserves to fall

Stocks slide, dollar cuts losses as Fed's Powell warns of economic pain

"Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of labor market conditions," Powell said.

Dollar index volatile after Fed's Jerome Powell comments on inflation

Powell struck a hawkish tone, as was widely expected, and said that the Fed's overarching focus is to bring price pressures back down to the Fed's target of 2%.

Dollar holds firm against euro, sterling as Jerome Powell speech day dawns

The dollar held onto recent gains against the euro and sterling on Friday ahead of Federal Reserve Chair Jerome Powell's widely-anticipated speech, which traders hope will offer clues on the U.S. cent

S&P raises India inflation forecast by 50 basis points to 6.8% for FY23

India is facing the external pressures of higher commodity prices, US dollar dominance, and tightening financial conditions from a position of relative strength: S&P

Market value of FPI holdings to investment at 3x: Motilal Oswal

Between 2011-12 and FY22, the market value of FPI holdings had increased at an annualised rate of 16.5 per cent in local currency terms and a modest 11.5 per cent in US dollar terms

Euro bounces back to parity with the dollar as investor sentiment improves

The euro briefly rebounded back above parity with the dollar on Thursday as the US currency's recent rally ran out of steam

Gold hits one-week high as dollar dips; Jackson Hole symposium in focus

Rate hikes increase the opportunity cost of holding bullion, which pays no interest, while boosting the greenback

High commodity prices to keep rupee under pressure: BofA Securities

"India has continued to post wide trade deficits due to higher prices of oil and other commodities, which have eroded INR's basic balance buffer," the research house said.

Dollar, treasury yields slip as US data suggests less hawkish Fed

Gold snapped a six-session losing streak while Wall Street was little changed on hopes the Fed will turn dovish

Weaker German, French economic data compound energy and euro woes

The S&P flash composite PMI, which tracks manufacturing and services, showed that a downturn in Germany, Europe's biggest economy, deepened in August due to high inflation and rising interest rates.