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22/04/2025 03:17 AST
The Indian rupee and other Asian currencies strengthened on Monday as the dollar remained under pressure, with the latest drag coming from US President Trump's criticism of Federal Reserve Chair Jerome Powell, fuelling concerns over central bank independence.
The rupee touched a peak of 85.0525 (Dh23.1750) in early trading before paring gains to last quote at 85.1125 (Dh23.1914), up 0.3 per cent on the day.
While two traders said that the RBI could be active, one said the dollar-buying could also be on behalf of importer clients.
More broadly, persistent dollar weakness has made investors slightly more positive on Asian currencies. This shift in sentiment is also visible in the falling cost of hedging against rupee depreciation.
The 1-month dollar-rupee forward premium has dropped to a year-to-date low of 15.50 paisa, while 1-month points in the non-deliverable forwards market have eased to near their 2025 lows.
On the day, the dollar index hit an over three-year low of 98.2 as investor confidence in the US economy took another hit over President Donald Trump's plans to shake up the Federal Reserve.
Trump will study whether to fire Federal Reserve Chair Powell, a White House advisor said on Friday.
"While we think it is unlikely the Trump administration will be able to remove the Fed Chair outright given the lack of legal authority, any moves on this front will likely create an outsized market move including in FX," MUFG Bank said in a note.
Asian currencies were mostly stronger on the day with the Thai baht up nearly 0.7 per cent and leading gains.
Reuters
| Ticker | Price | Volume |
|---|
| US Dollar | 1.00 |
| Euro | 0.88 |
| British Pound | 0.77 |
| Japanese Yen | 113.21 |
| Saudi Riyal | 3.75 |
| Kuwaiti Dinar | 0.30 |
| Derham Emirati | 3.67 |
| Bahraini Dinar | 0.38 |
| Omani Riyal | 0.39 |
| Qatari Riyal | 3.67 |
27/06/2025
The US dollar on Thursday eased to a three-and-a-half-year low against the euro as concerns about the future independence of the US Federal Reserve (central bank) undermined faith in the soundness of
ONA
25/06/2025
The US dollar declined against other currencies in Tuesday's trading.
The dollar index, which measures the performance of the US currency against a basket of currencies, fell to 98.12, conti
QNA
24/06/2025
The dollar rose Monday as investors turned to safe-haven assets, but the restrained moves suggest markets are monitoring developments in the Middle East.
In currency markets, the euro was 0.
QNA
27/05/2025
The US dollar index, which tracks the currency against six major rivals, sank 0.3% to 98.813, while the euro jumped along with risk-sensitive currencies like the Australian dollar on Monday after Pre
QNA
27/05/2025
The euro hit a one-month high against the dollar on Monday, after U.S. President Donald Trump backed down from threatened 50% duties on European Union shipments from June 1, after the bloc asked for
Reuters
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