RBI Burned $8 Billion in One Week — Is Your Rupee Safe?
The rupee bounced to 95.20 but RBI's forex reserves took a brutal $8.1 billion hit in a single week — here is what every Indian investor needs to understand right now.
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FOREX TODAY: US DOLLAR'S COMEBACK STALLS IN FRONT OF IMPORTANT DATA
Abstract：On the first trading day of 2024, the US Dollar (USD) gained bullish momentum. The USD have stabilized over 102.00 early on Wednesday, following a nearly 1% increase on Tuesday. The US economic docket will include data on December ISM Manufacturing PMI and November JOLTS Job Openings. The Federal Reserve (Fed) will make available the minutes of the December policy meeting later in the American session.
What you need know on Wednesday, January 3 is as follows:
On the first trading day of 2024, the US Dollar (USD) gained bullish momentum. The USD have stabilized over 102.00 early on Wednesday, following a nearly 1% increase on Tuesday. The US economic docket will include data on December ISM Manufacturing PMI and November JOLTS Job Openings. The Federal Reserve (Fed) will make available the minutes of the December policy meeting later in the American session.
US dollar exchange rate for this week
The US dollar's (USD) percentage movement compared to a list of major currencies for this week is displayed in the table below. The US dollar outperformed the Swiss franc in terms of strength.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.88% | 0.75% | 0.59% | 0.73% | 0.74% | 0.77% | 1.11% | |
| EUR | -0.73% | 0.03% | -0.13% | -0.01% | -0.14% | 0.04% | 0.30% | |
| GBP | -0.75% | -0.02% | -0.14% | -0.02% | 0.07% | 0.03% | 0.29% | |
| CAD | -0.60% | 0.10% | 0.33% | 0.09% | 0.13% | 0.16% | 0.44% | |
| AUD | -0.73% | 0.00% | 0.03% | -0.15% | -0.18% | 0.04% | 0.34% | |
| JPY | -0.73% | 0.17% | 0.08% | 0.06% | 0.18% | 0.23% | 0.31% | |
| NZD | -0.81% | -0.05% | -0.03% | -0.18% | -0.06% | -0.22% | 0.25% | |
| CHF | -1.03% | -0.29% | -0.26% | -0.41% | -0.28% | -0.31% | -0.23% |
The heat map shows the percentage fluctuations of the major currencies in relation to each other. The left column, and the quotation currency is chosen from the top row. For instance, if you choose the Euro in the left column and go down the horizontal line to the Japanese Yen, the percentage change displayed in the box will be EUR (base)/JPY (quote).
As trade resumed on Tuesday, the USD strengthened and the yield on the benchmark 10-year US Treasury note moved closer to 4%. Meanwhile, Wall Street's main indexes started the day lower, as the Nasdaq Composite Index fell more than 1.5%. US stock index futures are early on Wednesday, with the 10-year US yield remaining steady at roughly 3.95%.
The EUR/USD was heavily pressured to sell after breaking below 1.1000, and on Tuesday it reached its lowest point in nearly two weeks, 1.0938. On Wednesday morning in Europe, the pair is still consolidating at a level slightly above 1.0950. The German will release the unemployment rate figures for December.
On Tuesday, GBP/USD dropped more over 100 pip and approached 1.2600 before making a little comeback. At about 1.2650, the pair was last observed trading slightly higher on the day.
Tuesday saw a surge in USD/JPY due to higher US rates and overall USD strength. During Asian trading hours, the pair lost its upward momentum and began to drift horizontally close around 142.00.
Tuesday saw a strong increase in USD/CAD, which stabilized around 1.3300 early on Wednesday. Falling Crude Oil prices, which put pressure on the Canadian Dollar, which is sensitive to commodities, combined with the USD's positive performance to enable the pair go higher.
Gold shifted course in the American session on Tuesday, and it ended at $2,060. XAU/USD moves in a narrow range just above $2,060 in the morning hours of Europe.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Further Reading
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What? The Rupee’s Fall from 90 to 95 Remains the Fastest Five-Point Decline in a Decade!
No, we are not kidding! The rupee has indeed hit this low, from 90 to 95 against the US dollar, the fastest in nearly a decade, highlighting the slump due to rising crude oil prices and global uncertainty from the series of adverse events related to the geopolitical conflict in the Middle East. It just took five months for the rupee to weaken from 90 to 95, the sharpest five-point depreciation since the 2013 taper tantrum. During this period, the rupee declined from 60 to 65 within a month amid concerns over India’s current account deficit and large capital outflows.
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Top Trends in India’s Forex, Gold and Stock Markets Today
While it was a flat day for India’s benchmark stock indices (Sensex & Nifty), there was a sort of recovery for the rupee in the foreign exchange market on May 21, 2026. Giving investors more reasons to enjoy was another bull run for gold, which is touching the 16K threshold for 10 grams. Taking three markets combined, the overall sentiment remains mixed for investors. Here is how the day panned out for investors across these markets.
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