Stablecoins are digital tokens pegged to the value of traditional assets, such as the US dollar.
(Reuters) - Gold prices clawed back from a three-month low on Wednesday as the dollar and Treasury yields weakened, ahead of key U.S. monthly inflation data that could influence the Federal Reserve's monetary policy stance and impact demand for bullion.
The rupee appreciated 17 paise to 77.17 against the US dollar in opening trade on Wednesday as the American currency retreated from its elevated levels
The dollar index, which measures the currency versus six rivals, was around flat at 103.92
Spot gold was down 0.4% at $1,845.89 per ounce by 12:50 p.m. EDT (1650 GMT), after rising as much as 0.6% earlier in the session
The dollar has risen for five straight weeks as U.S. Treasury yields have climbed on expectations the Fed will be aggressive in attempting to tamp down inflation
The hawkish stance of the US Federal Reserve has resulted in the hardening of the US bond yields with the dollar index strengthened to 20 year high
They expect better market access in countries with whom new free trade agreements have been negotiated recently
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The dollar was headed for a fifth winning week versus major peers as benchmark U.S. Treasury yields resumed climb having hit their highest since November 2018 in the previous session
Wall Street stocks tumbled as investors shed risky investments, worried the Fed might hike rates more this year to tame inflation
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 102.55.
Money markets are betting the Fed will raise rates as high as 3.6% by end-2023 to tame inflation at 40-year highs.
The West Texas Intermediate (WTI) for June delivery added 48 cents, or 0.5 per cent, to settle at 105.17 US dollars a barrel on the New York Mercantile Exchange
Markets are pricing in an aggressive run of rate hikes from the Fed as it tries to tame soaring inflation
The rupee pared initial gains to settle almost flat against the US dollar on Monday as subdued domestic equities offset the impact of a sharp decline in global crude oil prices. A strengthening American currency overseas and continuous foreign fund outflows also weighed on the domestic unit, forex traders said. At the interbank foreign exchange market, the rupee opened slightly higher at 76.48 against the American dollar and gained further ground to trade at 76.35. It oscillated between a high of 76.35 and a low of 76.51 during the session. The rupee finally settled at 76.51 against the dollar, showing a marginal fall of 1 paisa. Brent crude futures, the global oil benchmark, declined 2.61 per cent to USD 104.34 per barrel. On the domestic equity market front, the 30-share BSE Sensex ended 84.88 points or 0.15 per cent lower at 56,975.99, while the broader NSE Nifty fell 33.45 points or 0.20 per cent to 17,069.10. Meanwhile, the dollar index, which gauges the greenback's strength
At the interbank forex market, the domestic unit opened at 76.62 against the US dollar
The yen dropped to a 20-year low after the Bank of Japan vowed to buy unlimited amounts of 10-year bonds daily to defend its yield target
The dollar shot past the key level of 130 yen after the BOJ strengthened its commitment to keep interest rates ultra-low
The rupee pared initial losses to settle 4 paise higher at 76.53 (provisional) against the US dollar on Thursday, tracking positive domestic equities. The appreciation bias in the local unit is likely to be capped in the near term amid strong American currency, inflationary concerns and fears about an aggressive pace of the US rate hikes, traders said. At the interbank forex market, the rupee opened at 76.60 against the greenback and moved in a range of 76.43 to 76.71 in the day trade. It finally closed at 76.53, registering a rise of just 4 paise over its previous close of 76.57. On Wednesday, the rupee had settled almost flat at 76.57 against the US dollar. "Rupee weakened in the first half of the session but rose in the latter half despite broader gains in the dollar. The dollar has been rising on the expectation that the Fed could raise rates at the next week's meeting," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. Inflation remains a ...