Trader Speculation

Sterling tumbled to a record low on Monday as traders scampered for the exits on speculation the new government's economic plan will stretch its finances to the limit.

The Directorate General of GST Intelligence on Thursday refuted rumours about its proposed handling of the Rs 197.49 crore cash and 23 kg of gold (worth an estimated Rs 11 crore) recovered last week during tax raids on UP businessman Piyush Jain.

Thailand has become the latest country in Asia, after China, to restrict trading in the highly speculative cryptocurrencies and the non-fungible tokens (NFTs). The Thai Securities and Exchange Commission (SEC) issued new regulations that ban certain types of digital coins, including meme currencies like Dogecoin.

Traders and speculators saw no signs of intervention by monetary authorities into the foreign exchange market to support the rupee, pushing the currency down to a low of 69.07 in day trade.

A rally in domestic equities along with heavy dollar unwinding by speculative traders post US President-elect Donald Trump's press conference largely aided the recovery of the rupee, dealers said.

This is the biggest single day gain in one month. A weak dollar sentiment across the board alongside unwinding of long positions by speculative traders ahead of key US macro data release largely supported the recovery momentum, a forex dealer said.

The dollar maintained its bullish momentum in Asian and early European trade after a robust US retail sales data reiterated speculation that the Federal Reserve will raise rates soon, forex traders said.

The buying in Jet Airways - India's second largest carrier by market share - comes amid speculation that Abu Dhabi-based Etihad Airways may increase its stake in the domestic carrier, traders said.

Traders said weak global cues amid speculations that US interest rates may still increase before the year-end as Federal Reserve officials sought to ease concern over the health of the economy, eroding haven demand, mainly dampened sentiments here.

Crude oil futures jumped almost 4 per cent on Monday, moving away from January lows, as speculative traders increased their net-long positions.

Traders said besides a firming trend overseas on speculation that physical demand in Asia may pick up and increased buying by jewellers to meet upcoming festive season demand, mainly led to persistent rise in the precious metal prices.

As oil prices entered a second steep slide a few weeks ago, bullish traders and analysts had hoped for a repeat of the sharp but short dip that occurred early in the year - a speculative slide below $50 a barrel followed by a quick recovery.

Traders said weakening global trend amid speculation that the Federal Reserve will raise interest rates as early as September kept pressure on the precious metal.

The recent steep slide in the yellow metal predominantly transformed to buying spree from speculators and local traders even as overseas sentiment remained extreme nervous.

Traders said weakening global trend where gold slipped to near two-week low as the dollar strengthened amid speculation that the Federal Reserve will raise US interest rates this year, mainly kept pressure on domestic prices.

Sterling tumbled to a record low on Monday as traders scampered for the exits on speculation the new government's economic plan will stretch its finances to the limit.

The Directorate General of GST Intelligence on Thursday refuted rumours about its proposed handling of the Rs 197.49 crore cash and 23 kg of gold (worth an estimated Rs 11 crore) recovered last week during tax raids on UP businessman Piyush Jain.

Thailand has become the latest country in Asia, after China, to restrict trading in the highly speculative cryptocurrencies and the non-fungible tokens (NFTs). The Thai Securities and Exchange Commission (SEC) issued new regulations that ban certain types of digital coins, including meme currencies like Dogecoin.

Traders and speculators saw no signs of intervention by monetary authorities into the foreign exchange market to support the rupee, pushing the currency down to a low of 69.07 in day trade.

A rally in domestic equities along with heavy dollar unwinding by speculative traders post US President-elect Donald Trump's press conference largely aided the recovery of the rupee, dealers said.

This is the biggest single day gain in one month. A weak dollar sentiment across the board alongside unwinding of long positions by speculative traders ahead of key US macro data release largely supported the recovery momentum, a forex dealer said.

The dollar maintained its bullish momentum in Asian and early European trade after a robust US retail sales data reiterated speculation that the Federal Reserve will raise rates soon, forex traders said.

The buying in Jet Airways - India's second largest carrier by market share - comes amid speculation that Abu Dhabi-based Etihad Airways may increase its stake in the domestic carrier, traders said.

Traders said weak global cues amid speculations that US interest rates may still increase before the year-end as Federal Reserve officials sought to ease concern over the health of the economy, eroding haven demand, mainly dampened sentiments here.

Crude oil futures jumped almost 4 per cent on Monday, moving away from January lows, as speculative traders increased their net-long positions.

Traders said besides a firming trend overseas on speculation that physical demand in Asia may pick up and increased buying by jewellers to meet upcoming festive season demand, mainly led to persistent rise in the precious metal prices.

As oil prices entered a second steep slide a few weeks ago, bullish traders and analysts had hoped for a repeat of the sharp but short dip that occurred early in the year - a speculative slide below $50 a barrel followed by a quick recovery.

Traders said weakening global trend amid speculation that the Federal Reserve will raise interest rates as early as September kept pressure on the precious metal.

The recent steep slide in the yellow metal predominantly transformed to buying spree from speculators and local traders even as overseas sentiment remained extreme nervous.

Traders said weakening global trend where gold slipped to near two-week low as the dollar strengthened amid speculation that the Federal Reserve will raise US interest rates this year, mainly kept pressure on domestic prices.