Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
White House Seeks $87.6 Billion Emergency Funding for Iran War, Farmers, and Ebola Response 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Gold Falls Below $4,000 as Strong Dollar and Fed Rate Hike Expectations Weigh on Prices 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
The Indian rupee is expected to open largely unchanged on Friday, with regional currencies showing resilience despite a fresh wave of global risk-off sentiment. A dip in U.S. Treasury yields has helped cushion Asian markets, even as concerns over tech valuations pressured U.S. equities, sending the S&P 500 down 1.6%.
The 1-month non-deliverable forward suggests the rupee will start the session near Thursday’s close of 88.7050 per dollar. Most Asian currencies were slightly stronger, supported by the softer dollar index, which slipped to 100.14.
Investor sentiment remained mixed following the delayed U.S. September jobs report. While job additions surpassed expectations, an uptick in the unemployment rate and downward revisions to previous months created uncertainty around the Federal Reserve’s December policy outlook. Morgan Stanley noted that despite weaker August revisions, the stronger three-month payroll average reduces the likelihood of a December rate cut. Current market pricing continues to reflect roughly a one-in-three chance of such a move.
Currency traders in India expect limited rupee volatility in the near term, citing the Reserve Bank of India’s consistent defense of the 88.80 level. The RBI’s active intervention has effectively created a soft cap on USD/INR, keeping price action anchored. With this backdrop, traders see little room for sharp swings unless major global developments arise.
RBI Governor Sanjay Malhotra emphasized on Thursday that India’s robust foreign exchange reserves provide “ample protection” for the currency. He attributed recent weakness to elevated dollar demand, which he believes could ease if India and the U.S. finalize a trade agreement.
Key market indicators show Brent crude down 1.1% at $62.7 per barrel, the U.S. 10-year yield at 4.10%, and mixed foreign investor flows—NSDL reported $365.7 million in net equity purchases and $1.6 million in net bond sales on Nov. 19.
This combination of strong reserves, central bank support, and muted global cues suggests the rupee will continue to trade within a stable, narrow range in the immediate term.
