Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
The Indian rupee is expected to open largely unchanged on Tuesday, as eye U.S. inflation data for cues on when the Federal Reserve will kick off interest rate cuts.
Non-deliverable forwards indicate rupee will open mostly unchanged from its previous close of 82.7575 (22.98 UAE dirham).
The local currency had climbed to 82.64 (22.95 UAE dirham) on Monday, the highest in more than six months, prompting the Reserve Bank of India to intervene, according to bankers.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
[Editor's Note: For real-time forex rates, click on the widget below or visit Khaleej Times' dedicated Trading News page here.]
"It would be fair to say that the mini breakdown (on USD/INR) was not expected. The next question is to how much further will the RBI allow it to stretch," a forex trader at a bank said.
"U.S. inflation data is always important. However, it is RBI that is way more important (from the USD/INR point of view)."
The February U.S. inflation data, due later in the day, will hold cues on the stickiness of prices. The January inflation print was higher than expected, fuelling concerns that inflation was proving stickier.
Following the report, expectations around how many times the U.S. Federal Reserve will cut rates this year had moderated. Ahead of the February data, investors are pricing in total rate cuts of 90 basis points in 2024.
U.S. Treasury yields rose on Monday and the dollar index inched up.
BofA Securities forecast that U.S. headline inflation accelerated to 0.4 per cent while core decelerated to 0.3 per cent. This would result in year-on-year headline inflation remaining at 3.1 per cent and a two-tenth decline in core inflation to 3.7 per cent, it said.
"A report in line with our expectations would keep the Fed on track to begin cutting rates at its June meeting," it said.
Meanwhile, India's retail inflation is forecast to have inched down to a four-month low of 5.02 per cent in February, according to a Reuters poll.
ALSO READ:
Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, presented the awards to the winners in various categories
Move aims to deepen multi-sectoral cooperation
Brands in the UAE and the region have been advised to create the right awareness schemes that they’re deemed neutral
This continuous rise in investment is attributed to an emerging trend of financialisation of savings
The UAE registered trademarks totalling 4,610 in Q1
One of the driving forces behind the growth is the adventurous spirit of millennials and Gen Z
Figure reflects the emirate’s growing appeal as a preferred investment hub for innovative technology companies