MUMBAI: The Indian rupee fell to its lowest in nearly a week on continued dollar demand from state-run banks, likely related to the government’s defense purchases.
The fall in the currency comes on the back of Friday’s weakness after the central bank disappointed markets with a hawkish tone at its annual monetary policy, despite delivering a widely expected 25-basis-point rate cut.
Dealers cited continued dollar buying, particularly by a large state-run bank, as the main trigger for the rupee’s fall.
However, dealers are watching out for inflows related to some recent corporate deals which should provide some support for the rupee, particularly Qatar’s $ 1.26 billion investment in Indian telecommunication company Bharti Airtel.
“I expect the rupee to move in a 53.60-54.80 band for now in the absence of any global developments or policy announcements. However, if the global dollar strength persists and 54.80 gets breached, the rupee may see a sharp downside,” said Abhishek Goenka, chief executive at India Forex Advisers.
The partially convertible rupee closed at 54.175/185 per dollar, weaker than its close of 53.935/945 on Friday, its third successive session of falls. It fell to 54.2475 in session, a level last seen on May 1.
The euro was seen struggling against the dollar after surveys showed euro zone private sector activity faltered again in April, suggesting the region may fall deeper into recession this quarter.
In the offshore non-deliverable forward PNDF, the one-month contract was at 54.37 while the three-month was at 54.89.
In the currency futures market INRFUTURES, the most-traded near-month dollar/rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange all closed around 54.26 with a total traded volume of $ 4.2 billion.
India rupee falls to near 1-week low
India rupee falls to near 1-week low
Saudi POS spending opens 2026 with a 31% surge: SAMA
RIYADH: Saudi Arabia’s total point-of-sale transactions reached SR17 billion ($4.5 billion) in the week ending Jan. 3, with all sectors recording positive weekly growth.
According to the latest data from the Saudi Central Bank, the total POS value represented a 30.6 percent week-on-week increase, while the number of transactions rose 15.7 percent to 255.36 million.
Spending on freight transport, postal and courier services recorded the sharpest increase, surging 110.9 percent to SR74.22 million, followed by education, which rose 66.4 percent to SR235.51 million.
Expenditure on personal care increased by 31.7 percent, while spending on books and stationery rose 36 percent. Jewelry outlays climbed 48 percent to SR544.12 million.
Further gains were recorded across other categories. Spending at pharmacies on medical supplies rose 42.1 percent to SR284.81 million, while expenditure on medical services increased 20.8 percent to SR556.27 million.
The food and beverages sector saw outlays rise 41.4 percent to SR2.7 billion, accounting for the largest share of POS transactions.
Restaurants and cafes followed with a 20.9 percent increase to SR1.9 billion, while apparel and clothing spending rose 30 percent to SR1.6 billion, ranking third.
Together, the top three categories accounted for approximately 36.53 percent of total POS spending, or SR6.22 billion.
Saudi Arabia’s major urban centers mirrored the national surge.
Riyadh, which accounted for the largest share of POS spending, saw a 21 percent increase to SR5.61 billion, up from SR4.63 billion the previous week.
The number of transactions in the capital rose 12.2 percent to 79.6 million.
In Jeddah, transaction values increased 25.6 percent to SR2.24 billion, while Dammam posted a 26.1 percent rise to SR831.93 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
