The rupee has extended its slump as oil prices surge, dragging down currencies across oil-importing economies. Brent crude has jumped nearly 50% since the Iran war began, raising import costs and worsening outflow pressure. The Philippine peso and Indonesia’s rupiah are also under strain, with the rupiah hitting a record low, as traders watch for central bank action.
Gold held steady on Tuesday as traders tracked stalled US Iran peace talks for any signal that could shift risk sentiment. Markets also await major central bank decisions this week, which analysts say are likely to keep supporting gold demand. Annual gold price forecasts have been revised upward on stronger central bank buying and ongoing economic uncertainty.
Your news, in seconds
Get the Beige app — every story in 60 words, updated hourly. Free on iOS & Android.
Gold is trading flat in a tight $4,600 to $4,800 band for almost two months, even as geopolitical risks keep the market on edge. Analysts point to a tug of war: high interest rates and a strong US dollar are limiting upside, while bullion demand from risk sentiment supports prices. A real breakout may hinge on central bank cues, so investors are urged to take a staggered approach.
The U.S. dollar rose after hopes of progress in U.S.-Iran talks faded, leaving markets focused on geopolitical risk. The Japanese yen was pinned near 160 ahead of the Bank of Japan’s policy decision. Oil prices climbed as the Strait of Hormuz stayed effectively closed, and traders turned to upcoming central bank meetings for clues on economic damage and interest-rate paths.
European stocks opened subdued as investors balanced a heavy calendar of central bank meetings and corporate earnings with uncertainty from stalled U.S.-Iran negotiations. With markets watching for policy signals and fresh profit outlooks, traders stayed cautious, reflecting how diplomacy and corporate guidance are steering sentiment this week.
Pakistan’s central bank raised its key policy rate by 100 basis points to 11.5% on Monday, its first increase in almost three years. The move is aimed at curbing inflation risks as rising oil prices linked to the Iran–U.S. conflict threaten costs in the import-dependent economy.
Never miss a story
Set alerts for the topics and sources you care about. Download Beige for free.
Iran’s central bank says it has received transit fees for ships moving through the Strait of Hormuz, with the amount reportedly deposited in cash. Iran’s deputy parliament speaker called the tolls a legitimate charge for use of Iranian territorial waters and warned of consequences if the US continues what he described as aggressive policies.
Indian government bonds logged their strongest week in more than six years after a fragile US Iran truce helped cool oil prices. With inflation pressure easing and sentiment supported by a neutral central bank stance, yields moved favorably, driving the rally into Friday and marking the best weekly performance in over six and a half years.
The Indian rupee weakened in step with other oil sensitive Asian currencies, as traders reacted to currency volatility tied to energy price sensitivity. With downside pressure building, expectations are rising that the central bank may step in to stabilise moves and support the rupee in the near term.
Russia’s central bank has already sold about 21.8 tonnes of gold in 2026, or roughly 22,000 kilograms, according to a Kitco report citing regional reporting. The move is linked to a widening budget deficit, reported at $61.2 billion by end-March, as Moscow seeks funds amid mounting fiscal pressure.
Reading on mobile?
Open Beige in the app for a smoother experience — free on iOS and Android.
India and the central bank are reportedly in talks with Ant International to integrate UPI with Alipay+ for smoother cross-border payments. The plan would allow Indian travelers abroad to use UPI at merchants that are connected to Alipay+, reducing friction and improving payment convenience overseas. Sources say this could mark a major step for international usability of UPI.
Indian government bonds finished nearly unchanged as investors looked ahead to the central bank’s decision the next day. Markets expect policy to be less hawkish, but positioning is complicated by fresh geopolitical news tied to the Middle East conflict and a wider Trump-related deadline. The result: cautious trading and muted price action across the curve.
Swipe through stories, personalise your feed, and save articles for later — all on the app.