Sterling dips as dollar gets a respite, but surges vs Norwegian crown
Sterling fell against the dollar for the first time in four days on Thursday, as a sell-off seen in the greenback waned and on expectations that interest rates in Britain will stay lower for longer. Fresh evidence that the housing sector was moderating was also keeping the currency under pressure. British house prices grew at their slowest rate in a year and a half during the past three months, a property industry body said on Thursday. The Royal Institute of Chartered Surveyors said its monthly house price index sank to +13 in November, down from +20 in October. Sterling was down 0.3 per cent against the dollar at $1.5660 , while against the euro too, the pound was a tad lower. The euro was up 0.2 percent at 79.83 pence.
Rupee hits over 9-mth low, RBI seen capping fall
The rupee tumbled to its lowest in more than nine months, tracking a fall in local shares, and as a recent slump in oil prices sparked concerns about the health of the global economy. The Reserve Bank of India likely sold dollars via state-owned banks around 62.3575 per dollar to contain the rupee's fall, traders said. Foreign institutional investors sold Indian equity derivatives worth Rs 19.15 billion ($307.11 million) on Wednesday, exchange data shows, which also weighed on the rupee. The partially convertible rupee closed weaker at 62.33/34 per dollar, after falling to as low as 62.3575, a level last seen on Feb. 20. The rupee had closed at 62.02/03 on Wednesday. The falls came as Indian shares fell on Thursday for a fourth session in five, tracking a decline in regional shares.
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