The rupee depreciated by another 7 paise to 61.90 against the US dollar in early trade today at the Interbank Foreign Exchange on sustained demand for the American currency from banks and importers amid a weak opening in the equity market. Besides, widening current account deficit to $10.1 billion or 2.1 per cent of GDP in July-September quarter of this fiscal, up from 1.2 per cent a year- ago, also weighed on the trading sentiment. Forex dealers said besides dollar's gains against other currencies in the global markets, increased demand for the American unit from importers and a lower opening in the domestic equities also contributed to rupee's fall. The rupee had fell from its two-week high and ended 6 paise down at 61.83 against the greenback in yesterday's trade on fresh dollar demand from importers.
Yen benefits from falling oil prices; commodity, currencies slide
The yen edged higher on Tuesday as a fall in oil prices dented risk appetite and prompted investors to trim short positions in the Japanese currency. Commodity currencies extended their recent losses, with the Australian dollar setting a four-year low, while the Canadian dollar hit a five-year trough versus the U.S. dollar. Against the yen, the greenback fell 0.4 per cent to 120.25 yen, pulling further away from a seven-year high of 121.86 yen set on Monday. The yen also rose versus the euro, which shed 0.5 per cent to around 148.02 yen. The dollar may retreat further versus the yen in the near term due to the potential for more position squaring in the wake of its recent rally, said Masashi Murata, currency strategist for Brown Brothers Harriman in Tokyo.
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