Forex tips: The dollar weakened broadly on Monday ahead of the Federal Reserve's policy meeting on worries that the US central bank could become more cautious about raising interest rates, while Wall Street stocks rose because the greenback's fall eased worries about the effect on corporate profits. Oil prices fell again, down about 3 percent on concerns about over- supply, with US crude hitting a six-year low. The euro, which has lost roughly a quarter of its value against the dollar since mid-2014, rose 0.9 per cent to $1.0595 after earlier hitting its lowest level since January 2003. The pan-European FTSEurofirst 300 index gained 1 per cent, while Germany's DAX rose 2.2 percent to a record high of 12,167.72 before easing slightly. The MSCI International ACWI Price Index was up 0.9 per cent. The Dow Jones industrial average rose 179.98 points, or 1.01 per cent, to 17,929.29, the S&P 500 gained 20.44 points, or 1 per cent, to 2,073.84, and the Nasdaq Composite added 41.80 points, or 0.86 per cent, to 4,913.56.
Rupee up against dollar on increased selling of the American currency
The rupee gained 9 paise to 62.72 against the dollar in early trade today at the Interbank Foreign Exchange on increased selling of the American currency by banks and exporters amid lower dollar value overseas on tepid US manufacturing data. Forex dealers said sustained capital inflows and a higher opening of the domestic equity market boosted the rupee sentiments. Yesterday, the rupee had gained 16 paise to end at 62.81 against the American currency on fresh selling of dollars.
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