Forex tips: The rupee hit intraday low of 62.75, down 41 paise, against the US dollar in trade today at the Interbank Foreign Exchange on month-end demand for the American currency from banks and importers. Forex dealers attributed the fall in the rupee to increased demand for the dollar from importers and a lower opening of the domestic equity market but the Greenback's weakness against other currencies overseas, capped the rupee's losses. The rupee had snapped its seven-day winning spree by slipping seven paise to close at 62.33 against the dollar in yesterday's trade.
Dollar slips against euro, yen after weak US data
The dollar fell against the yen and euro Thursday after poor US data dented confidence in the world's top economy and threw into question the timeline for a long-awaited Federal Reserve interest rate hike. In Tokyo, the greenback slid to 118.99 yen, from 119.43 yen in New York and 119.62 yen in Asia earlier Wednesday. The euro rose to $1.0986 from $1.0973 after an upbeat German business confidence report, but the unit eased to 130.75 yen from 131.05 yen.
The dollar was mostly stronger against other Asia-Pacific currencies. It rose to Sg$1.3697 from Sg$1.3671 on Wednesday, to Tw$31.29 from Tw$31.25, to 1,105.01 South Korean won from 1,101.06 won, to 13,016.50 Indonesian rupiah from 12,944.30 rupiah, and to 32.59 Thai baht from 32.54 baht. The greenback also strengthened to 62.63 Indian rupees from 62.28 rupees, and to 44.83 Philippine pesos from 44.78 pesos. The Australian dollar slipped to 78.18 US cents from 78.76 cents, while the Chinese yuan eased to 19.15 yen from 19.26 yen.
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