Forex tips: Rupee down on increased demand of dollar
The rupee lost 10 paise at 62.36 against the US dollar in early trade today at the Interbank Foreign Exchange due to appreciation of the American currency overseas. Increased demand for the dollar from importers also weighed on the local currency but a higher opening in the domestic equity market limited the rupee's losses, forex dealers said. The rupee had shed seven paise to close at 62.26 against the dollar in yesterday's trade.
Dollar weakens against yen as BoJ stands pat, FOMC minutes eyed
The dollar fell on Wednesday, retreating from a near three-week high hit against the yen the previous day, after the Bank of Japan kept monetary policy unchanged despite slowing inflation. Some had begun to expect further easing in view of the fact that the BOJ has missed its ambitious target of achieving 2 per cent inflation in two years. Governor Haruhiko Kuroda told a press conference that thanks to easing steps taken last October, Japan has been able to avoid the slowdown in inflation while real wages are likely to pick up, dashing hopes of a further expansion in its asset-buying programme in coming months. As a result the yen climbed. The dollar shed 0.4 per cent to 119.80 yen, pulling away from a near three-week high of 120.45 yen hit on Tuesday. The dollar index fell 0.4 per cent to 97.440 after gaining 0.9 per cent on Tuesday.
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