Forex tips: The rupee lost nine paise at 62.39 against the US dollar in intraday trade on Friday at the Interbank Foreign Exchange due to fresh demand for the American currency from importers. Forex dealers said apart from fresh demand for the dollar, a lower opening in the domestic equity market also weighed on the local currency. They said, however, dollar's weakness against other currencies overseas following another round of discouraging US data, limited the rupee's fall, they added.
The rupee had gained 6 paise to close at 62.30 against the dollar in yesterday's trade on persistent selling of dollars by banks and exporters.
Sterling hits three-week high against weaker dollar
Sterling hit a three-week high against a broadly weaker dollar on Friday, with investors awaiting key UK jobs and wages data and many cutting long dollar positions as expectations of a U.S. rate hike get pushed back. Data released at 0830 GMT is expected to show average weekly UK earnings are expected to have risen at the same annual pace as previously, while the unemployment rate for February is forecast to have ticked down to 5.6 percent from 5.7 percent in the preceding month. Sterling rose to $1.4982, up a third of a percent on the day and its highest level since March 26.
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