Forex tips: Extending losses for the third consecutive day, the rupee shed 21 paise to hit a four-month low of 63.77 against the US dollar in intraday trade today at the Interbank Foreign Exchange due to continued demand for the American currency from importers. Forex dealers said sustained demand for the dollar from importers mainly weighed on the local currency but a higher opening in the domestic equity market and easing dollar against other currencies overseas, limited the rupee's losses. The rupee had lost 24 paise to close at a fresh three-and-half month low of 63.56 against the US dollar in the previous session on Friday.
Sterling hovers near 7-week highs, eyes growth data and election risks
Sterling hit a seven-week high against the dollar on Monday, as some of the pessimism from uncertainty over next week's UK parliamentary election waned with the focus on first quarter growth data due out the next day. Growth is forecast to have moderated in the first quarter, slowing to 0.5 percent from 0.6 percent, while for the year gross domestic product (GDP) growth is expected to have eased to 2.6 percent from 3 percent. Sterling hit a seven-week high of $1.5190 early in the European session, before easing back slightly to trade at $1.5165 as some investors booked profits on the latest rally. Sterling was flat against the euro at 71.65 pence.
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