Forex tips: The rupee appreciated by 37 paise to 62.12 against the dollar in early trade today at the Interbank Foreign Exchange after the American currency weakened overseas amid a higher opening in the domestic equity market. The rupee had ended 18 paise higher at 62.49 against the American currency on Tuesday on selling of dollars by banks and exporters on expectation of resumption of foreign capital inflows into equity market.
Dollar eases, weak U.S. jobs data dent hopes of early rate hike
The dollar weakened across the board on Monday, after much weaker-than-expected U.S. jobs data persuaded many in the market that the Federal Reserve is likely to wait until the second half of 2015 before raising interest rates.Friday's closely watched employment data showed U.S. non-farm payrolls rose by 126,000 in March, the smallest gain since December 2013 and well under the 245,000 economists had forecast. On the brighter side, average hourly earnings increased 0.3 percent. The dollar weakened as U.S. Treasury yields sank in wake of the soft jobs data on Friday - albeit in thin trading due to the Good Friday holiday. The benchmark 10-year note yield fell to a two-month low of 1.8 percent on Friday and last hovered around 1.83 percent.
The euro was up 0.1 percent at $1.0980 after touching $1.1018. The common currency had gone as low as $1.0864 before surging on the U.S. jobs data.The dollar nudged up 0.1 percent to 119.08 yen after sliding from a high of 119.99 on Friday. The dollar had hit a near eight-year high of 122.04 a month ago, when expectations for a Fed rate hike as early as June were stronger thanks in part to strong non-farm payrolls.
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