Forex tips : The The dollar held on to broad gains early on Wednesday, having rallied to an eight-year high against the yen after a batch of upbeat data bolstered the case for a US interest rate hike this year. The greenback climbed as far as 123.33 yen, reaching a high not seen since mid-2007. It is now within reach of its June 2007 peak of 124.14. A break there would take it to levels last seen in late 2002.Traders said stop-loss buying was triggered after the dollar cracked key resistance around 122.04, a high set back in March. It also rose against the euro, which slid to its lowest since April 28 at $1.0864. The common currency last stood at $1.0872.All that helped the dollar index rally 1.3 per cent, its biggest one-day gain in nearly two years.
Rupee breaches 64-mark, slips further against dollar
The rupee today slipped by 19 paise to 64.16 per dollar on fresh demand for the American currency from banks and importers. The rupee on Tuesday fell the most in more than two weeks on speculation importers are stepping up purchases of the greenback to pay month-end bills. The rupee dropped 0.6% to end at 63.9775 a dollar, the most since May 7. The currency has declined 0.9% in May, heading for a third straight monthly loss. Increasing borrowing costs in 2015 will be "appropriate," provided the economy meets forecasts, Fed Chair Janet Yellen said in a May 22 speech. The yield on the government bonds due July 2024, the current benchmark, rose three basis points, or 0.03 percentage point, to close at 7.89%. The rate on the new 10- year notes due May 2025, issued last week, fell one basis point, to 7.67%.
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