Forex tips: Rupee appreciates against US $, recovers from early losses
Washing out early losses, the rupee snapped back from overnight fall to recover to 63.54 against the greenback in intraday trade following fresh dollar selling by exporters and fall in USD overseas. However, continued fund outflows amid some weakness in local equities restricted the rupee rise. A recovery in local stocks after early fall helped the rupee to rebound. Yesterday, it had depreciated by 21 paise or 0.33 per cent. The dollar index was down by 0.03 per cent against a basket of six major global rivals in Asia today.
Russian rouble steady despite oil price dip, helped by tax period
The Russian rouble dipped against the dollar early on Tuesday but remained steady overall in the face of weakening global oil prices, drawing support from the approach of tax payments. At 0800 GMT the rouble was 0.2 percent weaker against the dollar at 49.27 but 0.9 percent stronger at 55.13 against the euro. The rouble's relatively strong performance came despite a decline in the oil price, the main driver for Russian export revenues, with international benchmark Brent shedding around 1 percent to $65.6 per barrel. Analysts said the rouble's resilience reflected the approach of monthly tax payments that require exporters to convert their foreign currency earnings into roubles.
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