Forex tips : The rupee snapped its three-day decline against the US currency and made a smart recovery, and was up 25 paise to 63.79 in intraday trade. On Tuesday, Indian currency declined against the US currency by 3 paise to close above the 64-mark. Over the last one year, we have seen about a 10% deterioration in the rupee. This is something we have to be concerned about, because we have to look at what is happening internationally. International markets are slow and all our major partners, except the United States, are following very aggressive monetary and exchange rate policy. That is going to impact us as well.
Dollar hits 12-1/2-year high vs yen; euro rises on Greece hopes
The dollar hit a 12-1/2-year high against the yen on Thursday, as investors bet that U.S. interest rates will rise later this year while monetary policy will remain ultra-loose in Japan. The greenback soared as high as 124.30 yen, as a rise in Tokyo stocks also helped to boost risk appetite and hurt the safe-haven yen, which has been under pressure from the Bank of Japan's aggressive monetary stimulus since 2013. Against the euro, the dollar weakened by 0.4 percent to $1.0948 after European Central Bank Governing Council member Ewald Nowotny said negative interest rates did not constitute a "normal element of an economy" and would not persist in the long term.
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