Forex tips: The rupee weakened by 42 paise to 63.72 against the US dollar in intraday trade today at the Interbank Foreign Exchange due to month-end demand for the American currency from importers amid capital outflows. Forex dealers attributed the fall in the rupee to month-end demand for the US dollar from importers and sustained capital outflows amid a lower opening in the domestic stock market. They said, however, dollar's weakness against the euro as the chances of an US interest rate hike faded, capped the rupee's fall. The rupee had lost 15 paise to end at 63.30 against the dollar in yesterday's trade.
China's yuan climbs to 5th most used currency in March: SWIFT
China's yuan climbed to become the fifth most used global payment currency in March, with a market share of 2.03 percent, said global payment services organisation SWIFT on Thursday. Yuan payments increased in value by 33.5 percent in March from a month earlier. At a global level, all currencies increased in value by 18.9 percent during the same period. The "redback" fell to the 7th most used currency in January. ncrease in Canada's RMB payment value was prominent at 213 percent in March compared to a year ago. About 10.2 percent of all direct payments between Canada and China/Hong Kong were in yuan, up from 3.9 percent two years ago. As a result, the yuan became the second most active currency used by Canada for payments with China and Hong Kong after the Canadian Dollar.
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