Forex tips: Continuing its rising trend for the third straight day, the rupee today rose by another 14 paise against the American currency to close at 63.51 on sustained selling of dollars by banks and exporters amid gains in equities. Banks and exporters preferred to reduce their dollar position on expectation of more foreign capital inflows in view of recovery in the equity market. At the Interbank Foreign Exchange, the domestic unit resumed strong at 63.50 a dollar from previous close of 63.65 and later moved in a range of 63.46 and 63.60 before concluding at 63.51, disclosing a gain of 14 paise of 0.22 per cent. It has gained by 66 paise or 1.03 per cent in the three days. However, the dollar index was trading higher by 0.36 per cent against its major global rivals today.
Euro retreats from three-month high as rise in Bund yields stall
The The euro fell below $1.14 on Friday, its first drop after three days of gains, as a recent spike in German Bund yields stalled, while dollar buyers eyed U.S. data for clues on whether the economy was recovering from its winter chill. Traders said speculators have been trimming short positions in the euro this week and the trend was likely to support the currency at lower levels. On the other hand, the dollar index held near four-month lows amid uncertainty about when the Federal Reserve would start raising U.S. interest rates. The euro fell 0.5 percent to $1.1355, off Thursday's three-month high of $1.1445 but still 9 percent higher than the 12-year low of $1.0457 reached on March 16. That was the day the European Central Bank embarked on its one trillion-euro bond-buying programme, to which President Mario Draghi reiterated his commitment on Thursday.
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