Forex tips : The rupee today slipped by 41 paise to 63.98 per dollar on fresh demand for the American currency from banks and importers. The rupee slipped by 5 paise yesterday to close at 63.57 per dollar on fresh demand for the American currency from banks and importers amid sharp fall in the domestic equity market.
Dollar back on upward track, hits eight-year high vs yen
The dollar rose 1 percent against a basket of currencies on Tuesday, extending gains since a round of improved inflation data last Friday and driving the euro below $1.09 for the first time in a month. Against the yen, it broke through longer-term resistance to hit an eight-year high of 122.76 yen and a number of analysts were optimistic of a push back towards 12-year highs below $1.05 per euro hit in March. The dollar index last traded at 96.956 after reaching a one-month high of 97.109. It stood at $1.0906 per euro, just off a high of $1.0885 and up 0.6 percent on the day. Doubts over whether the U.S. Federal Reserve can raise interest rates this year have been at the heart of a rough few weeks for the dollar and Fed Chair Janet Yellen steadied the ship on Friday by reinforcing the U.S. central bank's tightening bias.
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