Forex tips : The rupee made an intraday high of 63.90, up 18 paise, against the US dollar at the Interbank Foreign Exchange today on fresh selling of the American currency by exporters and banks. Besides, strengthening of the euro against the dollar in overseas market on solid German data supported the rupee, but a lower opening in the domestic equity market limited the gains, forex dealers said. The rupee had tumbled 33 paise to end at a 4-week low of 64.08 against the American currency in yesterday's trade on the back of a firm greenback in the overseas market and sharp fall in the equity market.
Stocks rout matches longest on record, FX gets respite from dollar
Emerging market stocks were a sea of red on Tuesday as speculation of a U.S. interest rate rise as soon as September extended their longest losing streak in 25 years to 12 days. A dip in the dollar gave some respite to Turkey's record-low lira and Indonesia's battered rupiah, but there was no such relief for equities as MSCI's main EM index took its losses since late April to over 9 percent. It was down 0.7 percent as selling began to gain momentum again in Eastern Europe but most of the damage had been done by Asia overnight where Indonesian stocks slumped more than 3 percent and the Philippines shed 2.1 percent. Since mid-April though the euro has surged 8-1/2 percent against a basket of 20 top EM currencies, inflicting additional pain on top of the heavy losses on stocks, bonds and the EM currencies themselves.
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