Forex tips : After sliding for three straight days, the rupee hit day's high of 63.86, up 14 paise against the US dollar at the Interbank Foreign Exchange on selling of the American currency by exporters and banks. Forex dealers said a lower opening in the domestic equity markets and dollar's strength against other currencies overseas capped the gains. The Indian rupee had lost 10 paise to close at 64 against the greenback after plunging to a fresh 20-month low of 64.26 in yesterday's trade.
Euro takes a breather after sharp rally, awaits ECB's Mario Draghi
The euro took a breather on Wednesday a day after tracking soaring Bund yields to post its second biggest daily gain since Oct. 2011, with investors turning cautious in case the European Central Bank expressed any unease over its recent rise. With the ECB committed to turning inflation back towards 2 percent, some traders expect the bank's head Mario Draghi to use Wednesday's news conference to push back against the euro's strength and any talk that the bank's asset purchase could be curtailed. The euro was down 0.25 percent at $1.1121, having climbed around 2.1 percent to $1.1195 on Tuesday as the spread between 10-year U.S. Treasury and Bund yields narrowed to 155 basis points. German 10-year yields rose to 0.75 percent on Wednesday, having posted their biggest jump in about three years a day earlier. "It is all about Bund/Treasury spreads narrowing ... which is driving the euro," said Jeremy Stretch, head of currency strategy at CIBC World Markets. "There is also the optimism about a Greek (debt) deal. But with the ECB coming up, there is an added risk to the euro's rally. As long as it stays below $1.1220, I would be cautious about chasing the euro."
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