The Dollar jumped to three month highs on Monday, extending its recent run of gains as expectations of a U.S. rate rise gathered pace, while gold prices plunged to their lowest in more than five years.The strength of the dollar weighed on gold, which plunged as much as 4 percent, while platinum fell as much as 5 percent to its lowest since February 2009.Global equities eased off three week highs hit on Friday though European shares approached six week peaks. The dollar hit its highest since April 23 against a basket of major currencies before pulling back slightly to trade flat on the day.The euro hit its lowest since late April but last traded up 0.2 percent at $1.0853. The yen was flat at 124.09 to the dollar.
Rupee depreciated 7 paise to 63.54 against US dollar in intraday trade today amid rising hopes of interest rate hikes by the US Fed in coming months.The domestic unit had snapped a two week winning streak, slipping eight paise last week, to settle at 63.47 on Friday.Strong inflation and housing data released in the US on Friday pushed the dollar index to a three month high. The index, which tracks the movement of dollar against a basket of major world currencies, rose to 98. Meanwhile, the Reserve Bank of India, which has stockpiled enough dollars to cover more than 10 months of the country's imports, is changing its strategy in the foreign exchange (FX) market, said The Economic Times in a report
Rupee depreciated 7 paise to 63.54 against US dollar in intraday trade today amid rising hopes of interest rate hikes by the US Fed in coming months.The domestic unit had snapped a two week winning streak, slipping eight paise last week, to settle at 63.47 on Friday.Strong inflation and housing data released in the US on Friday pushed the dollar index to a three month high. The index, which tracks the movement of dollar against a basket of major world currencies, rose to 98. Meanwhile, the Reserve Bank of India, which has stockpiled enough dollars to cover more than 10 months of the country's imports, is changing its strategy in the foreign exchange (FX) market, said The Economic Times in a report
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