The Dollar weakened Tuesday after huge gains the prior week appeared to encourage profit taking, while the euro benefited from Greece's progress toward a bailout. "A lull in the US economic calendar over the first half of the week has enticed many to cash in a few of the dollar's big two percent gains from last week which amounted to its best weekly performance in two months," said Joe Manimbo at Western Union Business Solutions. The euro rose to $1.0942 around 2100 GMT from $1.0824 at the same time Monday. The dollar also fell against the yen, to 123.86 from 124.30. The dollar's weakness should be fleeting as the US Federal Reserve readies an interest rate increase, said Kathy Lien of BK Asset Management, withthe next update of the Fed's stance coming after a policy meeting on July 29.
Rupee depreciated 4 paise to 63.59 against dollar in early trades on Wednesday ahead of the release of US home sales data existing later in the day.The domestic currency had closed 11 paise higher at 63.55 against the greenback in the preceding session amid fresh selling of dollars by banks and exporters on good foreign capital inflows into the equity markets. Dollar index, which tracks the movementof dollar against a trade weighted basket of six major world currencies, rose to 97.374.Euro was down 0.12 percent at 1.09 against the US currency.
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