Rupee depreciates
against US dollar Taking its losing streak to fourth straight
session, rupee depreciated 3 paise to 64.07 against dollar in
early trades today. The currency market was keenly awaiting
the forthcoming two day US Fed policy meet beginning Tuesday that
is expected to shed some light on the kick start of interest rate
hike cycle. The local unit ended last week at a five week low of
64.04 per dollar amid persistent demand for the US currency
from banks and importers. On Friday,
flash July PMI manufacturing reading for the world's largest
economy came in at 53.80, which was higher than the
consensus estimates. While domestic currency fell, dollar was
seen depreciating against major world currencies. Dollar index,
which tracks the movement of dollar against a trade weighted
basket of six major world currencies, fell 97.08 per cent to
97.07.
The
euro hit a two week high against a subdued dollar on
Monday, after Germany's Ifo survey for July beat forecasts and
painted an upbeat picture of Europe's largest economy.The dollar
fell broadly, after a drop in U.S. shares and bond yields
dimmed its allure, with markets focused on this week's
Federal Reserve policy meeting. It fell 0.3 percent against
the safe haven yen with an 8 percent drop in Chinese stocks
affecting global risk sentiment, traders said.The euro rose
1.2 percent to $1.1113, from about $1.1084 before the Ifo
survey was released. The Munich based Ifo institute's business
climate index, based on a monthly survey of some 7,000 firms, rose
to 108.0 from a revised 107.5 in June. That beat the Reuters
consensus for a drop to 107.2 and was at levels consistent with a
positive pace of growth.
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