Appreciating
for the second straight session, rupee agained 6 paise to
63.85 against dollar in early trades today. The domestic currency
had on Tuesday snapped a four day losing streak to
settle at 63.91, up 25 paise against the greenback amid fresh selling
of dollars by banks and exporters. All eyes were on the US
Federal Reserve's two day policy review, which was to conclude
later in the day. Any hike in rates in the US may make
dollar denominated assets attractive. It may lead to outflows
from emerging markets (EMs)into the US market and may,
thus, EM currencies. Dollar index, which tracks the movement
of dollar against a trade weighted basket of six major world
currencies, stood at 96.51, down 0.30 .Major
currencies that are closely linked to commodities prices were back on
the defensive on Wednesday as oil prices inched lower and
traders awaited the outcome of a U.S. Federal Reserve meeting ater in
the day. The New Zealand dollar was again the exception to that rule,
gaining after the country's central bank governor played down
the chances of further deep cuts to interest rates and
helped by a more stable tone to Chinese stock markets.The
dollar, euro and yen were all broadly steady, keeping the
U.S. currency flat against a basket of currencies ahead
of a Fed policy statement which may be crucial for
fading market expectations of a rate rise in September.In early
deals in Europe, the dollar was up 0.2 percent against the euro at
$1.1040 and 0.1 percent at 123.71 yen.
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