Rupee depreciated 8 paise to 63.66 against dollar in early trades.The local unit had weakened 3 paise to settle at 63.58 against the greenback in the preceding session.Data released overnight showed a better than expected recovery in the US home resales.The home resales rose in June to their highest level in over eight years, signaling a recovery in the US housing market. The numbers have raised hopes that the US Federal Reserve is on track to raise interest rates laterthis year.Dollar index, which tracks the movement of dollar against a trade weighted basket of six major world currencies stood at to 97.30.
The euro jumped above $1.10 for the first time in a week on Thursday, this week's steadier tone and the doubts it has raised about the dollar's rally leading some players to abandon short term bets for more gains.The New Zealand dollar was the biggest mover, jumping 1.5 percent after the country's central bank disappointed those who bet on a larger cut in interest rates and toned down its call for more falls for the kiwi.After a dive lower in morning trade in Europe,the dollar was half a percent lower against the euro, having briefly pushed above $1.10.The dollar has surged almost 5 percent since mid June, but its momentum faded this week, casting doubt over how long a year old rally for the U.S. currency has to run.
Read More - Forex News
Written by Unknown
We are Creative Blogger Theme Wavers which provides user friendly, effective and easy to use themes. Each support has free and providing HD support screen casting.
0 comments:
Post a Comment