Forex Tips
Falling
for the second straight session, rupee fell 8 paise to 63.54 against
dollar in trade today.The
local currency gained in the five sessions to Monday, but fell 6
paise on Tuesday to close at 63.46 against the greenback amid fresh
demand for the US currency from banks and importers.Among
the global developments, euro zone leaders have given Greece
until Thursday to present new proposals to secure a
deal with international creditors by Sunday. Dollar
index, which tracks dollar movement against major world
currencies, was trading modestly higher at 96.93. The
yen climbed to a six week high against the dollar on Wednesday, after
Chinese stocks struggled to pull out of a tailspin, pushing
investors already shaken by Greece's debt crisis to seek out safe
havens.The euro managed to inch up against the dollar,
having been boosted alittle
late on Tuesday after member states gave Athens until the end of the
week to come up with a proposal for sweeping reforms in return for
loans.With the turmoil in China rattling investors, the yen
gained 0.9 percent versus the dollar to 121.45, its strongest
since late May. The Swiss franc, another safe haven, gained
only slightly, with speculation the SwissNational
Bank was again intervening to stem the currency's gains
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