Continuing its losing streak for the third consecutive trading session, Rupee dropped 21 paise to 63.97 against dollar in early trades today. The local unit had slumped 19 paise to settle at 63.76 against the greenback on Thursday amid persistent demand for the US currency from banks and importers. Dollar index, which tracks the movement of dollar against a trade weighted basket of six major world currencies, rose 0.21 per cent to 97.31. basket of six major world currenciesstood at to 97.30.Currency markets globally were keenly awaiting key economic releases including PMI readings in the euro zone and the US scheduled later in the day. But what is expected to drive the currency movement in the near term is the two day US Fed policy meet commencing Tuesday next week.
The Australian dollar sank to a six year low and other currencies closely related to global commodities prices were under pressure on Friday after the worst reading on sentiment in Chinese manufacturing in more than a year.With the euro, yen and dollar in tight ranges, eyes were also on the yuan, China's long closely controlled currency, which fell after Beijing said it would relax its trading bands against the dollar.The Aussie, often used as a liquid proxy for China trades, fell to $0.7269 in early European deals, after the July survey of purchasing managers (PMI) deepened worries over the health of the world's second largest economy. Slowing Chinese growth means less demand for commodities such as iron ore, one of Australia's chief exports. The recent decline in a wide range of commodities, including oil, has weighed on currencies like the Canadian and Australian dollars.
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