Continuing
with its recent downward bias, rupee depreciated 34 paise
to 65.34, to hit fresh two year low against the US dollar in trade
today. The domestic currency had snapped a seven day losing streak,
settling 10 paise higher at 65 against the greenback on
Friday amid fresh selling of the US currency by banks and
exporters on hopes of resumption of foreign capital inflows into
equity markets. The trade deficit widened to $12.8 billion in
July from $10.8 billion inJune,
while mports fell 10.3 per cent to $35.95 billion while exports came
in at $23.1 billion.
The
dollar held firm on Monday as traders looked to prospects
of a US rate hike next month, while the yen was little
moved after data showed Japan's economy shrank in the AprilJune
quarter. The dollar's index against a basket of six major
currencies edged up slightly to 96.716 , extending its recovery
from a one month low of 95.926 hit on Wednesday. With the dollar
generally well bid, the euro traded at $1.1089, down 0.2 per
cent from late US levels and off last week's one month
high of $1.1215. Against the yen, the dollar was little
changed at 124.37 yen , capped by strong resistance in the 125 -126
area.
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