Rupee
made a smart recovery in late morning trade and gained 3
paise against the US dollar after depreciating 24 paise to hit its
intraday low of 65.34 in early trade on Friday.The domestic currency
had breached the 65 level to settle at 65.10 against the dollar in
the preceding session, following China's third successive
devaluation of the yuan.Dollar index, which tracks the movement
of the greenback against a trade weighted basket of six major
world currencies, stood at 96.41, down 0.03 per cent. Dollar fell
as hopes of rate hikes by the US Federal Reserve in the
September policy review diminished with on yuan devaluation. Dollar
struggles in Asia after lift from US retail sales The dollar was
steady on Friday after China's central bank appeared to have
stopped guiding the yuan lower for now, easing concerns that
a weaker Chinese currency could derail plans by the US Federal
Reserve to raise interest rates. The dollar traded at 124.40
yen, flat from late US levels and above this week's low of
124.21 yen. For the week, it was up about 0.1 per cent. The euro
fetched $1.1143, down slightly from late US levels. Still, it was up
1.6 per cent on the week, as the dollar has been hit by speculation
that the US might
not want a stronger dollar either if China pushes down the yuan.
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