Rupee trimmed initial losses, but was still down by 59 paise to 66.42 in late morning deals on continued dollar demand from banks and importers coupled with heavy capital outflows amid weakening greenback overseas. The rupee also weakened due to sharp fall in domestic equities with Sensex down by a 1,000 points in early trade. ncy from banks and importers. The domestic currency resumed sharply lower at 66.47 per dollar as against last weekend's level of 65.83 at the Interbank Foreign Exchange (Forex) market. It touched a fresh two year low in early trade following sharp sell off in global markets on worries over weakness in Chinese economy. Later, it moved in a range of 66.49 to 66.2950 per dollar during the morning deals before quoting 66.42 at 1035 hrs.
Currency traders dumped the dollar Monday on the back of a global equities rout, as fears about China and the global economy hammered sentiment and sent investors fleeing into safer investments. The greenback dropped to 121.19 yen from 122.06 in New York on Friday and sharply down from above 124 yen on Thursday in Asia. The euro rose to $1.1451 from $1.1386, while it weakened to 138.77 yen from 138.97 yen in US trade. On Monday, Shanghai shares tumbled more than eight percent in the morning, while Tokyo's benchmark stock index dropped 3.21 per cent by the break.
Currency traders dumped the dollar Monday on the back of a global equities rout, as fears about China and the global economy hammered sentiment and sent investors fleeing into safer investments. The greenback dropped to 121.19 yen from 122.06 in New York on Friday and sharply down from above 124 yen on Thursday in Asia. The euro rose to $1.1451 from $1.1386, while it weakened to 138.77 yen from 138.97 yen in US trade. On Monday, Shanghai shares tumbled more than eight percent in the morning, while Tokyo's benchmark stock index dropped 3.21 per cent by the break.
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