I forex News - Extending its fall for the fifth straight session, the rupee dropped 11 paise to 66.84 against the US dollar in early trade on Tuesday, tracking weak trend in Asian currencies.
The Domestic currency had closed at 66.73 against the greenback in the previous session on firm dollar demand from importers.
The Chinese trade data released on Tuesday has raised fresh fears over the slowdown in the world's second largest economy, at a time, when the US Fed looks all set to raise interest rate, in a first in nearly seven years, in its forthcoming December 15-16 policy meet.Data showed the Chinese trade surplus shrank to yuan 343 billion, with exports falling 3.7 per cent YoY in November. Imports too fell 5.6 per cent YoY for the month. This was fifth consecutive month of fall in exports and thirteenth straight month of deceleration in imports.
On Tuesday, the yuan inched 0.07 per cent lower to 6.41 against the greenback. Malaysian ringgit tanked 1 per cent. Korean won fell 0.49 per cent, while Indonesian rupiah edged 0.04 per cent lower.Already hopes of rate hike in the forthcoming Fed meet have strengthened the dollar against a basket of major world currencies. Divergence in monetary policies too are fuelling rally on the dollar.
Dollar index, which tracks the movement of dollar against a basket of six major world currencies, stood at 98.59.
The Chinese trade data released on Tuesday has raised fresh fears over the slowdown in the world's second largest economy, at a time, when the US Fed looks all set to raise interest rate, in a first in nearly seven years, in its forthcoming December 15-16 policy meet.Data showed the Chinese trade surplus shrank to yuan 343 billion, with exports falling 3.7 per cent YoY in November. Imports too fell 5.6 per cent YoY for the month. This was fifth consecutive month of fall in exports and thirteenth straight month of deceleration in imports.
On Tuesday, the yuan inched 0.07 per cent lower to 6.41 against the greenback. Malaysian ringgit tanked 1 per cent. Korean won fell 0.49 per cent, while Indonesian rupiah edged 0.04 per cent lower.Already hopes of rate hike in the forthcoming Fed meet have strengthened the dollar against a basket of major world currencies. Divergence in monetary policies too are fuelling rally on the dollar.
Dollar index, which tracks the movement of dollar against a basket of six major world currencies, stood at 98.59.
Written by Unknown
We are Creative Blogger Theme Wavers which provides user friendly, effective and easy to use themes. Each support has free and providing HD support screen casting.
0 comments:
Post a Comment