China's yuan inches up as PBOC sets midpoint at 8-month high
China's yuan edged up on Wednesday after the central bank set the guidance rate at an eight-month high, signalling that policymakers don't intend to let the currency depreciate for now, traders said.By midday, spot yuan stood at 6.1344 per dollar, 0.03 per cent firmer than Tuesday's close. The People's Bank of China (PBOC) fixed the yuan's daily midpoint at 6.1354 per dollar, the highest level since mid-March, up 0.06 per cent from the previous day's fix. Despite the surprise interest rate cut last Friday that tempered bullish bets on the yuan, traders and economists believe the PBOC will attempt to preserve general exchange rate stability through the midpoint, to guard against the risk of a panic selloff in the currency.
Rupee gains 5 paise against dollar in early trade
The rupee strengthened by five paise to 61.81 against the dollar in early trade today at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks. Forex dealers said besides increased selling of the American currency, the dollar's weakness against other currencies overseas also supported the rupee but a lower opening in the domestic equity market, limited the rise. The domestic currency had gained eight paise to close at 61.86 against the dollar in yesterday's trade on account of suspected RBI intervention through state-owned banks. Meanwhile, the benchmark BSE Sensex fell by 55.22 points, or 0.19 per cent, to 28,282.83 in early trade today.
China's yuan edged up on Wednesday after the central bank set the guidance rate at an eight-month high, signalling that policymakers don't intend to let the currency depreciate for now, traders said.By midday, spot yuan stood at 6.1344 per dollar, 0.03 per cent firmer than Tuesday's close. The People's Bank of China (PBOC) fixed the yuan's daily midpoint at 6.1354 per dollar, the highest level since mid-March, up 0.06 per cent from the previous day's fix. Despite the surprise interest rate cut last Friday that tempered bullish bets on the yuan, traders and economists believe the PBOC will attempt to preserve general exchange rate stability through the midpoint, to guard against the risk of a panic selloff in the currency.
Rupee gains 5 paise against dollar in early trade
The rupee strengthened by five paise to 61.81 against the dollar in early trade today at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks. Forex dealers said besides increased selling of the American currency, the dollar's weakness against other currencies overseas also supported the rupee but a lower opening in the domestic equity market, limited the rise. The domestic currency had gained eight paise to close at 61.86 against the dollar in yesterday's trade on account of suspected RBI intervention through state-owned banks. Meanwhile, the benchmark BSE Sensex fell by 55.22 points, or 0.19 per cent, to 28,282.83 in early trade today.
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