Rupee down 21 paise against dollar in early trade
The rupee lost 21 paise to Rs 63.50 against the US dollar in early trade today at the Interbank Foreign Exchange due to rise in the greenback's value against other currencies overseas. Dealers attributed the fall in rupee to dollar's gains against the euro which fell to a nine-year low; but a higher opening in the domestic stock market limited the fall of the domestic currency. The Indian rupee had ended 6 paise higher at 63.29 against the greenback on Friday, helped by selling of dollars by banks and exporters amid hopes of more foreign capital inflows into the equity market. Meanwhile, The benchmark BSE\ Sensex regained the 28,000-mark by rising 122.45 points, or 0.44 per cent, to 28,010.35 in early trade today.
Euro slides to 9-year low; Asian shares, oil wobble
The euro hit a nearly nine-year low versus the dollar on Monday as investors bet on quantitative easing by the European Central Bank while soft manufacturing surveys pushed down shares and sent oil prices to 5 1/2-year lows. European shares are expected to dip, with Britain's FTSE seen falling by up to 0.4 per cent. Germany's DAX and France's CAC are both seen falling as much as 0.2 per cent. The euro fell to as low as $1.18605, its weakest level since March 2006, having fallen below an important support at $1.20. The common currency last traded at $1.1926, down 0.6 per cent from late US trade on Friday. In an interview with German financial daily Handelsblatt published on Friday, ECB President Mario Draghi said the risk of the central bank not fulfilling its mandate of preserving price stability was higher now than half a year ago.
"The market took his comments to mean that he is ready to adopt quantitative easing," said Shin Kadota, chief forex strategist at Barclays in Tokyo. Economists forecast that Wednesday's euro zone inflation data will show that in December prices fell 0.1 per cent, the first decline since 2009. That should fan expectations the ECB could ease its policy as soon as Jan. 22, when it holds its first policy meeting this year. Also underscoring the pressure on central banks to implement more stimulus, business surveys last week showed factories struggled to maintain growth across Europe and Asia. Even in the United States, which is seen as one bright spot in the global economy, the pace of manufacturing growth slowed more than expected in December.
The rupee lost 21 paise to Rs 63.50 against the US dollar in early trade today at the Interbank Foreign Exchange due to rise in the greenback's value against other currencies overseas. Dealers attributed the fall in rupee to dollar's gains against the euro which fell to a nine-year low; but a higher opening in the domestic stock market limited the fall of the domestic currency. The Indian rupee had ended 6 paise higher at 63.29 against the greenback on Friday, helped by selling of dollars by banks and exporters amid hopes of more foreign capital inflows into the equity market. Meanwhile, The benchmark BSE\ Sensex regained the 28,000-mark by rising 122.45 points, or 0.44 per cent, to 28,010.35 in early trade today.
Euro slides to 9-year low; Asian shares, oil wobble
The euro hit a nearly nine-year low versus the dollar on Monday as investors bet on quantitative easing by the European Central Bank while soft manufacturing surveys pushed down shares and sent oil prices to 5 1/2-year lows. European shares are expected to dip, with Britain's FTSE seen falling by up to 0.4 per cent. Germany's DAX and France's CAC are both seen falling as much as 0.2 per cent. The euro fell to as low as $1.18605, its weakest level since March 2006, having fallen below an important support at $1.20. The common currency last traded at $1.1926, down 0.6 per cent from late US trade on Friday. In an interview with German financial daily Handelsblatt published on Friday, ECB President Mario Draghi said the risk of the central bank not fulfilling its mandate of preserving price stability was higher now than half a year ago.
"The market took his comments to mean that he is ready to adopt quantitative easing," said Shin Kadota, chief forex strategist at Barclays in Tokyo. Economists forecast that Wednesday's euro zone inflation data will show that in December prices fell 0.1 per cent, the first decline since 2009. That should fan expectations the ECB could ease its policy as soon as Jan. 22, when it holds its first policy meeting this year. Also underscoring the pressure on central banks to implement more stimulus, business surveys last week showed factories struggled to maintain growth across Europe and Asia. Even in the United States, which is seen as one bright spot in the global economy, the pace of manufacturing growth slowed more than expected in December.
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