Rupee down 14 paise against dollar in morning trade
The rupee trimmed its early losses, but was still marginally down by 2 paise at 63.37 against the dollar in morning deals on some demand for the US currency from importers. The rupee resumed sharply lower at 63.43 as against yesterday's closing level of 63.35 at the Interbank Foreign Exchange (Forex) market. It slid further to 63.49 per dollar but later pared the losses to quote at 63.37 at 1030 hrs. It moved in a range of 63.36-63.49 per dollar during morning trade. "Rallying domestic equities largely lifted the rupee sentiment," a dealer said. In New York, the US dollar hit its highest level in nearly nine years against the basket of currencies in early trade, drawing strength from the US economy's outperformance and the diverging outlook for monetary policies among major economies. Meanwhile, the BSE 30-stock index, Sensex rallied by 328.42 points, or 1.19 per cent, in late morning trade.
Euro extends losses, falls to lowest since June 2010
The euro fell to its lowest level in 4-1/2 years versus the dollar on Friday, after the head of the European Central Bank fanned expectations it would take bolder steps on stimulus this month. The euro fell to $1.2035 on trading platform EBS, its lowest level since June 2010, and last traded at $1.2042, down 0.5 percent on the day. In an interview with German financial daily Handelsblatt, ECB President Mario Draghi said the risk of the central bank not fulfilling its mandate of preserving price stability is higher now than half a year ago, underlining its readiness to act early this year should it become necessary.
Asian currencies start 2015 weaker; rupiah hits 2-week low
Emerging Asian currencies resumed a depreciation trend early in 2015 as the dollar hit a near nine-year high against a basket of major currencies, helped by the easier monetary policies of other central banks.The Indonesian rupiah slipped a two-week low as the government's decision to cut its 2015 fuel subsidy costs failed to cheer investors on the dollar's strength and amid a slowing domestic economy. The Singapore dollar fell to a near 4-1/2-year low after the city-state's economic growth in the fourth quarter was far worse than expectations.South Korea's won slid as a weaker yen increased risk of intervention by the foreign exchange authorities. "It is hard to find any reason to sell the dollar," said Jeong My-young, Samsung Futures' research head in Seoul. "China's data is also sluggish, so there is no factor to add long Asia positions in advance," added Jeong, referring to data showing China's factory activity sputtered in December. Last year, emerging Asian currencies fell on expectations of the US Federal Reserve's interest rate hikes in 2015 with a solid economy. By contrast, China's economy kept slowing, darkening the outlook for exports of other Asian countries.
The rupee trimmed its early losses, but was still marginally down by 2 paise at 63.37 against the dollar in morning deals on some demand for the US currency from importers. The rupee resumed sharply lower at 63.43 as against yesterday's closing level of 63.35 at the Interbank Foreign Exchange (Forex) market. It slid further to 63.49 per dollar but later pared the losses to quote at 63.37 at 1030 hrs. It moved in a range of 63.36-63.49 per dollar during morning trade. "Rallying domestic equities largely lifted the rupee sentiment," a dealer said. In New York, the US dollar hit its highest level in nearly nine years against the basket of currencies in early trade, drawing strength from the US economy's outperformance and the diverging outlook for monetary policies among major economies. Meanwhile, the BSE 30-stock index, Sensex rallied by 328.42 points, or 1.19 per cent, in late morning trade.
Euro extends losses, falls to lowest since June 2010
The euro fell to its lowest level in 4-1/2 years versus the dollar on Friday, after the head of the European Central Bank fanned expectations it would take bolder steps on stimulus this month. The euro fell to $1.2035 on trading platform EBS, its lowest level since June 2010, and last traded at $1.2042, down 0.5 percent on the day. In an interview with German financial daily Handelsblatt, ECB President Mario Draghi said the risk of the central bank not fulfilling its mandate of preserving price stability is higher now than half a year ago, underlining its readiness to act early this year should it become necessary.
Asian currencies start 2015 weaker; rupiah hits 2-week low
Emerging Asian currencies resumed a depreciation trend early in 2015 as the dollar hit a near nine-year high against a basket of major currencies, helped by the easier monetary policies of other central banks.The Indonesian rupiah slipped a two-week low as the government's decision to cut its 2015 fuel subsidy costs failed to cheer investors on the dollar's strength and amid a slowing domestic economy. The Singapore dollar fell to a near 4-1/2-year low after the city-state's economic growth in the fourth quarter was far worse than expectations.South Korea's won slid as a weaker yen increased risk of intervention by the foreign exchange authorities. "It is hard to find any reason to sell the dollar," said Jeong My-young, Samsung Futures' research head in Seoul. "China's data is also sluggish, so there is no factor to add long Asia positions in advance," added Jeong, referring to data showing China's factory activity sputtered in December. Last year, emerging Asian currencies fell on expectations of the US Federal Reserve's interest rate hikes in 2015 with a solid economy. By contrast, China's economy kept slowing, darkening the outlook for exports of other Asian countries.
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