Rupee depreciates against US dollar
Rupee depreciated 3 paise to 63.78 against US dollar in early trades today, tracking strong gains in the greenback against major world currencies. Data released overnight showed that the US services sector expanded at its fastest pace in 10 years, raising the chances of rate hike by the Federal Reserve in its September policy review. US Markit services PMI rose to 55.7 in July from June's five month low of 54.8. Dollar index, which tracks the movement of dollar against atrade weighted basket of six major world currencies, stood at 97.85.
Rupee depreciated 3 paise to 63.78 against US dollar in early trades today, tracking strong gains in the greenback against major world currencies. Data released overnight showed that the US services sector expanded at its fastest pace in 10 years, raising the chances of rate hike by the Federal Reserve in its September policy review. US Markit services PMI rose to 55.7 in July from June's five month low of 54.8. Dollar index, which tracks the movement of dollar against atrade weighted basket of six major world currencies, stood at 97.85.
Dollar edges down but close to highs, sterling awaits BOE update
The dollar inched lower against a basket of currencies while staying near a more than three month high on Thursday, after US data provided more evidence that the US Federal Reserve could hike interest rates as early as next month. The dollar index, which tracks the greenback against a basket of
six major rivals, was down about 0.2 per cent on the day at 97.799, but remained in sight of the previous session's high of 98.218, its strongest level since April 23. The dollar was a few ticks lower against the yen at 124.790 yen after briefly popping above 125.000 on Wednesday for the first time since early June. It also hit a fresh six year high on the New Zealand dollar, which skidded as low as $0.6490 on Wednesday, but had last recovered to $0.6538.
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