Rupee hits 2 year low against US dollar
Extending its recent slide, rupee depreciated 75 paise to 64.94 against the US dollar in trade today. This was the lowest level the domestic currency hit since September 2013.
Extending its recent slide, rupee depreciated 75 paise to 64.94 against the US dollar in trade today. This was the lowest level the domestic currency hit since September 2013.
Rupee has seen high volatility after a 1.9 percentage point cut in the daily reference rate by the Chinese central bank on Tuesday, in a bid to revive the world'ssecond economy from a sharpest economic slump in about 25 years. On Wednesday, most Asian currencies were trading weak, with Malaysian Ringgit tumbling beyond 4/dollar for first time since 1998
Dollar drops as China move raises doubts over Fed hike timing
The dollar fell 0.6 per cent against a basket of currencies on Wednesday, coming under pressure as Treasury yields dropped on doubts over whether the U.S Federal Reserve will raise interest rates in the wake of China's devaluation of the yuan.
Dollar drops as China move raises doubts over Fed hike timing
The dollar fell 0.6 per cent against a basket of currencies on Wednesday, coming under pressure as Treasury yields dropped on doubts over whether the U.S Federal Reserve will raise interest rates in the wake of China's devaluation of the yuan.
The yuan extended its losss, dragging the growth linked Australian and New Zealand dollars to six year lows with it, while another set of disappointing Chinese data bolstered safe haven currencies such as the yen.
The euro, meanwhile, rose, helped by the unwinding of euro - funded carry trades in the yuan.
The single currency hit a one month high of $1.11385,up 0.8 per cent on the day. The dollar index fell to 96.691, while the greenback shed 0.5 per cent to trade at 124.42 yen.
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