The Indian rupee opened flat at 67.90 per dollar on Wednesday versus previous close of 67.90. NS Venkatesh of IDBI Bank said, "The rupee closed at 67.90/dollar yesterday aided by dollar sales by banks. The market was volatile with the rupee touching intraday levels of 68.20/dollar." "Volatility is expected even today, and the rupee will take cues from movement in the equity market." "We expect the rupee to trade in a range of 67.85-68.10/dollar today," he added. The US dollar fell to its lowest level in nearly four months as fears of a global economic slowdown pushed investors into safe haven currencies like the Japanese yen and Swiss Franc.
EUR/USD surged nearly 1% on Tuesday, jumping to its highest level in three months, as the dollar continued its prolonged slump ahead of a highly-anticipated appearance by Federal Reserve chair Janet Yellen. The currency pair traded in a broad range between 1.1163 and 1.1338 before settling at 1.1290, up 0.0103 or 0.91% on the session. At session highs, the euro reached its highest level since October 21. Since slipping below 1.08 in late-January the euro has soared nearly 4% against the dollar. During that span, EUR/USD has closed higher in 10 of the last 12 sessions. The euro opened 2016 just below 1.09 against its American counterpart after plunging nearly 10%, a year earlier. EUR/USD likely gained support at 1.0538, the low from December 3 and was met with resistance at 1.1496, the high from Oct. 15.
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