Rupee opens marginally lower at 67.24 per dollar

Rupee opens marginally lower at 67.24 per dollar

The Indian rupee opened marginally lower at 67.24 per dollar on Thursday against previous close of 67.21. Mohan Shenoi of Kotak Mahindra Bank said, "Emerging Market and commodity currencies were supported by recovery of brent crude oil price to USD 41/bbl. Further easing of monetary policy by European Central Bank is expected in its meeting today." "We expect the USD-INR to trade in a range of 66.95-67.25/dollar today," he said. The euro slipped as investors await the outcome of the European Central Bank meeting, which they expect will result in interest rates falling deeper into negative territory. New Zealand's kiwi dollar dropped toward its worst week in two months after the nation's central bank unexpectedly cut interest rates to a record.

 

 

Yen eases after China February CPI rises faster than expected

The yen eased in Asia as China reported a faster gain in consumer prices for February that expected, casting a shadow on prospects for further monetary easing. USD/JPY changed hands at 113.59, up 0.22%, while AUD/USD changed hands at 0.7480, down 0.07%. Consumer prices in China rose at a faster pace than expected in February, setting the stage for a tighter corridor to ease monetary policy in the face of slowing growth. In China CPI for February rose 1.6%, above the gain of 1.1% expected month-on-month for a year-on-year pace of 2.3%, well above the 1.9% seen. Producer price data fell 4.9% year-on-year as expected.

FOREX MARKET UPDATES FOR MARCH 09, 2016

Rupee slips 13 paise; opens at 67.21 per dollar

The Indian rupee opened lower by 13 paise at 67.21 per dollar on Tuesday versus 67.08 Friday. Ashutosh Raina of HDFC Bank said, "The USD-INR pair continues to gain from recent lows on the back of improvement in risk sentiment, with oil and commodity prices moving higher, coupled with overall dollar weakness." "We expect the USD-INR pair to trade between 66.50-67.50/dollar in the near term," he said. The dollar fell against a basket of currencies as big gains in oil prices rekindled demand for the euro and commodity-sensitive currencies.

Aussie falls as China trade data far weaker than expected

The Aussie fell further as key trade partner Chine reported dismal February estimates of trade, though the Chinese New Year holiday slowdown was a key factor. AUD/USD traded at 0.7427, down 0.55%, while the safe-have yen gained with USD/JPY down 0.46% to 112.93. In China, trade data showed exports slumped 25.4% in February year-on-year, well below the 12.5% drop expected, and imports declined 13.8%, also below the 10% drop seen for a trade balance surplus of $32.59 billion, far short of the $50.15 billion expected.

Rupee extends rally, opens 12 paise higher at 67.74 per dollar

Rupee extends rally, opens 12 paise higher at 67.74 per dollar

The Indian rupee extended upmove on Wednesday by opening at 67.74 a dollar, up 12 paise compared to 67.86 in previous session. This consistent recovery is led by rally in equity markets on hopes of rate cut post pricing in Union Budget. NS Venkatesh of IDBI Bank said, "The USD-INR strengthened yesterday and will take cues from the way the equity market as well as the crude prices behave. The pair is expected to trade between 67.80-67.90/dollar."

EUR/USD extends slide, as high pressure builds on Draghi for further easing

EUR/USD fell slightly on Tuesday to drop to fresh one-month lows, as euro zone manufacturing activity last month expanded at its slowest pace in a year, intensifying the pressure on the European Central Bank to inject stronger easing measures at a highly-anticipated meeting next week. The currency pair traded between 1.0835 and 1.0894, before settling at 1.0868, down 0.0018 or 0.17% on the session. The euro has fallen against the dollar in each of the last three sessions and 11 of the last 13. Since surging to three-month highs on February 11, the euro has plummeted by more than 3.75% against its American counterpart. 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.

FX Market Roundup: How Far will GBP/USD and USD/JPY Fall?

Daily FX Market Roundup 2.24.16

By Kathy Lien, Managing Director of FX Strategy for BK Asset Management

It has been an incredibly active day in the foreign exchange market with many major currencies experiencing big moves. The focus has been on the British pound, Japanese Yen and Canadian dollar as there was zero consistency in the performance of the greenback. The U.S. dollar strengthened versus the GBP, AUD and NZD but weakened against JPY, CAD and CHF. 

 

The latest economic reports show the U.S. recovery losing momentum but there are more pressing problems abroad. 

 

New home sales may have fallen more than expected and service sector activity contracted for the first time in 28 months according to Markit Economics but the impact on the dollar was limited by the data's influence on Fed policy. 

 

According to the latest comments from U.S. policymakers, the Fed is far more worried about market volatility than the direction of the economy. 

 

Most Fed Presidents still feel confident that the recovery will gain momentum but market developments tightened financial conditions, making it increasingly difficult for the Fed to justify raising interest rates next month. 

 

For the Fed to move forward with tightening it is not data but rather the markets that need to stabilize so don't expect much reaction to Thursday's jobless claims and durable goods reports.

READ MORE : FOREX MARKET UPDATES

FOREX MARKET UPDATES FOR 23 FEB 2016

Rupee gains 8 paise; opens at 68.39per dollar

The Indian rupee opened higher by 8 paise at 68.39 per dollar on Thursday versus 68.47 Wednesday. Mohan Shenoi of Kotak Mahindra Bank said, "Despite better-than-expected US industrial production data, the next Fed rate hike is unlikely to be before June 16." "Given weak equity markets in India, the USD INR is expected to trade today in a range of 68.30-68.60/dollar," he added.

Yen rises , Aussie falls as global mood darkens

Australian dollar was the biggest loser on major currency markets on Thursday, as data there and revived concern about global growth sent stock markets lower and the yen higher against the dollar.
China’s yuan, one source of global financial nerves in January, inched lower after data showed producer prices sank 5.3 percent last month. It remained above the level reached against the dollar when the Lunar New Year holiday began two weeks ago.A bigger-than-expected rise in Australian unemployment offered more evidence of the global weakness that caused the poorest start to a year for stock markets since the 2008 crash. Expectations are growing of further easing by central banks, in which it is difficult to pick the currency winners. Expectations that the Reserve Bank of Australia would be pushed to cut interest rates drove the Aussie 0.7 percent lower in early trade in Europe to $0.7158 AUD=D4.

Yen rises , Aussie falls as global mood darkens

Rupee gains 8 paise; opens at 68.39 per dollar

The Indian rupee opened higher by 8 paise at 68.39 per dollar on Thursday versus 68.47 Wednesday. Mohan Shenoi of Kotak Mahindra Bank said, "Despite better-than- expected US industrial production data, the next Fed rate hike is unlikely to be before June 16." "Given weak equity markets in India, the USD-INR is expected to trade today in a range of 68.30-68.60/dollar," he added.

 

Yen rises , Aussie falls as global mood darkens

Australian dollar was the biggest loser on major currency markets on Thursday, as data there and revived concern about global growth sent stock markets lower and the yen higher against the dollar.
China’s yuan, one source of global financial nerves in January, inched lower after data showed producer prices sank 5.3 percent last month. It remained above the level reached against the dollar when the Lunar New Year holiday began two weeks ago.A bigger-than-expected rise in Australian unemployment offered more evidence of the global weakness that caused the poorest start to a year for stock markets since the 2008 crash. Expectations are growing of further easing by central banks, in which it is difficult to pick the currency winners. Expectations that the Reserve Bank of Australia would be pushed to cut interest rates drove the Aussie 0.7 percent lower in early trade in Europe to $0.7158 AUD=D4

Rupee gains 8 paise; opens at 68.39per dollar

Rupee gains 8 paise; opens at 68.39per dollar

The Indian rupee opened higher by 8 paise at 68.39 per dollar on Thursday versus 68.47 Wednesday. Mohan Shenoi of Kotak Mahindra Bank said, "Despite better-than expected US industrial production data, the next Fed rate hike is unlikely to be before June 16." "Given weak equity markets in India, the USD-INR is expected to trade today in a range of 68.30-68.60/dollar," he added

Yen rises , Aussie falls as global mood darkens

Australian dollar was the biggest loser on major currency markets on Thursday, as data there and revived concern about global growth sent stock markets lower and the yen higher against the dollar.China’s yuan, one source of global financial nerves in January, inched lower after data showed producer prices sank 5.3 percent last month. It remained above the level reached against the dollar when the Lunar New Year holiday began two weeks ago. A bigger-than-expected rise in Australian unemployment offered more evidence of the global weakness that caused the poorest start to a year for stock markets since the 2008 crash. Expectations are growing of further easing by central banks, in which it is difficult to pick the currency winners.Expectations that the Reserve Bank of Australia would be pushed to cut interest rates drove the Aussie 0.7 percent lower in early trade in Europe to $0.7158 AUD=D4.

DAILY FOREX REPORT FOR 16 FEB 2016

Rupee opens marginally higher at 68.19 per dollar

The Indian rupee has opened marginally higher at 68.19 a dollar on Monday against Friday's close of 68.23 a dollar. Agam Gupta of Standard Chartered feels USD INR should open broadly unchanged from Friday's close. He expects a rangebound day with importers picking up USD on any dips to Rs 68.00-68.05/USD and exporters are looking to hedge their receivables if it gets an intraday spike to Rs 68.35-68.40/USD. Gupta says global equities ended Friday in the positive and that should keep local
sentiment risk positive for the day. He expects the USD-INR to trade in a Rs 68.00-68.40/USD range for today.

Yuans hits 2016 high against $ after PBOC speaks on FX strategy

The yuan hit a 2016 high on Monday, after the People's Bank of China (PBOC) set its official midpoint rate sharply stronger against the dollar and the central bank governor talked up the currency. The PBOC set the yuan at 6.5118 per dollar prior to the market open on Monday, up from 6.5314 on February 5, the final fix before the weeklong Lunar New Year holiday. The central bank sets a daily midpoint, or reference rate, and allows the yuan to trade 2 percent above or below this point, as the country makes the transition to a market based currency valuation.The spot market opened on Monday at 6.5300 yuan per dollar andthe yuan hit an intraday high of 6.4988 in late morning trade, before trimming some gains; it was changing hands at 6.5020 at midday, up 1.1 percent on the previous close

FOREX MARKET UPDATES FOR 11 FEB 2016

Rupee opens flat at 67.90 per dollar

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 surges to 3 month high ahead of Yellens’s capitol hill appearance

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.

FOREX MARKET UPDATES FOR 04 FEB 2016

Rupee slips below 68/$; opens lower by 21 paise at 68.19/$

The Indian rupee slipped below 68 mark in the early trade on Wednesday. It has opened lower by 21 paise at 68.19 per dollar against previous close of 67.98. Pramit Brahmbhatt of Veracity said ,"Taking cues from global equity market sell-off, expect rupee to depreciate further and will head towards 68.50/dollar mark. The range for the day will be 67.5-68.25/dollar. "US dollar fell against the euro and yen after a drop in oil prices suggested US inflation would stay low and prevent the Federal Reserve from hiking interest rates at a steady pace this year.

Ruble fell amid sink in oil prices

The Russian ruble declined yesterday as further drop in oil prices along with speculation over Russian central bank could delay a return to a rate-cutting cycle to avoid stoking inflation. USDRUB gained by 0.12% to 0.78 yesterday. Oil prices plunged over 5% both WTI and Brent yesterday as worries about the demand outlook and rising supply. However, Russian central bank left its monetary policy unchanged on 29th Jan meeting and policy makers argued that volatility in ruble largely due to volatile in oil prices Russian ruble tumbled all time low two weeks back, when oil prices plunged to multiyear low. Further any talk between Russia and OPECs for production cut, will support the oil, which is positive for Ruble. Technically speaking, USDRUB has crucial resistance at 80.80. If prices breach this level, it can further rally towards 82.10. On the lower side, it has a support around 76.10 levels.

Rupee opens at 68.15 per dollar ; slips 10 paise

Rupee opens at 68.15 per dollar ; slips 10 paise

The Indian rupee opened lower by 10 paise at 68.15 per dollar on Thursday against previous close of 68.05. Mohan Shenoi of Kotak Mahindra Bank said, "As expected, the FOMC has kept policy rates
unchanged. Due to adverse global financial developments, odds of a hike in March have also fallen. Number of hikes anticipated this year has fallen to 2-3 from 3-4 earlier." He further added, "The rupee is impacted more by global developments than any local factors."The dollar weakened against the euro and the yen after the Federal Reserve left interest rates unchanged.

Yuan holds steady afterstronger PBOC fixing, shares down

The yuan is barely changed Thursday. The People's Bank of China set a stronger fixing for a fifth consecutive session. The yuan was last at 6.5781 against the U.S. dollar compared with Wednesday's official close of 6.5780. The PBOC set the yuan fixing at 6.5528 compared with Wednesday's 6.5533. Shares fell with investors are still cautious. The Shanghai Composite Index was last down 0.74% to 2,715.27. Hong Kong's Hang Seng Index was last up 0.52% to 19,151.03

DAILY FOREX REPORT UPDATES FOR 28 JANUARY 2016

Rupee opens marginally lower at 67.90 per dollar

The Indian rupee opened marginally lower by 7 paise at 67.90 per dollar on Wednesday versus 67.83 Monday. Pramit Brahmbhatt of Veracity said, "We have a positive stance on the rupee for the day as it will take cues from the positive domestic as well as global equity market." "We expect the rupee to maintain support at 68/dollar levels and resistance at 67.60/dollar for the day," he added.

Aussie rebounds as Q4 CPI comes in above expectation

The Aussie rebounded on Wednesday in Asia after consumer prices gained more than expected in the fourth quarter while investors await the results of the Federal Reserve policy meeting later in the day. AUD/USD traded at 0.7031, up 0.36%, while USD/JPY changed hands at 118.19, down 0.20%. In Australia, the MI Leading Index fell 0.3% month-on-month for January, the same pace as the previous month. Also in Australia, CPI showed a 0.4% rise quarter-on-quarter, above the 0.3% gain seen, and rose 1.7% year-on-year, also above the 1.6% expected. The trimmed mean rose 2.1% and the weighted mean gained 1.9%, both year-on-year. At the same time, the December NAB Business Confidence survey came in at plus-3, down from the previous plus-5, and the NAB Business Survey came in at plus-7, from plus-10. 

 

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Rupee recovers ; opens opens higher at 67.78 per dollar

Rupee recovers ; opens opens higher at 67.78 per dollar

The Indian rupee recovered in the early trade on Friday post breaching 68 level in the yesterday's session. It opened higher by 24 paise at 67.78 per dollar versus 68.02 Thursday. 

 

Pramit Brahmbhatt of Veracity said, "A rebound in global as well as domestic equity market will help rupee gain. The range for the USD INR is seen between 67.60-68.10/dollar levels today."

Russian rouble tumbles to record low, stocks fall again

Russia's rouble fell sharply to a new record low on Thursday, following the latest slide in oil prices, and selling pressure remained firmly on emerging market stocks already suffering their worst start to a year. 

 

The benchmark emerging equity index was down 0.7 percent to fresh six - and - a -half year lows, led lower by Chinese mainland stocks and Russian shares , with dollar-denominated stocks touching a 13 - month low. 

 

The rouble plunged through 83 to the dollar for the first time on record in early Moscow trading and didn't stop until it had gone past, weakening 4.4 percent on the day. 

 

As well as the sell off in currencies and stocks, EM dollar - bond spreads over safe -haven U.S. treasuries have blown out to 514 basis points (bps), the highest in almost seven years

DAILY FOREX REPORTS FOR 22 JANUARY 2016

Rupee rebounds ; opens 7 paise higher at 67.88per dollar

The Indian rupee rebounded in early trade on Thursday after hitting a 28-month low in previous session. The currency has opened higher by 7 paise at 67.88 per dollar against 67.95 Wednesday. Mohan Shenoi, Kotak Mahindra Bank says current risk-off phase, concerns regarding Chinese slowdown, strong dollar, high dollar debts outside US and increased risk of dollar squeeze, widening credit spreads and plummeting oil and share prices could force the Federal Reserve not to implement another rate hike in March. However, potential intervention from Bank of Japan and caution before European Central Bank meeting later today could temper the negative sentiment, he adds. Shenoi expects USD-INR to trade today in a range of Rs 67.75-68.20/USD.

Russian rouble tumbles to record low, stocks fall again

Russia's rouble fell sharply to a new record low on Thursday, following the latest slide in oil prices, and selling pressure remained firmly on emerging market stocks already suffering their worst start to a year. The benchmark emerging equity index was down 0.7 percent to fresh six-and-a-half year lows, led lower by Chinese mainland stocks and Russian shares , with dollar-denominated stocks touching a 13-month low. The rouble plunged through 83 to the dollar for the first time on record in early Moscow trading and didn't stop until it had gone past, weakening 4.4 percent on the day.As well as the sell off in currencies and stocks, EM dollar-bond spreads over safe-haven U.S. treasuries have blown out to 514 basis points (bps), the highest in almost seven years

FOREX MARKET UPDATES FOR 19 JANUARY 2016

Rupee slips to fresh 2-year low; opens lower by 10 paise 

The Indian rupee slipped to a fresh two years low on Monday. It has opened lower by 10 paise at 67.70 per dollar versus 67.60 Friday. The rupee fell to a fresh over two-year low on Friday against the US dollar. It was down 1.45 percent last week, which is biggest weekly decline since week ended August 14, 2015. The safe-haven yen got off to a flying start today as Asian equities tumble following a big selloff on Wall Street. The dollar index slipped below the 99 mark.

 

China’s yuan firm as PBOC takes fresh step to curb speculation

China's yuan firmed on Monday as the central bank announced new moves to curb offshore speculation in the currency, while stocks were volatile after the securities regulator blamed immature markets and inexperienced investors for their latest meltdown. The People's Bank of China (PBOC) said it would start implementing a reserve requirement ratio for some banks involved in the offshore yuan market, in a move that seemed intended to soak up additional liquidity.The spot market opened at 6.5800 per dollar on Monday and was changing hands at 6.5792 in early trade, 48 pips below the previous close and 0.31 percent away from the midpoint, which was set at 6.559. The offshore yuan (CNH) was trading 0.18 percent away from the onshore spot at 6.591 per dollar, firmer than the previous day's close of 6.6165. 

FOREX MARKET UPDATES FOR 15 JAN 2016

Rupee falls to weakest since 2013 crisis levels

The rupee fell on Thursday to its weakest since September 2013, when the country was still in the midst of its worst market turmoil in more than two decades, tracking falls in most Asian currencies against the dollar as oil prices plunged. The falls prompted the Reserve Bank of India to sell dollars through state-owned banks to curb the rupee's decline. The rupee was trading at 67.1350/1425 to the dollar at 9.39 a.m., after earlier weakening to as low as 67.1450, its weakest since September 4, 2013. That was the weakest since the rupee hit a record low of 68.85 in August 2013 when the country was suffering from its worst market turmoil since the 1991 balance of payment crisis. The USD/INR pair had closed at 66.8450/66.8550 on Wednesday.

 

Aussie down after jobs, yen gains despite weak machinery orders

The Aussie traded weaker after mixed jobs data and the yen gained despite weak core machinery orders in Asia on Thursday. USD/JPY changed hands at 117.45, down 0.19%, and AUD/USD traded at 0.6939, down 0.27%. The People's Bank of China set the yuan's central parity rate against the U.S. dollar at 6.5616 Thursday, slightly stronger than Wednesday's 6.5630.In Australia, the employment change showed a drop of 1,000 jobs, less than the decline of 12,500 jobs seen, and the unemployment rate held steady at 5.8%. The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was quoted at 98.94, up 0.02%. 

FOREX REPORT UPDATES FOR 12 JAN 2016

Rupee declines 27 paise; opens at 66.90 per dollar

The Indian rupee declined in early trade on Monday. It has opened lower by 27 paise at 66.90 per dollar versus 66.63 Friday. Agam Gupta of  StanChart said, "We expect the USD-INR pair to trade between 66.75-67.10/dollar range today." The yen jumped to 117 per dollar, its strongest level since August. The dollar index was at around 98 mark.

China turns Yuan sharply higher, Yen eases

China's yuan again dominated moves on major foreign exchange markets on Monday, driven 1 percent higher against the dollar in offshore trade after reports of another round of aggressive intervention by Beijing. With  Chinese stocks sinking a further 5 percent, global financial markets were struggling to shake off the jitters from last week's fall in the yuan. The dollar was higher against the euro while the yen hit five - month highs in Asian trade only to retreat after the People's Bank of China (PBOC) made moves in Hong Kong markets to support the yuan. The Australian dollar, the main proxy for Chinese sentiment in the G10 list of major developed world currencies, recovered from a four - month  low to stand 0.3 percent higher at $0.6977 . The dollar built on its gains against the yen in early European trade, up 0.3 percent at 117.68 yen.  Earlier on Monday it touched a low of 116.70 yen, the lowest since late August. The euro eased 0.4 percent to $1.0882, still above Friday's low of $1.0803. 

 

 

DAILY FOREX REPORT UPDATES FOR 07 JAN 2016

Rupee pares initial losses, still down 11 paise vs dollar

The rupee pared its initial losses but was still down by 10 paise at 66.70 against the American currency in late-morning deals on sustained bouts of dollar demand from importers amid volatile equities. Earlier, the rupee resumed lower at 66.69 as against last yesterday's closing level of 66.60 at  the Interbank Foreign Exchange (forex) market. Later, it fell on heavy bouts of dollar demand from importers to 66.82 before quoting at 66.70 at 1030 hours. The domestic unit moved in a range of 66.69 and 66.82 during the morning deals. Overseas, the US dollar traded mostly higher against major rivals in early trade, despite the Japanese yen vaulting to a near three-month high against the dollar and multi-month highs versus other currencies as investors sought shelter in low-risk assets after weak economic news from China and a possible nuclear test in North Korea.

 

Offshore Chinese yuan plunges to five year low against dollar

The Chinese yuan plunged to a five-year low in offshore trading and the gap between it and its mainland counterpart widened sharply on Wednesday, reflecting growing expectations of further weakness in the currency as China's economy slows and capital outflows accelerate amid a stock slump. The offshore yuan slumped to 6.6650 against the dollar, the lowest rate since the last quarter of 2010. The onshore yuan rate was 6.5418 against the dollar. The latest trigger for the slump came after the People's Bank of China (PBOC) set the official dollar/yuan midpoint rate at 6.5314, the weakest fixing since 2011. The fix represented a 0.22 percent decline from the previous session, a faster pace than witnessed recently.

DAILY FOREX REPORT FOR SEPTEMBER 02, 2015

Rupee advances in late morning deals, up 24 paise vs USD
The rupee firmed up further by 24 paise to 66.24 against the US currency in late morning deals following sustained bouts of dollar selling by exporters and banks.

The rupee opened higher at 66.38 per dollar against yesterday's closing level of 66.48 at the Interbank Foreign Exchange (Forex)market.

It gained further to 66.23 on bouts of dollar selling by exporters before quoting at 66.24 per dollar at 1045 hrs. It moved in a range of 66.46 and 66.23 during the morning trade. 

 

Globally, the US dollar was lower in early Asian trade as nervous investors look to upcoming data from China and the United States to gauge whether they need to further wind back carry trades, bets in risk assets funded by these currencies. FOREX TIPS
 

Dollar sags against yen and euro, off 1.5% in August
The dollar eased against the safe haven yen and the low yielding euro on Monday as investors around the world knocked down equities and trimmed bets against currencies popularly used to fund risky carry trades.

The dollar shed 0.4 percent to 121.19 yen, down about 2.2 percent for August but well above a sevenmonth low of 116.15 touched a week ago.

The euro rose 0.5 percent to $1.1236, below last week's high of $1.1715 but still up 2.4 percent for the month. The dollar was up 0.4 percent against the Swiss franc to 0.9657 franc and off 0.3 percent against the pound at $1.5342.

DAILY FOREX TIPS UPDATES FOR AUGUST 13, 2015

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.
 

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. 

 

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.

READ MORE : SHARE MARKET TIPS