Rupee trimmed gains as importers stepped up demand for dollars.Some oil companies have been enquiring about buying dollars. . The over 2% fall in local shares also weighed on the Indian unit. Some banks also bought forward dollars noting the widening of India's trade deficit in April.The dollar continued to garner broad support, having rebounded on the prospect of eventual U.S. monetary tightening from 2 percent currently to deal with soaring inflation..The European currency showed weakness against the US dollar where the euro reached 1.5514, down from a 4-day high of 1.5569. Japanese yen advanced on speculation credit losses at banks are deepening, slowing growth and preventing policy makers from raising interest rates to fight inflation. pound plunged to new multi-day lows against its major counterparts .pound tumbled on news of problems at the UK's largest buy-to-let mortgage lendertherby showing a slump in Britain's property-market .
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment