The rupee opened higher by 7 paise at 67.30/$ against US Dollar on Monday as against the previous close of 67.37/$. The local unit had hit a high of 67.34 and a low of 67.38.
The Indian rupee opened higher by 7 paise at 67.30/$ against US Dollar on Monday as against the previous close of 67.37/$. On Friday, rupee extended the weakness, as various emerging market currencies remained on the defensive, weighed by the reinforced perception of a rate hike by US Fed in June.
In Japan, the government reported that the country’s exports during April contracted 10.1% on yoy basis, the seventh consecutive monthly decline. Recent appreciation in Yen (in addition to gloomy global economic landscape) also aggravated the weakness. This worsens Japanese regime’s efforts to revive a sagging economy. As a result, Japanese Yen is definitely going to remain under pressure, with the retest of 112‐113 levels not ruled out in the coming days.
In China, home prices during April posted their fastest rate of growth in two years. Average new home prices in 70 cities climbed 6.2% on yoy basis, up from March's 4.9% rise. Chinese Yuan is gradually losing ground, with values on the verge of breaching 6.55 levels in the offshore markets.
On Friday, the Indian currency ended lower by 8 paise at 67.37/$. The local unit had hit a high of 67.34 and a low of 67.38. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.40 and for Euro stood at 75.54. The RBI’s reference rate for the Yen stood at 61.17; reference rate for the Great Britain Pound (GBP) stood at 98.4555.
In Japan, the government reported that the country’s exports during April contracted 10.1% on yoy basis, the seventh consecutive monthly decline. Recent appreciation in Yen (in addition to gloomy global economic landscape) also aggravated the weakness. This worsens Japanese regime’s efforts to revive a sagging economy. As a result, Japanese Yen is definitely going to remain under pressure, with the retest of 112‐113 levels not ruled out in the coming days.
In China, home prices during April posted their fastest rate of growth in two years. Average new home prices in 70 cities climbed 6.2% on yoy basis, up from March's 4.9% rise. Chinese Yuan is gradually losing ground, with values on the verge of breaching 6.55 levels in the offshore markets.
On Friday, the Indian currency ended lower by 8 paise at 67.37/$. The local unit had hit a high of 67.34 and a low of 67.38. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.40 and for Euro stood at 75.54. The RBI’s reference rate for the Yen stood at 61.17; reference rate for the Great Britain Pound (GBP) stood at 98.4555.
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