DATE: 17/04/2015
MARKET HEADLINES
- Rupee marginally up as dollar weakens against other currencies
The rupee edged higher by 2 paisa at 62.36 against the dollar in early trade today at the Interbank Foreign Exchange after the American currency weakened overseas amid a higher opening in the domestic equity market. Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies on worse-than-expected US industrial production data, supported the rupee. The rupee had ended 15 paise higher at 62.36 against the American currency yesterday on fresh selling by banks and exporters on the back of lower dollar in overseas markets.
- Dollar struggles as weak US data clouds rate-hike picture
The dollar faced selling pressure Thursday as a batch of weak US data raised the possibility that the Federal Reserve will push back an interest rate hike beyond mid-year. In Tokyo, the greenback briefly slipped below the 119 yen level before recovering to 119.22 yen by midday, against 119.14 yen in New York. It was above 120 yen earlier this week. The euro climbed to $1.0698 and 127.48 yen from $1.0684 and 127.29 yen in US trade. US industrial production fell 0.6 per cent in March, according to the Fed, twice the decline projected by analysts. Also, the New York Fed said its Empire State index on manufacturing activity plunged into negative territory in April for the first time since December. The data came on the heels of a disappointing US retail sales report that had dented the dollar on Tuesday.
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