DATE: 16/04/2015
MARKET HEADLINES
- Rupee recovers 13 paise to Rs 62.38 against dollar in early trade
The rupee recovered by 13 paise at 62.38 against the US dollar in early trade today at Interbank Foreign Exchange after the Greenback weakened overseas due to disappointing American retail sales data. Forex dealers said besides increased selling of the US dollar by exporters, a higher opening in the domestic equity market, supported the rupee. The rupee had lost 20 paise to close at over one-week low of 62.51 against the American currency on Monday following sustained dollar demand from importers amid strong overseas cues.
- Dollar takes back some ground lost on US retail sales miss
The dollar took back some ground lost after a surprisingly weak US retail sales report, while the Australian dollar edged lower on Wednesday after downbeat Chinese economic data. China's annual economic growth slowed to a six-year low of 7.0 percent in the first quarter, with other key indicators slumping to new multi-year lows. The Australian dollar slipped as low as $0.7583 from a session high of $0.7629, pulling closer to this month's six-year low of $0.7534 as investors feared for their country's resource exports if Chinese demand were to weaken further. Overnight, the US dollar snapped six straight sessions of gains after US retail sales data failed to meet the market's lofty expectations. Sales rose 0.9 per cent in March, undershooting the consensus forecast of a 1.0 percent gain, while core sales were much softer. The data dealt a fresh blow to the dollar index, which had appeared to be back on track to test a 12-year high of 100.390 set last month, climbing as high as 99.990 on Monday. It last stood at 99.041, up about 0.3 percent on the day and well off its overnight low of 98.371.
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