MARKET HEADLINES
- Rupee down on fresh dollar by importers
The rupee declined by 20 paise at 62.56 against the US dollar in early trade today at the Interbank Foreign Exchange due to appreciation of the American currency overseas. Forex dealers said fresh demand for the dollar from importers also weighed on the local currency but a higher opening in the domestic equity market limited the rupee's losses. On Friday, the rupee had lost 6 paise to end at 62.36 against the US dollar on fresh demand for the American currency from importers amid fall in global crude oil prices.
- Euro dips, China boost for Aussie dollar fades
The euro slid just over half a percent against the dollar in a slack start to the week on Monday dominated by the fallout of new economic stimulus in China and concerns over Greece. The dollar's worst performance in a month last week had added to a growing number of signals casting doubt on its ability to extend a year-long rally against other major currencies. But allied to the programme of money-printing embarked upon by the European Central Bank, the risk of Greece leaving the single currency within months still looks to make the euro a good bet for more weakness. IMF meetings over the weekend did nothing to ease those fears and the euro eased 0.6 percent to $1.0740 in morning trade in Europe. China is the biggest export market for both Australia and New Zealand and an easing of demand there has been at the heart of a steady slide which for the Aussie now dates back two years. The latter touched a near one-month high of $0.7844 in Asia deals after the China move. It last traded at $0.7785, flat on the day. The kiwi did slightly better, up 0.4 percent at $0.7693.
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