Monday, January 4, 2016

Currency tips & updates for 4 Jan, 2016
 Today, the local currency ended at 66.14 against the greenback on last day of trading previous week.

Chinese yuan dropped down to a fresh five-year low against the US dollar in morning trade after China told manufacturing PMI contracted in Dec to 48.2, in comparison to 48.6 in November month. A value below 50 suggests contraction.

Most other Asian broken down in trade after weak Chinese manufacturing data indicated a further weakening in the world's 2nd biggest economy. Japan's Nikkei slumped 2.6 per-cent while the South Korean Kospi lost 1.53 per-cent. Hong Kong's Hang Seng index slided over 500 pts. China's Shanghai Composite traded down by 3.33 per-cent.
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