Dollar on track for 1% weekly gain; sterling went down 2.4%

Today, Dollar was on trailled for a weekly gain of over 1 per-cent against a basket of currencies after a chorus of US Fed Reserve officials indicated more interest rate increases than the market had been pricing in.

The latest was St. Louis Fed President James Bullard, who told in reports on yesterday that another US(United States) interest rate increase "may not be far off" & noted labour market improvement.

The dollar index, which tracks the greenback against a basket of six rival currencies, added about 0.2 per-cent to 96.285. It was assured to increase by 1.3 per-cent for the week, its first such gain this month.

The US dollar edged up 0.1 per-cent as compared to yen to 113.04 . It went up by 1.3 per-cent for the week and well above previous week's 17-month low of 110.67 yen.

The euro slipped by 0.1 per-cent to $1.1162, below last week's one-month peak of $1.1342. It was on track to lose by 0.9 per-cent in a week marred by attacks on Brussels for which Islamic State claimed responsibility.

Sterling went last down 0.3 per-cent at $1.4113, on track for a 2.5 per-cent loss on the week.

Read More : Nifty futures tips

Continue reading →

People's Bank of China bolsters Yuan for 5th back to back day

People's Bank of China bolsters Yuan for fifth consecutive day today via its fix, most probably in an attempt to keep it balanced against Dollar and against basket of currencies. Yuan's movement just few weeks back, might have spooked that Chinese government, when Yuan dropped to lowest level in 5 years and spread between offshore and onshore counterpart widened to record More 2%.


Today, People's Bank of China strengthen fix by 0.01% to Yuan 6.5528 per Dollar.


Latest movement in Yuan indicates that People's Bank of China might be micro-managing the currency. In last nine trading days USD/CNY has lurked from 6.587 to 6.552/$.


It has taken other steps to curb excessive shorting of Yuan, especially in Hong Kong market. It is regularly draining monetization from that market via state run banks and requested information on transactions and activity of speculators and to restrict lending.


China's state run media has also taken fire and swords to speculators, even of a well known billionaire investor Mr. George Soros, known as man who broke Bank of England.


People's Bank of China's efforts however had little impact on offshore Yuan for past five days, which is not that volatile anymore but spread is again rising from parity.

Click For Free trial

Continue reading →

Rupee down by 13 paise against USD at 67.96 27 Jan

Indian currency : Today, the INR(rupee) depreciated 13 paise to 67.96 against the US(United States) dollar in early trade ahead of the outcome of US Federal Reserve's two-day policy meet later in the day.

The local currency ended at 67.83 against the greenback on day before yesterday.

The currency market was closed on yesterday on account of celebrations of Republic Day. Experts & traders hopes that given the Fed policy outcome on yesterday and Bank of Japan's policy review on Friday last week, the currency may remain volatile in the extreme short term. RBI intervention will hold the key, they told.

Click For Free Trial

Continue reading →

Bullion tips : INR(Rupee) trades higher compared to USD

Today's Bullion tips & currency updates : Floating near to its two-year low, the INR(rupee) edged 1 paisa high to 66.28 as compared to the Dollar of US  in early trading, today amid mixed sentiment in Asian currencies & continuing concerns over the depreciating yuan of China.

The reports were suggesting that the US Fed is concerned over falling commodity prices and its impact on the US inflation. This may slow down the flow of Fed rate increase & could be positive for currencies world wide.

Click For Free Trial

Continue reading →

Share tips, Currency updates, INR(Rupee) rises 18 paise against USD

Share tips & currency updates : Cracking a 2-day losing streak, the INR(rupee) went high by 18 paise to 66.75 in early trade on yesterday, as Asian currencies recovered amid reports that the Chinese central bank, PBoC, was intervening to support the tumbling yuan.

The local currency went down by 11 paise to close at a 3-week low of 66.93 against the greenback in the preceding session on persistent dollar requirement from banks and importers.

The Malaysian ringgit rose 1 per-cent to 4.35 against the USD. The Taiwan dollar & the Korean won ahead 0.81 per-cent & 0.72 per-cent, respectively. The Indonesian rupiah rose 0.51 per cent. The Singapore dollar gained .36 per-cent.

Read More : Share tips

Continue reading →

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.

 

Click For Free Trial

Continue reading →