India’s rupee hits record low against the dollar
India’s rupee hit a record low of 57.54 against the dollar on Monday, on growing demand for dollars among oil importers, while the greenback was also boosted by upbeat US jobs data.
India’s rupee hit a record low of 57.54 against the dollar on Monday, on growing demand for dollars among oil importers, while the greenback was also boosted by upbeat US jobs data.
The dollar strengthened in Asian trade Monday thanks to a better-than-expected US jobs report, as traders turn their focus to an upcoming policy meeting at the Bank of Japan.
The dollar was mixed in Asian trading on Monday as it faced pressure from data that showed US consumer spending was down in April although shoppers’ confidence climbed.
The peso strengthened back to the 40-to-a-dollar territory Friday to hit its highest finish in four weeks as financial markets cheered the decision of Standard & Poor’s to give the Philippines an investment-grade rating.
The dollar traded close to the 100-yen level in Asia on Monday after G20 finance leaders gave a cautious thumbs up to Tokyo’s efforts to stoke growth with huge monetary easing.
The peso strengthened on Wednesday following reports that the US services sector grew in February.
The Philippine peso remained one of the fastest appreciating Asian currencies in the first two months of 2013 on the back of a surge in foreign “hot money.”
The Philippine peso remained one of the fastest appreciating Asian currencies in the first two months of 2013 on the back of a surge in foreign “hot money.”
The Bangko Sentral ng Pilipinas may further cut the interest rate on special deposit accounts (SDAs) as it hopes to reduce mounting pressures on the peso.
The yen weakened in early Asian trade Monday after a G20 meeting ended with the world’s leading economies pledging not to devalue their currencies, but without targeting Tokyo over the yen’s plunge.
The world economy faces a new threat. Instead of a banking collapse or too much debt, fears are growing that countries are using their currencies as an economic weapon.
The strength of the euro, the state of the global monetary system and controversy over a so-called “currency war” will dominate the economic stage at eurozone and G20 ministerial meetings this week.
