- Rupee falls 15 paise against dollar in early tradeThe rupee declined by 15 paise to 61.51 in early trade today at the Interbank Foreign Exchange on fresh dollar demand from banks and importers amidst strengthening of the American currency overseas. Forex dealers said besides the dollar gaining against other currencies in the global markets, increased demand for the American unit from importers weighed on the rupee but surging domestic equity markets, capped the fall. The rupee gained nine paise to close at 61.36 against the dollar in the previous session on Friday. Meanwhile, the benchmark BSE Sensex opened higher by 103.99 points, or 0.37 per cent, to reach a new lifetime high of 27,969.82 in early trade today.
- US dollar trades near seven-year high against yen
The
US dollar traded near a seven-year high against the yen Monday after
Japan's surprise decision last week to widen its stimulus and
speculation that US interest rates could be hiked sooner than later.
The greenback bought $112.74 -its highest since December 2007 -- in
Singapore late-morning trade, compared with $112.35 yen in New York
late Friday. The euro was at
$1.2476 against $1.2525, while it also bought 140.68 yen compared
with 140.71 yen. Japanese markets were closed for a public holiday.
Singapore's United Overseas Bank (UOB) said "the dominant
influence on markets" was the Bank of Japan's surprise
announcement on Friday that it would expand its already vast
asset-purchasing scheme in a bid to kickstart the economy.
Policymakers
at Japan's central bank said they would add up to 20 trillion yen to
the scheme, bringing it to 80 trillion yen annually. The
decision follows a string of poor data that has fanned fears the
world's number three economy, which contracted in April-June, may
contract in the following three months, technically putting it in
recession. In the United States,
UOB said dealers are focused on US jobs data that will be released on
Friday.
"The
US jobs data could swing market expectations for the Federal
Reserve's future course of interest rate actions," the Singapore
lender said. The Fed's optimistic
comments on the state of the jobs market last week were seen as more
hawkish than in the past, fuelling speculation of a possible earlier
rate hike. The US central bank said in a policy statement last week
it would keep near-zero interest rates for "a considerable time"
after the end of the quantitative easing programme, sticking to its
timetable of an increase well into 2015. UOB said the US unemployment
rate is expected to remain unchanged at 5.9 percent, while the
non-farm payrolls data will likely show an addition of 215,000 jobs
in October, compared with 236,000 jobs in September.
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