Rupee bounces back at 81.55 against dollar
The rupee recovered against the dollar on Tuesday to bounce back from heavy losses in the previous session as a UK policy U-turn helped broadly improve global market sentiment and propelled the pound significantly from last week’s historic lows. Pushed to achieve, which put the greenback down.
According to Bloomberg, the domestic currency settled at 81.55 per dollar after opening at 81.65, compared to its previous close of 81.88, which was not far from the greenback’s record low of 81.95.
PTI reported that the domestic currency rose 31 paise to 81.51 against the US dollar in early trade.
However, rising crude oil prices in the international market limited the rupee, forex traders told PTI.
As US economic data revealed a slowdown in manufacturing, the dollar lost its appeal due to a drop in Treasury yields, which suggested the effects of the Federal Reserve’s rapid rate hike had already been felt.
Sterling’s recovery has calmed some market panic, but the dollar’s continued gains keep several major currencies near historic lows and governments in Asia on edge.
For example, Japan’s currency rose to $145 on Monday – a level that prompted government intervention last week. It was trading at 144.71 last time.
At $0.9823, the euro was nearly three cents higher from last week’s 20-year low.
Chinese authorities have implemented a variety of strategies to strengthen the yuan, ranging from unusually strong market signals to administrative actions that increase the cost of selling the currency.
The Australian dollar staggered ahead of the Reserve Bank of Australia’s policy decision, and the New Zealand dollar held at $0.5715 as the Reserve Bank of New Zealand met on Wednesday.
“More volatility is almost certainly sure as FX markets refocus on US recession risks,” Miles Workman, senior economist at ANZ, told Reuters on Friday, referring to US jobs data as the next key data point. which is under construction.” Horizon.