Demand of US currency remained low as rupee stood unchanged in the kerb dealings today. The greenback commenced day’s trading at Rs.80/60, did not show any change and closed the day at the same price at close of markets on Saturday. On the international desk, the yen declined to a two-week low against the euro while the dollar dropped as signs of recovery in manufacturing in the U.S. and China sapped demand for the currencies as a refuge.
Australia’s dollar rose for a ninth week against the greenback and the rand gained today versus all of its major counterparts on speculation investors will buy higher-yielding assets. The dollar advanced against the yen as the yield premium of 10-year Treasuries over comparable Japanese debt increased this week to the highest level since November.
“There’s renewed optimism about the global economy,” said Samarjit Shankar, director of strategy for the global markets group in Boston at Bank of New York Mellon, the world’s largest custodial bank, with about $20 trillion in assets under administration. “Money is coming from the sidelines. For now, risk appetite is weighing on the yen, and the dollar remains on its back foot.”
The euro rose 1 percent to 131.77 yen at 4:20 p.m. in New York, from 130.52 yesterday, and reached 132.35, the highest level since April 14. The yen declined 0.7 percent to 99.30 against the dollar, from 98.63. It touched 99.58, the weakest level since April 17. The euro appreciated 0.3 percent to $1.3270 from $1.3230.
Japan’s currency fell 2.3 percent versus the euro and 2.2 percent against the dollar this week, the first declines in a month. The dollar dropped versus the euro for a second week, losing 0.2 percent
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