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Day: March 5, 2009
March 52009
EUR/USD Down After ECB Slashes Rate and Mixed Reports Come out in U.S.
Euro traded below its opening level against the U.S. dollar today as the fundamental reports in the United States were bad enough to raise the risk-aversion, but not bad enough to press on the greenback. In addition, the European Central Bank cut the interest rate from 2% to 1.5%, signaling that the further reductions are still possible. EUR/USD is now trading at 1.2536. Nonfarm business […]
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March 52009
Indian Rupee Approaches Recent Record-Low
The Indian rupee declined against the U.S. dollar today, almost reaching a new record-low level, as the domestic companies converted to dollars in order to pay for the imported goods. Although, the risk-aversion level is quite moderate in the global markets today, the rupee falls as the Indian economy faces much greater risks among the other emerging countries. The drop in the dollar-denominated exports […]
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