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The leap in the yen and fall in higher-yielding currencies suggests that the dollar-yen carry trade and some of these other yen carry trades really did unwind
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However, economists note that even if the rupee is overvalued the RBI may not orchestrate a steep depreciation.
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The domestic currency's depreciation has been less than what has been seen for competing currencies like the Vietnamese dong and Indonesian rupiah, tempering the country's competitiveness in overseas markets.
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The yen's recovery has been driven by timely interventions from Tokyo in early July and a recent hawkish shift by the Bank of Japan, prompting investors to unwind popular carry trades.
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Global carry trades unwinding has also been boosting the Japanese currency and jolting markets around the world.
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The yen is up 10 percent against the dollar in just over 3 weeks, driven by Bank of Japan's large 15 basis points rate rise on July 31 to 0.25 percent.
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The yen traded around 0.2 percent stronger at 149.085 per dollar, after popping as high as 148.51 overnight for the first time since mid-March.
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The BOJ has indicated plans to announce quantitative tightening, with expectations that it will gradually halve its monthly bond purchases over a two-year period.
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The dollar is no longer as dominant as it was in the eighties or nineties but it’s no pushover either as countries such as China push their own currency as a replacement
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The market also braced for a slew of top-tier economic data from China as investors sought clarity on how much the world's second-largest economy is struggling to gain momentum.
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The U.S. currency was supported by higher Treasury yields in the aftermath of surprisingly robust domestic jobs data at the end of last week, which sparked a dramatic paring of bets for Fed rate cuts this year.
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Forex traders said a weak American currency and firm trend in the equity markets supported the local currency even as investors remained concerned ahead of the RBI's monetary policy decision to be announced on Friday.
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Forex traders said the rupee consolidated in a narrow range as elevated crude oil prices weighed on investor sentiments, while the decline in the US dollar cushioned the downside.
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As long as the dollar is the competition for domestic transactions, stabilising the peso will not be easy
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A surging US currency, and weakening counterparts in Asia, aren’t signs that the world is entering a new FX war
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The domestic unit finally settled at 83.51 (provisional) against the dollar, 1 paisa higher than its previous close.
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SMART is a next-generation missile-based light-weight torpedo delivery system which was built to enhance the anti-submarine warfare capability of the Indian Navy far beyond the conventional range of lightweight torpedo.
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ICICI Direct, Rupee depreciated marginally on Friday amid firm dollar and rise in US treasury yields.
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ICICI Direct, Rupee depreciated marginally on Friday amid firm dollar and rise in US treasury yields.
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ICICI Direct, Rupee ended largely unchanged as investors remained cautious ahead of slew of economic data from US to gauge economic health of the country and get fresh cues on rate trajectory.
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ICICI Direct, Rupee appreciated marginally yesterday amid soft dollar, decline in crude oil prices and positive domestic market sentiments.
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Having traded in a tight range over the past few days, a buoyant dollar finally broke above the 155 yen level for the first time since 1990 in the previous session
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The greenback is strong because the American economy is vigorous. The region does have choices, none of them easy
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The dollar index was last up 0.048% at 104.27, after rising to 104.690. It has had a turbulent week, falling from a five-month high to a two-week low after an unexpected slowdown in U.S. services growth supported expectations of Fed rate cuts.
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Traders who claim underlying exposure when they have none could be asked to pay heavy fines under Foreign Exchange Management Act (FEMA).
