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US dollar rebounds amid market expectation on Fed rate hikes
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IANS | 06 Dec, 2018
The US dollar pared losses in late trading on Wednesday, as investors
widely expected the US Federal Reserve to raise interest rates in
December following sharp losses of the dollar on Tuesday.
In late
New York trading on Wednesday, the euro decreased to $1.1340 from
$1.1341 in the previous session, and the British pound was up to $1.2736
from $1.2717 in the previous session, Xinhua news agency reported.
The Australian dollar fell to $0.7264 from $0.7337.
The US dollar bought 113.19 Japanese yen, higher than 112.81 Japanese yen of the previous session.
The
US dollar rose to 0.9978 Swiss franc from 0.9974 Swiss franc, and it
was up to 1.3384 Canadian dollars from 1.3247 Canadian dollars.
Expectation
remained high for the US central bank to raise interest rates at its
next policy meeting scheduled for December 18-19 to shore up the
safe-haven currency.
The world's most liquid currency bore
downward pressure after the yields of two-year and three-year US
government bonds surpassed the five-year yield for a second day on
Tuesday.
The rarely-seen inversion of the yield curve is
normally viewed as a precursor of an economic downturn, sparking broad
fears of a slowdown in U.S. economic growth.
The recent broad
sell-offs in the stock markets and persistent uncertainty over
U.S.-China trade tensions have increased demands for the greenback to
avert from riskier assets, paring some of the losses caused by the
inverted yield curve.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
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84.65 |
Euro
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78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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| Daily Poll |
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| PM Modi's recent US visit to redefine India-US bilateral relations |
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