Mumbai: The Reserve Bank remained net buyer of the US currency
in November as it purchased USD 864 million from the spot market.
In the UAE, where there is a firm link between dollar and dirham, any increase in the US currency
will pay dividends with imports here becoming cheaper.
A senior official of the central bank said BB has purchased the dollar from the banks directly at market rate to guard the interests of exporters and migrant employees by keeping the exchange rate of the local currency against the US currency
However, a steep fall in local stocks on selling in IT shares after the announcement of Q3 results by TCS late on Thursday and a strengthening US currency
overseas pulled the rupee down to a low of 61.
Australia's dollar climbed against all of its major peers as a Bloomberg survey forecast the Fed won't start slowing bond purchases, which tend to debase the US currency
while fueling risk appetite, until March.
LONDON, December 03, 2009 (Balochistan Times): Gold struck a record price above 1,226 dollars on Thursday as the US currency
remained under pressure.
Summary: Oil prices neared new highs for the year Tuesday as the dollar slipped against other major currencies, demonstrating how much the weakened US currency
can affect consumers globally.
For nearly two years, Iran has been reducing its exposure to the dollar, saying the weak US currency
is eroding its purchasing power.
In the first half of July inflows of US currency
have been low, as expected, given the rate of foreign exchange conversions by energy companies.
Many critics say that sticking to the dollar peg is as good as devaluing the rial since the US currency
is losing its strength consistently against major currencies of the world.
The US currency
climbed versus all of its 16 most-traded peers this week as US employers added more jobs in June than forecast, unemployment-benefits claims fell and a gauge of manufacturing beat projections.