Dollar Edges Down To 2-Week Low Against The Basket Of Major Currencies

Dollar Edges Down To 2-Week Low Against The Basket Of Major Currencies

07 Apr 2021 07:38 AM
 

The USDINR NDF is currently trading at 73.47/49.

The dollar slid to a two-week low against a basket of rival currencies today after U.S. bond yields fell.

The U.S. currency's decline came as investors recalibrated their expectations that the Federal Reserve will tighten its policy earlier than it has suggested.

The dollar index dropped near a two-week low of 92.314, falling further from a five-month high of 93.439 set on March 31. The 10-year Treasury yield decreased 6 basis points to 1.66%.

The euro rose to a two-week high of $1.18785 and last stood at $1.1871. The dollar traded at 109.77 yen, extending its retreat from a one-year high of 110.97 touched a week ago.

Japan’s benchmark Nikkei dropped 0.5% to 29,544.93 and the Shanghai Composite index fell 0.7% to 3,459.25. Hong Kong’s Hang Seng slipped 0.3% to 28,845.68.

Brent crude futures for June rose by 34 cents, or 0.5%, to $63.08 a barrel by 0653 IST while U.S. West Texas Intermediate crude for May was up 32 cents, or 0.5%, to $59.65.