Monday 4 June 2012

CURRENCY UPDATE 4-June-2012

DOLLAR
Strengthening of dollar against the euro, which plunged to a two-year low on continued euro-zone worries and strong month-end demand from importers, particularly oil refiners, mainly put pressure on the rupee.

EURO
The euro weakened versus the dollar as speculation Europe’s leaders will struggle to agree on how to resolve the sovereign debt crisis boosted concern global economic growth will stall.The 17-nation euro extended its six-week decline against the yen as pressure built on German Chancellor Angela Merkel to back additional measures such as joint debt issuance in the bloc.

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