The Indian rupee is going to grow in the coming months as the central bank will probably rise the interest rate and will allow currency’s appreciation according to Bank of America strategist.
The euro rose today during the early Forex trading session, as the European politicians changed their mind on the ECB interest rate policy and traders became more confident that Jean-Claude Trichet won’t reduce the rates this week.
According to the Finance Minister of Japan, Fukushiro Nukaga, Japan, South Korea and China are in the process of creating the mutual pool of $80 billion foreign currency reserves in order to protect the Asian financial markets in case of a speculative attacks.
Kuwaiti Finance Minister has said that the Gulf Cooperation Council countries, U.A.E., Qatar and Bahrain specifically, are planning to scrap their currencies’ peg to dollar soon.
Today the yen fell for the second day in a row on Forex as the stock markets rallied and the traders looked for the more high-yielding assets, selling the Japanese currency for dollar and other risky currencies.