| Euro hits 2-year high versus $
NEW YORK: The euro reached a two-year high against the dollar and approached a record versus the yen as signs of faster growth in Europe raised speculation the European Central Bank will increase interest rates. Gains in the euro accelerated after it rose above $1.34, triggering orders to buy back the currency, traders said. ECB officials said this week that higher borrowing costs are needed to contain inflation as reports showed strength in manufacturing. The Bank of England kept rates unchanged on Thursday. "The euro is aggressively bought," said Tim O'Sullivan, chief foreign exchange trader at Forex.com, a unit of online currency trading company Gain Capital in Bedminster, New Jersey, which has about $250 million funds under management. "The ECB has more room to go to hike rates." The euro advanced 0.47% to $1.3431 in morning trade in New York, the highest since March 2005.
Royal Forex Trading Announces Launch of New Dynamic Website ...
Leading online currency trading company, Royal Forex Trading, LLC is pleased to announce the re-launch of their website with many new features making online currency trading even easier for both new and existing clients. Boca Raton, FL (PRWeb) April 3, 2007 -- Royal Forex Trading, LLC (RFXT) provides an online trading platform for individuals and institutions that want to speculate on the exchange rate between two currencies. In doing so, traders buy and sell currencies with the hope of making a profit when the value of the currencies changes in their favor. RFXT is hoping to give new and existing clients an even better currency trading experience with a re-launch of their website. One of the most interesting additions to the new website is the ability for clients to download RFXT's new foreign exchange software program, called MetaTrader and Mobile Trader 4 (to be used with PDA, and other small screen mobile devices.) Clients can use the foreign exchange software for excellent, above and beyond regular standards in execution.
Rupee hits new high against dollar
The rupee surged strongly against the US currency for second straight day and on Tuesday (April 3) ended about 39 paise up at 43.0625/0725 following heavy dollar selling by traders amid suspected intervention by the central bank. In fairly active trade at the Interbank Foreign Exchange (forex) market, the local currency moved between 43.04 and 43.30 during the day after resuming firm at 43.26/28 a dollar. In the first trading session after the Reserve Bank of India (RBI) hiked the repo rates and Cash Reserve Ratio on Friday, traders and foreign banks reportedly sold dollars to take advantage of raised cash rates in the call money market, forex dealers said. The rupee has gained nearly 68 paise in the consecutive two trading sessions. The market remained closed on Monday as banks remained away to make final settlements for the financial year ending March 31.
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