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Global stocks rallied on Tuesday and the dollar dipped as weak US data sparked hopes the Federal Reserve could ease its interest-rate hiking plans.
The rupee was trading at 82.32 per dollar by 0436 GMT, compared to its previous close 0f 81.88. In terms of the UAE dirham, the Indian rupee was trading around Dhs22.40.
US household wealth fell by a record $6.1 trillion in the second quarter to its lowest in a year as a bear market in stocks far outweighed further gains in real estate values,
Federal Reserve Chair Jerome Powell on Friday did little to dissuade markets from the “higher for longer” mantra for rates that has driven up Treasury
European and US stock markets wobbled on Friday as dealers digested mixed data and looked forward to more corporate earnings reports.
After rolling out trillions of dollars in support for the US economy during the coronavirus pandemic, Federal Reserve officials have begun warning of potentially lasting scars to the workforce.
Powell warns of the threat of a prolonged recession resulting from the viral outbreak and urged Congress and the White House to act further to prevent long-lasting economic damage.
The Federal Reserve meets this week amid mixed signals on the health of the US economy, with some major sectors bouncing back from the coronavirus-caused downturn and others struggling.
The US dollar extended its rally on Monday, hitting a five-week high on the yen after US Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation.
The interest rates charged by the Emirates Inter-Bank Offered Rate (EIBOR) jumped across all terms post the Central Bank of the UAE increased on Thursday its base rate applicable to the overnight deposit facility (ODF)