Foreign Currency Market Today

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•The Indian rupee came off the day’s highs, as state-run banks’ dollar purchases ahead of the Federal Reserve Chair Janet Yellen’s testimony this week trimmed gains.

•India’s gold imports in June tripled from a year ago as retail demand jumped ahead of the start of a new sales tax that prompted jewelers and bullion dealers to replenish stocks.

•Indian shares closed at their record highs for a second consecutive session on Tuesday, tracking gains in global markets.

GLOBAL MARKET UPDATES

•The dollar hit a four-month high against the yen and bonds and top emerging market currencies were back under pressure on Tuesday.

•Most Asian currencies traded sideways on Tuesday as investors awaited clues on when the U.S. central bank would tighten monetary policy from Federal Reserve Chair Janet Yellen’s two-day address to the congress.

•Sterling softened to near 10-day lows against the U.S. dollar on Tuesday as tepid consumption data and business surveys underlined the challenges facing the British economy.

•China’s Yuan eased on Tuesday dampened by corporate dollar demand and a weaker fixing, but losses were capped after major state-owned banks stepped in to prop up the Chinese currency.

•Gold prices hovered near four-month lows on Tuesday as the dollar held firm on expectations of tighter U.S. monetary policy as the market awaited a speech from Federal Reserve Chair Janet Yellen this week.