MARKET HEADLINES
Rupee gains 4
paise against dollar in early trade
The rupee rose by four
paise to 61.93 against the dollar in early trade
today at the
Interbank Foreign Exchange on fresh selling of the US
currency by
exporters amid increased foreign capital inflows.
Forex dealers said
besides selling of the American currency by exporters
and banks, a
higher opening in domestic stock market supported the
rupee but the
dollar's strength against other currencies overseas, limited
the
gains.
The rupee had surged 23 paise to end at nearly three-week
high of 61.97
in yesterday's trade on optimism over the upcoming
Budget and sustained
dollar selling by banks.
China's yuan stays
weak amid speculation more easing
moves ahead
China's currency remained
weak on Thursday as investors anticipated
that deflationary
pressures and a slowing economy will make authorities
cut interest
rates again in coming months, which would erode key support
for the
renminbi. Thursday, spot yuan opened at 6.2598 per dollar and
was
changing hands at 6.2597 at midday, a pip away from the previous
close and 1.98 per cent away from the midpoint.
The People's Bank of
China set the midpoint rate at 6.1379 per dollar prior
to market
open, firmer than the previous fix of 6.1384.
The spot rate is
currently allowed to trade with a range 2 percent above or
below the
official fixing on any given day.
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