MARKET HEADLINES
Rupee trims initial gains against dollar, up 10 paisa
The rupee trimmed its initial gains against the US dollar and was quoted higher by 10 paise to 61.70 in late morning deals on selling of the greenback by banks and exporters. The rupee resumed higher at 61.65 per dollar as against the yesterday's closing level of 61.80 at the Interbank Foreign Exchange market and moved up further to 61.63 per on initial dollar selling by banks. However, it trimmed its initial gains on mild dollar demand from some banks and was quoted at 61.70 per dollar at 1110 hours, still showing a gain of ten paise from its last close. The local currency moved in a range of 61.63 and 61.77 per dollar during the late morning trade.
The rupee trimmed its initial gains against the US dollar and was quoted higher by 10 paise to 61.70 in late morning deals on selling of the greenback by banks and exporters. The rupee resumed higher at 61.65 per dollar as against the yesterday's closing level of 61.80 at the Interbank Foreign Exchange market and moved up further to 61.63 per on initial dollar selling by banks. However, it trimmed its initial gains on mild dollar demand from some banks and was quoted at 61.70 per dollar at 1110 hours, still showing a gain of ten paise from its last close. The local currency moved in a range of 61.63 and 61.77 per dollar during the late morning trade.
Sterling trims losses as UK construction growth rebounds
Sterling stayed near an 18-month low on Tuesday, with a stronger-than- expected survey of Britain's construction sector doing little to change the expectation that interest rates will stay near zero until well into 2016. The monthly construction purchasing managers' index (PMI) rose to 59.1 from December's 17-month low of 57.6, topping all forecasts in a Reuters poll and far above the 50 mark that signifies growth. Optimism about the next year increased for the first time in three months, albeit only a little from December's 16-month low, and the numbers also followed a firmer-than-expected survey of the manufacturing sector on Monday. But sterling only managed to slightly trim losses to trade at $1.5018, up from $1.4999 before the release but still down 0.1 percent on the day and close to an 18-month low of $1.4952.
Sterling stayed near an 18-month low on Tuesday, with a stronger-than- expected survey of Britain's construction sector doing little to change the expectation that interest rates will stay near zero until well into 2016. The monthly construction purchasing managers' index (PMI) rose to 59.1 from December's 17-month low of 57.6, topping all forecasts in a Reuters poll and far above the 50 mark that signifies growth. Optimism about the next year increased for the first time in three months, albeit only a little from December's 16-month low, and the numbers also followed a firmer-than-expected survey of the manufacturing sector on Monday. But sterling only managed to slightly trim losses to trade at $1.5018, up from $1.4999 before the release but still down 0.1 percent on the day and close to an 18-month low of $1.4952.
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