MARKET HEADLINES
- Rupee edges up to 61.82 vs dollar in late morning trade
The rupee edged up by one
paisa to 61.82 against the American unit in
late morning trade on
mild selling of dollars by banks and exporters.
The Indian currency
resumed lower at 61.90 per dollar as against the last
closing level
of 61.83 at the Interbank Foreign Exchange market. It
recovered to
61.80 per dollar before quoting at 61.82 per dollar at
1100hrs.
It
hovered in a range of 61.92 and 61.80 per dollar during the morning
deals. The rupee had slid 8 paise to end at 61.83 last Friday due to
month-
end dollar demand from importers and some banks.
- China rate cut hits Asia FX; yuan falls to more than 2- year low
The People's Bank of
China late on Saturday cut its benchmark lending
and savings rates
by 25 basis points, days before the annual meeting of
the
parliament, to support the world's second largest economy and ward
off deflation. Activity in China's factory sector edged up to a
seven-month
high in February but export orders shrank and
deflationary pressures
persisted, a private survey showed earlier,
adding to views that more
interest rate cuts will be needed.
The
yuan fell to its weakest level since October 2012 after the central
bank
set the daily midpoint at the weakest since early November.
The Singapore dollar fell as much as 0.3 per cennt to 1.3657 on the
U.S.
dollar, its weakest since August 2010, amid some expectations
that the
city-state may ease monetary policy in April to support
growth.
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