DAILY FOREX REPORT WITH RESEARCH VIA 13/feb/2014

MARKET HEADLINES

• Rupee trims initial gains vs dollar; still up 7 paise By PTI

The rupee trimmed its initial gains against the American currency, but was still quoted higher by seven paise to 62.15 per dollar on selling of greenbacks by banks and exporters due to weakness of dollar overseas amidst firm equity market.

The rupee resumed higher at 62.08 per dollar as against the last closing level of 62.22 per dollar at the Interbank Foreign Exchange (Forex) market and moved up further to 62.05 on selling of dollars by banks.

However, it trimmed initial gains and was quoted at 62.15 per dollar at 1045hrs.

It hovered in a range of 62.05-62.17 per dollar during the late morning deals.

In New York, the dollar fell against the British pound and Australian dollar yesterday after data supported growth in U.K. and Australia.

• China data, Yellen boost Asia FX; won near 1-month high

Most emerging Asian currencies rallied on Wednesday with the South Korean won at a near one-month high as solid China trade data and an optimistic economic outlook from new US Federal Reserve chief Janet Yellen boosted risk appetite.

The won raced on stop-loss dollar selling by offshore funds and won demand from South Korean exporters for settlements.

Still, some traders believe dollar buying will reappear in South Korea. A banking source told Reuters on Wednesday that South Korea will become the second Asian nation to make a payment to Iran for crude imports under an interim nuclear deal that has provided Tehran limited sanctions relief.

The Taiwan dollar rose on buying from foreign investors and exporters.

Yellen offered no surprises in her first congressional testimony, saying that she would not make any abrupt changes to US monetary policy.  

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