MARKET HEADLINES
Rupee slips against US dollar as Iraq violence intensifies
The rupee hit day's low of 60.54 against the US dollar as the intensifying Iraq crisis leads to fears of supply disruption in oil supplies and domestic shares fell sharply. Local stocks fell more than 1 per cent on waning risk appetite due to the Iraq conflict. Brent crude held above $113 per barrel on Wednesday as heavy fighting in Iraq shut the country's biggest refinery and led to the withdrawal of staff by foreign oil firms, stoking worries about exports from the key oil producer. India imports nearly two-thirds of its oil needs, leaving its currency especially vulnerable to price swings. The partially convertible rupee is seen trading in a range of 60.02 to 60.50 during the session.
China to start yuan vs. sterling trading in FX market from Thursday
China's central bank said on Wednesday that the Chinese currency will be traded directly against sterling in the interbank foreign exchange market, in the latest step to facilitate investment and bilateral trade between China and Britain. "The move will help to lower foreign exchange conversion costs and will promote the usage of both yuan and sterling in bilateral trade and investment, which will help strengthen financial ties between the two countries," the central bank said in a statement on its website. A separate statement on the China Foreign Exchange Trade System website said the trading will start from Thursday.
South Korea aims to launch yuan/won trading this year: Official
South Korea aims to launch trading of the yuan/won pair this year, a senior government official said on Wednesday, which will likely boost trade with China while helping Seoul prepare for the yuan's emergence as a major currency in the future. "We hope that (the direct trading of the pair) will contribute to increasing trade and investment," Choi Hee-nam, head of the finance ministry's international finance bureau, said by telephone. "We are making preparation with the aim of beginning it within this year." Bilateral trade between the two neighbouring countries has soared to $229 billion by 2013 from just $6 billion in 1992, when they established full diplomatic relations, but more than 99 percent of the deals are paid in the U.S. dollar, he said. Both the yuan and won are not fully convertible globally and companies use the dollar as the main currency in doing business with each other.
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