DAILY FOREX REPORT FROM RESEARCH VIA 7/NOV/2014

MARKET HEADLINES

• Rupee forward contracts at six-month low on hopes of rate cut

The 12-month forward premium for the dollar was trading 450 points above the spot rate.It had fallen sharply in recent sessions to levels last seen in May. Traders said premium fell on hopes of an early rate cut by RBI. Rate cuts were seen boosting economic growth at a time of easing inflation.

Short sellers also built positions in NDFs on bets that the spot rupee will remain stable, traders add.

• Rupee gains 6 paise against dollar in early trade

The rupee strengthened by six paise to 61.34 against the US dollar in early trade today at the Interbank Foreign Exchange on selling of the US currency by exporters and banks amidst sustained capital inflows.The rupee settled four paise down at 61.40 against the dollar on Monday. Forex market remained closed yesterday on account of "Muharram".Traders said besides selling of the American currency by exporters and banks, continued foreign fund inflows and a higher opening in the domestic equity market, helped the local currency to strengthen but the dollar's gain against other currencies overseas, capped the rupee's rise. Meanwhile, the benchmark BSE Sensex soared by 111.45 points, or 0.40 per cent, to 27,971.83 in early trade today.

• Rupee depreciates four paise vs US dollar to end at 61.40
  
  account of "Muharram".Traders said besides selling of the American currency by The Indian rupee today depreciated by four paise to close at 61.40 against the Greenback on moderate dollar demand from importers, amid some hesitancy in equities. A better dollar overseas also weighed on the rupee while sustained capital inflows restricted the rupee fall. At the Interbank Foreign Exchange ( Forex) market, the rupee commenced lower at 61.50 a dollar from its previous close of 61.36. It moved in a range of 61.3750 and 61.5550 before concluding at 61.40, a fall of 4 paise or 0.07 percent. The Indian benchmark S&P BSE Sensex, after logging its all-time peak, closed down by a mere over 5 points. FPIs/FIIs bought shares worth $310.50 million last weekend as per Sebi data. On Monday, they bought a net Rs 1,413.34 crore. The dollar index was trading up by 0.03 per cent against its major global rivals. Pramit Brahmbhatt, Veracity Group CEO, said: "Rupee traded range-bound and ended almost flat near previous close. It is expected to appreciate in coming days tracking gains in local equities. The trading range for the spot rupee is expected to be within 61.00 to 61.80." 
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RESEARCH VIA DAILY FOREX REPORT 5/NOV/2014

• Rupee falls 15 paise against dollar in early trade
  The rupee declined by 15 paise to 61.51 in early trade today at the Interbank Foreign Exchange on fresh dollar demand from banks and importers amidst strengthening of the American currency overseas. Forex dealers said besides the dollar gaining against other currencies in the global markets, increased demand for the American unit from importers weighed on the rupee but surging domestic equity markets, capped the fall. The rupee gained nine paise to close at 61.36 against the dollar in the previous session on Friday. Meanwhile, the benchmark BSE Sensex opened higher by 103.99 points, or 0.37 per cent, to reach a new lifetime high of 27,969.82 in early trade today.
• US dollar trades near seven-year high against yen

The US dollar traded near a seven-year high against the yen Monday after Japan's surprise decision last week to widen its stimulus and speculation that US interest rates could be hiked sooner than later. The greenback bought $112.74 -its highest since December 2007 -- in Singapore late-morning trade, compared with $112.35 yen in New York late Friday. The euro was at $1.2476 against $1.2525, while it also bought 140.68 yen compared with 140.71 yen. Japanese markets were closed for a public holiday. Singapore's United Overseas Bank (UOB) said "the dominant influence on markets" was the Bank of Japan's surprise announcement on Friday that it would expand its already vast asset-purchasing scheme in a bid to kickstart the economy.

Policymakers at Japan's central bank said they would add up to 20 trillion yen to the scheme, bringing it to 80 trillion yen annually. The decision follows a string of poor data that has fanned fears the world's number three economy, which contracted in April-June, may contract in the following three months, technically putting it in recession. In the United States, UOB said dealers are focused on US jobs data that will be released on Friday.

"The US jobs data could swing market expectations for the Federal Reserve's future course of interest rate actions," the Singapore lender said. The Fed's optimistic comments on the state of the jobs market last week were seen as more hawkish than in the past, fuelling speculation of a possible earlier rate hike. The US central bank said in a policy statement last week it would keep near-zero interest rates for "a considerable time" after the end of the quantitative easing programme, sticking to its timetable of an increase well into 2015. UOB said the US unemployment rate is expected to remain unchanged at 5.9 percent, while the non-farm payrolls data will likely show an addition of 215,000 jobs in October, compared with 236,000 jobs in September.

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DAILY FOREX REPORT FROM RESEARCH VIA 3/NOV/2014

MARKET HEADLINES 

• Rupee gains 8 paise against dollar on foreign capital inflows
  The Snapping its four-day falling streak, the rupee rose by eight paise to 61.37 against the US dollar in early trade today on sustained foreign capital inflows amidst a higher opening in the domestic equity market. Increased selling of the American currency by banks and exporters amid sustained foreign capital inflows following a slew of reforms announced by the government supported the rupee but the dollar's firmness against other currencies overseas capped the gains, dealers said. Besides, a strong rally in domestic equity market in opening trade helped the rupee, they added. The rupee depreciated by 10 paise to close at two-week low of 61.45 against the Greenback in yesterday's trade after the US Federal Reserve kept in place its plans to maintain record low interest rate for some more time. The rupee depreciated by 10 paise to close at two-week low of 61.45 against the Greenback in yesterday's trade after the US Federal Reserve kept in place its plans to maintain record low interest rate for some more time.

Meanwhile, the benchmark BSE Sensex rose 147.26 points, or 0.53 per cent, to hit new lifetime high of 27,493.59 in opening trade.

• China's yuan rises on corporate dollar sales, set to rise 0.5 per cent in October

China's yuan edged higher against the dollar on Friday, buoyed by strong corporate dollar sales, traders said, and it is set to show a gain of 0.5 per cent in October, the fifth straight month of mild appreciation.

"Many companies are selling dollars this morning, continuing a recent trend," said a trader at an Asian bank in Shanghai, adding that the corporate dollar sales might indicate the market is betting on strong exports again in October. Spot yuan stood at 6.1103 per dollar by midday, 0.09 per cent firmer than Thursday's close. The People's Bank of China (PBOC) fixed its midpoint at 6.1461, practically unchanged from Thursday's fix. October trade data is due on November 8. A run of higher export figures has helped the Chinese currency rise more than 2 per cent since May. 

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DAILY FOREX MARKET REPORT AND ANALYSIS 30/OCT/2014

MARKET HEADLINES

• Rupee up 7 paise against dollar in early trade

The rupee strengthened by seven paise to 61.25 against the dollar in early trade today at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks. Besides, the dollar's weakness against other currencies overseas as investors await news from the US Federal Reserve about interest rate plans for the world's largest economy and a higher opening in the domestic equity market supported the rupee, forex dealers said. The rupee had slipped by two paise to close at 61.32 against the US dollar in yesterday's trade due to some demand for the American unit in an overall lacklustre trade. Meanwhile, the benchmark BSE Sensex regained the 27,000-mark by surging 150.26 points, or 0.56 per cent, to 27,031.08 in early trade today.

• Dollar struggles as soft data push yields lower, Fed awaited

The US dollar nursed modest losses on Tuesday, having slipped overnight after soft economic data tempered risk appetite and pushed safe-haven US debt yields lower. Expectations of more dovish comments from the Federal Reserve, due to kick of its closely-watched two-day policy review later in the session, also weighed on the greenback. The greenback eased to 107.805 yen, retreating from Monday's near three-week peak of 108.38. It also ceded a bit of ground against the euro, which last traded at $1.2711 off Monday's low of $1.2665.

The dollar was lifted earlier on Monday after a closely-watched Ifo report showed German business sentiment in October hit its lowest level in almost two years. But support for the US currency faded after weaker-than-expected US housing data was released later in the session, pushing Treasury yields lower.

Data also showed US services sector activity slowed in October to a six-month low, while manufacturing output in Texas dipped, pointing to some moderation in economic growth early in the fourth quarter. he soft data reinforced expectations that the Fed will reassure markets that any interest rate hikes are a long way off even as it ends its massive bond-buying stimulus.

The Fed kicks off its policy review later on Tuesday and is all but certain to announce the completion of its quantitative easing program when it wraps up its two-day meeting. "Trade overnight had a very distinctive feeling of 'wait and see'," said Evan Lucas, market strategist at IG. "With the end of the asset purchase program a foregone conclusion, speculation is once again mounting about the movement of interest rates." But with US inflation weak, the European economy stumbling and the dollar on the rise, markets are keen to see if Fed officials will acknowledge risks to their expectations that the US recovery will continue to strengthen. 

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RESEARCH VIA DAILY FOREX MARKET UPDATE 29/OCT/2014

MARKET HEADLINES

• Rupee extends losses vs dollar, down 8 paise
  The rupee extended losses for the second consecutive day against the American currency, slipping by another eight paise to 61.38 on month-end dollar demand from importers. The rupee resumed lower at 61.33 per dollar as against the last closing level of 61.30 at the Interbank Foreign Exchange market and hovered in a range of 61.31 and 61.41 per dollar before quoting at 61.38 at 1000 hours. Month-end dollar demand from oil companies mainly affected the rupee value against the US currency, a forex dealer said. In the global market, Oil moved lower after Goldman Sachs slashed its price forecasts for the next two years owing to a global supply glut. US benchmark West Texas Intermediate (WTI) for December delivery fell 46 cents to USD 80.54 while Brent crude for December eased 59 cents to USD 85.24 in mid-morning trade. In New York market, the dollar slipped against the Japanese yen yesterday, ahead of crucial policy meetings of the Federal Open Market Committee and the Bank of Japan. Meanwhile, the Indian benchmark Sensex recovered by 97.88 points of 0.37 per cent to 26,850.78 at 1000hrs.
• Dollar struggles as soft data push yields lower, Fed awaited

The US dollar nursed modest losses on Tuesday, having slipped overnight after soft economic data tempered risk appetite and pushed safe-haven US debt yields lower. Expectations of more dovish comments from the Federal Reserve, due to kick of its closely-watched two-day policy review later in the session, also weighed on the greenback. The greenback eased to 107.805 yen, retreating from Monday's near three-week peak of 108.38. It also ceded a bit of ground against the euro, which last traded at $1.2711 off Monday's low of $1.2665. The dollar was lifted earlier on Monday after a closely-watched Ifo report showed German business sentiment in October hit its lowest level in almost two years. But support for the US currency faded after weaker-than-expected US housing data was released later in the session, pushing Treasury yields lower. Data also showed US services sector activity slowed in October to a six-month low, while manufacturing output in Texas dipped, pointing to some moderation in economic growth early in the fourth quarter. The soft data reinforced expectations that the Fed will reassure markets that any interest rate hikes are a long way off even as it ends its massive bond-buying stimulus. The Fed kicks off its policy review later on Tuesday and is all but certain to announce the completion of its quantitative easing program when it wraps up its two-day meeting. "Trade overnight had a very distinctive feeling of 'wait and see'," said Evan Lucas, market strategist at IG. 

PIVOT POINTS

• S1-56.6385
• S2-56.5490
• PP-56.8140
• R1-56.9035
• R2-57.0790

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DAILY FOREX REPORT RESEARCH VIA 14/oct/2014

MARKET HEADLINES

• Rupee up 8 paise against dollar in early trade

The rupee recovered by 8 paise to 61.27 against the US dollar in early trade today at the Interbank Foreign Exchange market on fresh selling of the American currency.

Besides strengthening of the euro and yen against the dollar in overseas market supported the rupee, but a lower opening in the domestic equity market capped gains, forex dealers said.

The rupee had lost 30 paise to close at 61.35 in the previous session on Friday on fresh demand for the US currency from banks and importers due to firm dollar overseas and sharp fall in local equities.

The benchmark BSE Sensex fell by 159.35 points, or 0.61 per cent, to 26,138.03 in early trade today.

• Rupee down 30 paise at 61.35 vs dollar

Snapping a four-day gaining spree, the rupee today fell by 30 paise to close at 61.35 against the dollar on fresh demand for the US currency from banks and importers due to firm dollar overseas and sharp fall in local equities.

The local currency rupee resumed lower at 61.15 per dollar as against yesterday's closing level of 61.05 at the Interbank Foreign Exchange ( Forex) and dropped further to 61.36 per dollar before concluding the day at 61.35 per dollar, a loss of 30 paise or 0.49 per cent.

It moved in a range of 61.11 and 61.36 per dollar during the day.

"Rupee traded weak today taking cues from strong dollar overseas and weak local equities. After depreciating for four continuous weeks, rupee posted its first weekly gain this week," said Pramit Brahmbhatt, CEO, Veracity Group. 

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DAILY FOREX MARKET REPORT AND ANALYSIS FOR 30/sep/2014

MARKET HEADLINES

• Rupee down 25 paise against dollar in early trade

The rupee depreciated by 25 paise to 61.40 against the US dollar in early trade today at the Interbank Foreign Exchange due to month-end demand for the US currency from importers amid a weak opening in the domestic equity market. Forex dealers said besides the dollar's gains against other currencies overseas after US data showed the economy expanded at its fastest pace since 2011 during the April-June quarter, fresh demand from importers for the American unit put pressure on the rupee. The rupee had recovered by 19 paise to close at 61.15 against the dollar in Friday's trade in tune with local equities. Meanwhile, the benchmark BSE Sensex fell by 82.11 points, or 0.31 per cent, to 26,544.21 in early trade today.

• South Korean won falls nearly 1% against the dollar; shares edge lower
  The South Korean won fell nearly 1 per cent on Monday to its lowest close since April 7, as the dollar resumed its broad rally on robust US data and reached a four-year high against a basket of major currencies. The won was quoted at 1,053.8 to the dollar at the conclusion of onshore trade compared to Friday's close of 1,044.4, breaching a key psychological resistance level of 1,050. South Korean shares edged lower on Monday, as a tepid industrial profit report over the weekend continued a string of lacklustre data from China, South Korea's largest export destination. The Korea Composite Stock Price Index (KOSPI) edged 0.25 per cent lower to close at 2,026.60 points. Decliners were led by growth-related counters sensitive to Chinese demands. Steel giant POSCO tumbled 4.5 per cent and DaewooBSE 0.00 % Shipbuilding & Marine Engineering slid 4.3 per cent. 
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RESEARCH VIA DAILY COMMODITY REPORTS 23/SEP/2014

DAILY BUZZ 

GOLD

Gold futures ended lower in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market amid fears that the US Federal Reserve is moving closer to raising borrowing costs after the world’s top central bank raised its interest rate projections for end 2015, dimming the appeal of the precious metal as a store of value. A stronger dollar curbed the demand for the bullion as an alternative asset. Stronger dollar makes the precious metal expensive to those holding other currencies, thus dimming demand. A rally in equities curbed the demand for the yellow metal as an alternative asset. A decision by Scotland to remain as part of the UK following a referendum, in which 54 per cent people voted against an independent Scotland, dimmed the safe haven appeal of the bullion. Gold futures may continue the downward journey as a slump in bullion-backed exchange traded holdings signaled weaker investment demand. Gold futures for October 2014 contract, at MCX, closed at Rs. 26,496 per 10 grams, down by 0.61 per cent, after opening at Rs. 26,634, against the previous closing price of Rs 26,659. It touched an intra-day low of Rs 26,461.

ZINC

Zinc prices were down by 1.88 per cent to Rs 135.45 per kg in futures trade today as speculators offloaded their positions tracking a weak trend overseas.

At the Multi Commodity Exchange, zinc for delivery in current month plunged by Rs 3.60, or 1.88 per cent, to Rs 135.45 per kg in a business turnover of 679 lots.

Likewise, the metal for delivery in October weakened by Rs 2.45, or 1.77 per cent, to Rs 136.25 per kg in 91 lots.

LEAD

Lead prices fell by 1.62 per cent on Monday at the domestic markets as a result of low demand for the commodity from battery-maker in the spot market in the midst of weak overseas trend. At the MCX, Lead futures, for the September 2014 contract, is trading at Rs 124.65 per kg, down by 1.62 per cent, after opening at Rs 126.05, against a previous close of Rs 126.70. It touched an intra-day low of Rs 124.40 till the trading. (At 3.30 PM today).

CARDAMOM

Cardamom prices fell by 0.01 per cent on Monday at the Multi Commodity Exchange (MCX) due to the adequate stocks availability in the physical market on account of higher supply from the producing belts of Chandausi in Uttar Pradesh. At MCX, Cardamom futures for October 2014 contract were trading at Rs. 888 per kg, down by 0.01 per cent, after opening at Rs. 889 against the previous closing price of Rs. 888.10. It touched the intra-day low of Rs. 884 till the trading. (At 10.37 AM today).

CORIANDER

Coriander prices fell by 0.66 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the adequate stocks availability in the physical market put pressure on coriander prices. At the NCDEX, coriander futures for October 2014 contract were trading at Rs. 11,516 per quintal, down by 0.66 per cent, after opening at Rs. 11,575 against the previous closing price of Rs. 11,593. It touched the intra-day low of Rs. 11,495 till the trading. (At 11.09 AM today).

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DAILY FOREX REPORT FROM RESEARCH VIA 16/SEP/2014

MARKET HEADLINES

• Rupee falls 32 paise against dollar
  The rupee depreciated by 32 paise to 60.97 against the US dollar in early trade today at the Interbank Foreign Exchange due to increased demand for the US currency from importers amid a weak opening in the domestic equity market.The currency hit its day's low of 61.14 against the dollar. Forex dealers said besides fresh demand from importers for the American unit, a lower opening in the domestic equity market as well as decline in industrial production growth to 4-month low of 0.5 per cent in July, put pressure on the rupee. However, the dollar's gain against the euro overseas, capped the losses, they said.The rupee had gained 28 paise, notching up its best daily gain in a month, to end strong at 60.65 against the Greenback in the previous session on Friday on heavy dollar selling by banks and exporters amid positive cues from equity markets. Meanwhile, the benchmark BSE Sensex dipped below the 27,000-mark by falling 185.55 points, or 0.69 per cent, to 26,875.49 in early trade today.
• Investigators turn bankers into informants in forex probe:WSJ
  US investigators have turned several bank employees into informants to gather evidence against some of their colleagues in the probe of possible manipulation of currency markets, the Wall Street Journal reported, citing people familiar with the matter. Britain's Financial Conduct Authority (FCA) and US regulators are investigating allegations that dealers at major banks colluded and manipulated key reference rates in the $5.3 trillion-a-day foreign currency market, the world's biggest and least regulated. The Journal report said it isn't clear which banks had secret informants cooperating with the government investigation.

Ethical standards in the foreign exchange market have been put under a harsh spotlight since investigators in the United States, Europe and Asia started examining whether small groups of traders colluded to rig prices by sharing information about their clients' orders.

The global inquiry has not yet concluded but the review has shaken the industry, with dozens of top dealers put on leave or fired and banks under pressure to sharpen up oversight of their traders.

The FBI and US Justice Department were not immediately available for comment outside regular US business hours. 

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RESEARCH VIA DAILY FOREX REPORT 05/SEP/2014

MARKET HEADLINES

• Rupee up 2 paise against the US dolla
  
  The rupee was trading at 60.46/47, slightly higher from its Wednesday's close of 60.4850/4950. Gains in other Asian units versus the dollar was helping the pair slightly. The was pair seen in 60.35 to 60.65 range during the session. Losses in the domestic stock market, however, were likely to support the dollar. Traders were closely monitoring fund flows for near-term direction. The outcome of the ECB meeting later in the day and the US non-farm payrolls on Friday awaited.

• Euro slips before ECB policy decision, Swedish crown gains

The euro slipped against the dollar on Thursday, hovering near one-year lows hit earlier this week on expectations that the European Central Bank will flag the possibility of more monetary stimulus. Hopes of a peaceful resolution to the Russian-Ukraine conflict had shored up the common currency, only for Ukraine's prime minister to dismiss the proposal outlined by President Vladimir Putin. The Swedish crown rose against the euro after the Riksbank kept interest rates unchanged as expected and did not push back the timing of its first rate hike as some in the market had anticipated. Overall, the focus was on the euro before the ECB rate decision at 1145 GMT and President Mario Draghi's press conference 45 minutes later. The euro has already fallen a long way, dropping from a high of $1.3701 on July 1 to $1.3110 on Tuesday. It last fetched $1.3138, down 0.1 per cent. "The euro's downtrend is intact," said Niels Christensen, FX strategist at Nordea.

"But given a lot of the dovishness from the ECB has already been priced in there is a risk of a bounce if the ECB does not live up to expectations. Nevertheless, investors will look at upticks to initiate fresh short positions." Traders said some euro bears were just taking a breather due to uncertainty over whether the ECB will actually deliver a fresh round of policy stimulus or simply lay the groundwork to act at a later date. The euro could bounce to as high as around $1.3250 if the ECB holds off from any more easing, said Masafumi Yamamoto, market strategist for Praevidentia Strategy in Tokyo. "I don't think there is a need to lower interest rates just yet," he said, adding that while inflation in the euro zone has been slowing, the ECB will probably wait to see how the TLTRO plays out. The first TLTRO operation, the ECB's bank funding plan unveiled in June, is set for Sept. 18.

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RESEARCH VIA DAILY FOREX REPORT 03/SEP/2014

MARKET HEADLINES

• USD/INR retreats from session high; gains in local shareshurt
  USD-INR traded at 60.54/55, off the session high of 60.68 and versus Monday's close of 60.5250/5350. Traders say gains in the domestic share market hurt sentiment for the pair. Nifty was up 0.8 per cent. Most Asian FX, however, traded weaker against the dollar, limiting a further fall in the pair. Dollar inflows were also low following the US Labor Day holiday on Monday. USD-INR was seen in a 60.50-60.75 range during the day.
• Rupee down 11 paise against the US dollar in trade
  The rupee was trading at 60.63/64 versus Monday's close of 60.5250/5350. Broad gains in the US dollar versus majors and other Asian currencies hurting the pair. Dollar index was up 0.3 per cent. Traders said gains in the domestic share market, however, limiting the upside to the pair. Most Asian FX fell tracking broad dollar gains.
• Pound pares gains, gilts rise after UK factory data misses forecasts 
  Sterling pared gains against the dollar and euro on Monday, while bond futures gave up losses, after data showed activity in the UK's manufacturing sector slowed by more than expected in August. The pound fell to $1.6627 after the data, from $1.6645 beforehand, still leaving it 0.2 percent up on the day. The euro rose from a five-week low of 78.92 pence to trade at 79.03 pence. The Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI) fell to 52.5 in August - its lowest level since June last year and below all forecasts in a Reuters poll - from July's downwardly revised 54.8. Separate data showed signs of moderation in the housing sector, as British mortgage approvals fell slightly in July. British government bond futures FLGcv1 pared some of their losses, gaining about five ticks to 113.47. The FTSEurofirst 300 index of pan-European shares turned negative after the UK data to trade 0.1 percent lower at 1,372.49 points at 0834 GMT.

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DAILY FOREX REPORT FROM RESEARCH VIA 01/SEP/2014

MARKET HEADLINES

• Euro falls to near 21-month low vs Swiss franc
  The euro fell to its lowest in nearly 21 months against the Swiss franc on Thursday amid speculation that the European Central Bank will ease monetary policy in coming months, possibly by quantitative easing. The euro fell to 1.20595 francs on trading platform EBS, its lowest since early December 2012 and down 0.1 percent on the day. Before the latest speculation about the ECB, the Swiss franc had been rising due to safe-haven inflows amid renewed tensions between Russia and Ukraine. A sustained drop in the euro could test the Swiss National Bank's three-year old pledge to cap the franc at 1.20 per euro. "The likelihood of the ECB taking further measures is increasing, should long-term inflation expectations fall further," said Esther Reichelt, currency strategist at Commerzbank. "This is exerting downward pressure on euro/Swiss franc. So long as such speculation persists, it will be difficult for it to recover on a sustained basis."

• Rupee volatility falls to 3-week low, but may soon spike

Rupee's one-month implied volatility fell to 6.137, lowest since August 5. But traders expect a surge in September. Key risk events include the Supreme Court ruling on coal blocks (September 1) and US employment data (September 5), say traders. September also marks the end of quarter, which typically leads to volatility as firms square books.

• Rupee recovers 7 paise against the US dollar
   The rupee recovered by 7 paise to trade at 60.38 against the US dollar in early trade today on selling of the American currency by banks and exporters amid sustained foreign capital inflows. Besides, a higher opening in the domestic equity market and strengthening of the euro against the dollar overseas also supported the local currency, forex dealers said. Yesterday, the rupee had lost two paise to close at 60.45, nearing its four-week high levels, against the American currency on dollar demand from importers. Meanwhile, the benchmark BSE Sensex rose 82.66 points, or 0.31 per cent, to trade at new life-time high of 26,642.81 in opening trade today. 
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DAILY FOREX MARKET REPORT AND ANALYSIS 28/Aug/2014

MARKET HEADLINES

• Rupee down 4 paise against the US dollar
  The rupee depreciated by four paise to 60.47 against the US currency in opening trade today at the Interbank Foreign Exchange market due to dollar's gains against other currencies overseas. Forex dealers said besides dollar's gains against other currencies on positive economic data, month-end demand for the American unit from importers put pressure on the rupee, but a higher opening in the domestic equity market capped the losses. Yesterday, the domestic currency had gained 13 paise to close at nearly four-week high of 60.43 against the American unit following fresh dollar selling by exporters and sustained investments by foreign funds. Meanwhile, the benchmark BSE Sensex spurted by 142.51 points, or 0.54 per cent, to 26,585.32 in early trade today.

• China's yuan firms against dollar, supported by bullish view
  China's yuan rose against the dollar for a third straight day on Wednesday bolstered by bullish sentiment on the currency, with technical buying helping to offset the flat midpoint fixing. The People's Bank of China set the midpoint rate at 6.1658 per dollar prior to market open, only 0.01 per cent stronger from the previous fix. The spot rate is currently allowed to trade 2 per cent above or below the midpoint. The spot market opened at 6.1505 per dollar, and was changing hands at 6.1490 at midday, up 0.05 per cent from the previous close. 
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DAILY FOREX REPORT FROM RESEARCH VIA 20/Aug/2014

MARKET HEADLINES

• Asia forex edge higher; yuan hits 5-month high
  Most emerging Asian currencies crawled higher on Tuesday with the Chinese yuan at a five-month high as geopolitical tensions over the conflict in Ukraine eased. The firm dollar, however, kept trading ranges tight. Spot yuan rose 0.1 per cent to 6.1368 per dollar, its strongest since March 13, amid confidence in China's economy even though the central bank set a lower official guidance rate. The Taiwan dollar advanced on strong domestic stocks, while the Malaysian ringgit rose on solid economic fundamentals. Regional equities gained after Russia's foreign ministry said on Monday a 'certain progress' was achieved during talks among Russia, Ukraine, Germany and France over the weekend. Still, the easing tensions over Ukraine, as well as a solid US housing data, supported the dollar. Investors are closely watching Wednesday's release of minutes from the Federal Reserve's July policy meeting and comments from a global central bankers' meeting in Jackson Hole, Wyoming, starting on Thursday. "I wouldn't expect strong hawkish signals from Jackson Hole," said Yuna Park, a currency and bond analyst at Dongbu Securities in Seoul. "If expectations of a delay in the Fed's interest hike build up, Asia FX will strengthen further. Weak economic fundamentals in Europe may also drive more funds to Asia."
• Dollar firm in Asia as Ukraine tensions ease
  The dollar held steady in Asia on Tuesday as concerns over a Ukrainian clash with Russia eased, while investors looked to a speech by the US Federal Reserve chief this week. In midday Tokyo trade, the greenback rose to 102.62 yen, up from 102.57 yen in New York and 102.32 yen in Tokyo earlier Monday. The euro was weaker at $1.3351 from $1.3363, while it bought 137.04 yen against 137.05 yen in US trade. "There was a general easing of geopolitical tensions, with no new developments being good news in Ukraine and Gaza," National Australia Bank said in a note. The Japanese yen and Swiss franc, considered safe-haven currencies in times of turmoil, notched up gains Friday after Ukraine said it had destroyed some Russian armoured cars, sparking fears of an escalation. Moscow dismissed the claim. A weekend meeting of the two nations' foreign ministers, which also involved officials from France and Germany, concluded with an agreement for the sides to meet again and continue trying to de-escalate the worst East-West crisis since the Cold War. In the Gaza Strip, a new 24-hour ceasefire came into effect Tuesday after Israeli and Palestinian negotiators agreed to extend a five-day truce, minutes before a midnight deadline, to allow for further talks on a long-term deal.

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DAILY FOREX REPORT FROM RESEARCH VIA 7/AUG/2014

MARKET HEADLINES

• China's yuan crosses midpoint into stronger territory for 1st time since March
  China's foreign exchange market on Wednesday traded yuan at a higher price than the official guidance rate for the first time since the currency's trading band was widened in March. The movement illustrates the steady return of bullish sentiment even in the face of flat guidance from the central bank. The People's Bank of China (PBOC) set the daily midpoint rate at 6.1681 per dollar on Wednesday. But the spot rate traded at 6.1680 per dollar in the afternoon, firmer than the midpoint for the first time since March 11 and its strongest position against the dollar since March 17. On March 15, the PBOC widened the intraday trading band - the range the spot rate has to trade above or below the daily fix - to 2 percent up from 1 percent, allowing greater two-way volatility into the market. Traders said the bank engineered a 3.3 percent depreciation in the Chinese currency in the first four months of this year to deter speculators from betting on a non-stop yuan appreciation. This caused the spot rate to trade far weaker than the midpoint for several months.

• South Korean won falters on firm US dollar, stocks down
  The South Korean won dropped on Wednesday as risk aversion stemming from escalating geopolitical tensions in Ukraine and broad dollar strength pressured the local currency. The won was quoted at 1,033.7 against the dollar at the end of onshore trade, down 0.5 percent from Tuesday's local close at 1,028.2. South Korean shares were also dragged down by concerns over Ukraine and profit-taking from institutions in afternoon trade, leaving the Korea Composite Stock Price Index (KOSPI) down 0.3 percent at 2,060.73 points. Institutions dumped a net 123.2 billion won ($119.21 million) worth of KOSPI shares after they turned net sellers past midday. 
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DAILY FOREX REPORT FROM RESEARCH VIA 5/Aug/2014

MARKET HEADLINES

• Rupee gains 29 paise against US dollar The rupee recovered from over four-month low by strengthening 29 paise to 60.89 against the dollar in early trade today at the Interbank Foreign Exchange market on increased selling of the US currency. Forex dealers said a higher opening in the domestic equity market also supported the rupee but the dollar's gain against other currencies overseas limited the rise. The domestic currency had lost 63 paise to close at over four-month low of 61.18 against the dollar in Friday's trade on weakness in global stock markets and a strong US currency overseas. Meanwhile, the benchmark BSE Sensex recovered by 128.14 points, or 0.50 per cent, to 25,608.98 in early trade today.
• Euro slips in Asia on Portugal bank bailout The euro slipped against the dollar in Asia on Monday following news of a bailout for a crisis-hit Portuguese bank, while the dollar held steady after falling on US jobs data. Portugal's central bank announced late Sunday that the nation will inject 4.4 billion euros ($5.9 billion) into the Banco Espirito Santo (BES) amid fears of a catastrophic bank run. The euro bought $1.3421 in Asia on Monday, down from $1.3430 in US trade late Friday, while fetching 137.80 yen against 137.75 yen. The dollar was at 102.66 yen compared with 102.60 yen in New York on Friday. The dollar slipped on Friday after US jobs data for July turned out to be solid but not strong enough to boost inflation expectations. Stocks were lacklustre Monday, weighed down by concerns over the impact of stricter sanctions on Russia on European economies and the situation surrounding the BES, said Yoshihiro Okumura, general manager of research at Chibagin Asset Management. "European risk is having an impact on the broader market," Okumura told Dow Jones Newswires. BES, Portugal's third-largest banking group, will be split into two entities, with its toxic assets isolated and its healthier assets regrouped in a new Novo Banco, national bank governor Carlos Costa said late Sunday. The market focus is now shifting to Thursday's monthly meeting of the European Central Bank (ECB), although it is widely expected to hold fire on new policy action despite a lingering threat of eurozone deflation and geopolitical risks. "The ECB might be enjoying a summer lull, eventually, with no hints of new action expected" at the upcoming meeting, Credit Agricole said in a note. The Bank of Japan (BoJ) is also scheduled to hold a two-day policy meeting later this week.

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