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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