MARKET
HEADLINES
- Rupee extends losses vs dollar, down 8 paiseThe 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.
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POINTS
- S1-56.6385
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