RESEARCH VIA FOREX REPORT 09 JUNE 2014

 MARKET HEADLINES

•  Rupee hits day's high of 59.14 against US dollar

The rupee strengthened to 59.14 against the US dollar in intraday trade today on sustained capital     inflows amidst a higher opening in the domestic equity markets. 

Dealers attributed the rise in domestic currency to sustained selling of the dollar by exporters amidst heavy foreign capital inflows. 

Besides, dollar's weakness against other currencies overseas after the European Central Bank unveiled a batch of measures to kick start the stuttering eurozone economy also supported the rupee's rise, they added.

The rupee closed flat at 59.33 against the dollar in lacklustre trade yesterday on alternate bouts of buying and selling as investors awaited for European Central Bank policy decision.

•  Sterling climbs against Euro on diverging policy outlooks

Sterling rose against the euro on Friday, climbing towards 18-month highs hit a day earlier, with diverging interest rate outlooks expected to underpin the British currency in the near term.
 
While the European Central Bank declined to rule out quantitative easing on Thursday after imposing negative rates on excess cash parked with it, the Bank of England is likely to raise interest rates early
next year.

That expectation has helped drive the pound 10 per cent higher against a basket of currencies over the past year.
 
The euro was down 0.15 per cent at 81.10 pence, having hit 80.64 pence - its lowest since December 2012 - on Thursday after the ECB announced a series of policy-easing measures including rate cuts.

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