RESEARCH VIA FOREX REPORT 10 JUNE 2014

 MARKET HEADLINES

Rupee trims initial gains, still up by 14 paise Vs dollar

The rupee trimmed its initial gains, but was still up by 14 paise to 59.03 against the American currency in morning trade today on bouts selling of dollar by banks and exporters amidst sustained foreign capital inflows. The rupee resumed higher at 59.10 per dollar as against the last Friday's closing level of 59.17 at the Interbank Foreign Exchange market. However, it immediately appreciated to 58.98 on bouts of dollar selling. It hovered in a range of 59.10 and 58.98 per dollar before quoting at 59.03 at 1020 hours.In New York market, the US dollar inched up against the Japanese yen last Friday, notching a weekly gain, in the wake of data showing the US economy added 217,000 jobs in May. Meanwhile, the benchmark Sensex rose by 223.04 points, or 0.88 per cent, to 25,619.50 at 1100 hours.

RBI steps in to check rupee gains: Traders

The Reserve Bank of India was spotted buying dollars via state-run banks starting around 58.99-59.00, three traders said, continuing its heavy intervention to curb strength in the rupee. The rupee was at
59.0400/0500 per dollar by 0419 GMT, off its session high of 58.98. The currency closed at 59.17/18 on Friday. The rupee had opened stronger tracking gains in local share markets, which hit record highs for a second straight session on continued hopes of wide-ranging reforms by the new government.

Rupee up 19 paise Vs dollar in early trade

The rupee strengthened by 19 paise to 58.98 against the US dollar in early trade today on the Interbank Foreign Exchange market on selling of the American currency by banks and exporters amidst strong local equities. Besides, dollar's weakness against other currencies overseas also supported the local unit, forex dealers said.
 
The rupee had appreciated by 16 paise to close at 59.17 per dollar on Friday on the back of a surge in local equities and heavy capital inflows. Meanwhile, the benchmark BSE Sensex today rose by 183.26 points, or 0.72 per cent, to hit new high of 25,579.72 in early trade.

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