RESEARCH VIA FOREX REPORT 11 JUNE 2014

MARKET HEADLINES 

Rupee closes at 59.29 against US dollar 
The Indian currency closed the day at 59.29, down 0.09 paise, against the US dollar after hitting day's low of 59.33.The rupee closed at 59.20/21 on Monday, tracking losses in the domestic share market and fall in other Asian currencies versus the dollar.Traders would continue to monitor foreign fund flows into the domestic share and debt markets for direction. Foreign investors bought a net $826.9 million in debt markets on Friday, the highest single-day flows since Jan. The pair is likely to see some resistance around 59.40 levels, holding it in a 59.20 to 59.40 range for the day, traders said.Local stocks were down 0.4 per cent. Most emerging Asian currencies dipped as U.S. Treasury yields underpinned the dollar, while the Chinese yuan rose to its strongest level in more than three weeks after the central bank's firm guidance. 

Rupee edges lower tracking weak shares, fund flows eyed
Rupee was trading at 59.28/29 versus its close of 59.20/21 on Monday tracking weakness in the domestic sharemarket. Traders will continue to monitor foreign fund flows into domestic share and debt market for directions. Foreign investors bought a net $826.9 million in debt markets on Friday, the highest single-day flows since January 15. The pair is likely to see some resistance around 59.40 levels, holding it in a 59.20 to 59.40 range for the day. Local stocks were trading down 0.21 per cent. Most other Asian currencies also weakened against the dollar. The dollar held steady versus a basket of major currencies on Tuesday, clinging to gains made the previous day thanks to higher U.S. bond yields after last week's solid U.S. jobs report.

Australia dollar hits 6-mth highs vs euro & Swiss franc, New Zealand dollar firm
The Australian dollar held near six-month highs against the euro and Swiss franc on Tuesday as yield-hungry investors piled into carry trades, giving it a fillip against the U.S. dollar. The New Zealand dollar consolidated gains ahead of an expected hike in interest rates later in the week.

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