RESEARCH VIA FOREX REPORT 17 JUNE 2014

MARKET HEADLINES

Rupee hits over one-month low as oil prices surge
The rupee weakened to its lowest level in more than a month on Monday as surging crude oil prices threatened to push up domestic inflation pressures and aggravate the country's current account deficit.
 
Brent crude rose above $113 per barrel to near a nine-month high as Sunni insurgents advanced in Iraq, intensifying concerns over a potential disruption in oil exports from the second-largest OPEC producer.
 
India imports nearly two-thirds of its oil needs, leaving its currency especially vulnerable to price swings.
 
The rupee fell to 60.23 to a dollar in trade today, a level last seen on May 12, as demand for dollars from oil companies weighed. Traders were also seen buying the greenback as they looked to square off their short dollar positions.

Yen, Swiss franc rise on Iraq concerns, pound at 5-yr high vs dollar
The yen and the Swiss franc rose on Monday, with the Japanese currency trading near a four-month high against the euro as investors sought a safe haven amid escalating conflict in Iraq. Sterling, meanwhile, hit five-year highs against the dollar , rising above option barriers at $1.70, with investors betting that the Bank of England will tighten monetary policy before the end of the year. The dollar fell 0.2 per cent to 101.80 yen, moving towards the bottom of its relatively tight 102.80-101.60 yen range seen so far this month. The euro was down 0.2 per cent at 137.73, not far from its four-month low of
137.705 yen struck last week.

Rupee, rupiah lead Asia FX losses as Iraq tension boosts oil
The Indian rupee and Indonesian rupiah led slides among emerging Asian currencies on Monday as the intensifying Iraqi insurgency lifted oil prices and dented appetites in the region for riskier assets. The rupee hit a five-week low as crude prices hovered near nine-month highs. Offshore funds sold the rupiah and the South Korean won. Sunni insurgents seized a mainly ethnic Turkmen city in northwestern Iraq on Sunday after heavy fighting, raising concerns over disruption of oil exports from OPEC's second-largest producer.

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