RESEARCH VIA FOREX REPORT FOR 18 JUNE 2014

MARKET HEADLINES
 

Reserve Bank of India steps in to check rupee's fall: Traders
The Reserve Bank of India was spotted selling dollars around 60.49/50 rupee levels through state-owned banks to check the rupee's sharp fall, three traders said on Tuesday. At 0518 GMT, the Indian rupee was at 60.3450/3525 per dollar, after falling to as low as 60.55, a level last seen on
April 29. The rupee had ended at 60.1550/1650 per dollar on Monday. The Indian rupee had dropped to near two-month lows in early trades on Tuesday as oil companies rushed to buy the greenback as escalating crisis in Iraq triggered concerns over inflation and current account deficit. India imports nearly two-thirds of its oil needs, leaving its currency especially vulnerable to price swings.

Rupee nears 2-month low against US dollar on Iraq conflict
The rupee was down as much as 0.65 per cent to 60.55, its lowest level since April 29, as escalating tensions in Iraq continue to fuel concerns over inflation while subdued equity markets also weighed. Brent crude futures held near $113 per barrel on Tuesday with the United States considering air
strikes in Iraq as the security situation worsens in the key oil producing country. "Rupee can go test 60.80 levels on inflationary concerns," said Subramaniam Sharma, director at Greenback Forex. NSE Index was down 0.1 per cent while the BSE Index was also flat after overseas investors sold shares worth $32.50 million on Monday, provisional exchange data shows. Caution also prevails ahead of the outcome of US Federal Reserve's two-day meet. The partially convertible currency is seen trading in a range of 60 to 60.85 during the session.

Dollar edges up as market awaits Fed meeting, Iraq news
The dollar fluttered higher in Asia on Tuesday, but was kept to a narrow range by caution ahead of this week's U.S. Federal Reserve meeting and concern about escalating violence in Iraq. By contrast, the Australian dollar was one of the session's biggest movers, slipping after minutes of the central Reserve Bank of Australia's June 3 meeting revealed that policymakers were unsure if their stimulus would be sufficient. The Australian dollar slipped more than a quarter of U.S. cent to a session low of $0.9354, and was last down 0.4 per cent at $0.9358.

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