DAILY FOREX REPORT FOR 14/07/2014

MARKET HEADLINES
 

Rupee down 6 paise against US dollar
The rupee lost six paise to 60.25 against the US dollar in early trade today at the Interbank Foreign Exchange market due to appreciation of the American currency against other currencies overseas.
 
Sustained demand for the dollar from importers also weighed on the local currency but a higher opening in the domestic equity market limited the rupee's losses, forex dealers said.
 
Moving in tandem with equities, the rupee yesterday tumbled 44 paise, posting its biggest drop in nearly a month, to end at 60.19 against the dollar.
 
Meanwhile, the benchmark BSE Sensex was up by 167.57 points, or 0.66 per cent, at 25,540.32 in early trade today.

Yuan set to fall slightly this week, underperforms midpoint
China's yuan fell against the dollar on Friday, with traders saying there was little evidence of strong dollar supply even after Beijing posted a second month of trade surpluses in June.
 
The yuan slipped for a second day in a row and has mostly underperformed the official midpoint fixing during the week.
 
Spot yuan eased to 6.2078 per dollar by midday, 0.08 per cent weaker than Thursday's close. In comparison, the People's Bank of China (PBOC) fixed its official midpoint at 6.1469, down 0.04 per cent from Thursday's fixing.

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