FOREX REPORT FOR 28 AUGUST 2014

MARKET HEADLINES
 

Rupee down 4 paise against the US dollar
The rupee depreciated by four paise to 60.47 against the US currency in opening trade today at the Interbank Foreign Exchange market due to dollar's gains against other currencies overseas. Forex dealers said besides dollar's gains against other currencies on positive economic data, month-end demand for the American unit from importers put pressure on the rupee, but a higher opening in the domestic equity market capped the losses. Yesterday, the domestic currency had gained 13 paise to close at nearly four-week high of 60.43 against the American unit following fresh dollar selling by exporters and sustained investments by foreign funds. Meanwhile, the benchmark BSE Sensex spurted by 142.51 points, or 0.54 per cent, to 26,585.32 in early trade today.

China's yuan firms against dollar, supported by bullish view
China's yuan rose against the dollar for a third straight day on Wednesday bolstered by bullish sentiment on the currency, with technical buying helping to offset the flat midpoint fixing. The People's Bank of China set the midpoint rate at 6.1658 per dollar prior to market open, only 0.01 per cent stronger from the previous fix. The spot rate is currently allowed to trade 2 per cent above or below the midpoint. The spot market opened at 6.1505 per dollar, and was changing hands at 6.1490 at midday, up 0.05 per cent from the previous close.

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