RESEARCH VIA FOREX REPORT FOR 14 AUGUST 2014

MARKET HEADLINES
 

Rupee trims initial loss, still down 18 paise to 61.26
The rupee trimmed its initial losses, but was still down by 18 paise to 61.26 against the US dollar in late morning deals today on sustained bouts of demand for the greenback from importers. Earlier, the rupee resumed sharply lower at 61.29 as against the last closing level of 61.08 at the Interbank Foreign Exchange (Forex) Market. Earlier, the rupee resumed sharply lower at 61.29 as against the last closing level of 61.08 at the Interbank Foreign Exchange (Forex) Market. It moved in a range of 61.29 and 61.21 per dollar during the morning trade. Crude oil prices extended losses in Asia after the International Energy Agency slashed it demand outlook for 2014 and 2015, while reporting a glut in global supplies despite conflicts in Iraq and Ukraine. In New York Market, the US dollar rose against its major rivals after German economic- expectations index reading lowest since December 2012. Meanwhile, the benchmark BSE Sensex was trading higher by 74.03 points, or 0.29 per cent, to 25,954.80 at 1030 hours.

Rupee down 21 paise against the US dollar
The rupee depreciated by 21 paise to 61.29 against the US currency in early 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, fresh demand for the American unit from importers and a weak opening in the domestic equity market put pressure on the rupee. Yesterday, the domestic currency had gained nine paise to close at one-week high of 61.08 against the greenback on fresh dollar selling by banks and exporters. Meanwhile, the benchmark BSE Sensex fell by 30.26 points, or 0.11 per cent, to 25,850.51 in early trade today.

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