DAILY FOREX REPORT FOR 17 SEPTEMBER 2014

MARKET HEADLINES
 

Rupee gains ahead of US Federal Reserve meet
The Indian rupee recovered on Tuesday from a one-month low hit in the previous session on bargain-hunting, but sentiment was broadly cautious a day before the outcome of the Federal Reserve's meeting. The US Federal Reserve meets on Tuesday and Wednesday, and investors will parse the central bank's words closely for any clues on the timing of the first US rate hike in more than eight years. Emerging market assets are increasingly pricing in the prospect of reduced global liquidity, as seen by the biggest single-day decline of the rupee in nearly one-and-a-half months on Monday. But traders say the rupee could avoid any major shocks, with the Reserve Bank of India having built hefty foreign exchange reserves and on inflows of longer-term money from overseas into domestic markets.

Rupee up 11 paise against dollar in early trade
The rupee recovered from over one-month low by rising 11 paise to 61.02 against the dollar in early trade today at the Interbank Foreign Exchange market on selling of the American currency by exporters and banks. Forex dealers said besides fresh selling of the American currency by exporters and banks, a higher opening in the domestic equity markets and dollar's weakness against other currencies overseas supported the rupee.

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