DAILY FOREX REPORT FOR 30 SEPTEMBER 2014

MARKET HEADLINES
 

Rupee down 25 paise against dollar in early trade
The rupee depreciated by 25 paise to 61.40 against the US dollar in early trade today at the Interbank Foreign Exchange due to month-end demand for the US currency from importers amid a weak opening in the domestic equity market. Forex dealers said besides the dollar's gains against other currencies overseas after US data showed the economy expanded at its fastest pace since 2011 during the April-June quarter, fresh demand from importers for the American unit put pressure on the rupee. The rupee had recovered by 19 paise to close at 61.15 against the dollar in Friday's trade in tune with local equities. Meanwhile, the benchmark BSE Sensex fell by 82.11 points, or 0.31 per cent, to 26,544.21 in early trade today.

South Korean won falls nearly 1% against the dollar; shares edge lower
The South Korean won fell nearly 1 per cent on Monday to its lowest close since April 7, as the dollar resumed its broad rally on robust US data and reached a four- year high against a basket of major currencies. The won was quoted at 1,053.8 to the dollar at the conclusion of onshore trade compared to Friday's close of 1,044.4, breaching a key psychological resistance level of 1,050. South Korean shares edged lower on Monday, as a tepid industrial profit report over the weekend continued a string of lacklustre data from China, South Korea's largest export destination. The Korea Composite Stock Price Index (KOSPI) edged 0.25 per cent lower to close at 2,026.60 points. Decliners were led by growth-related counters sensitive to Chinese demands. Steel giant POSCO tumbled 4.5 per cent and DaewooBSE 0.00 % Shipbuilding & Marine Engineering slid 4.3 per cent.

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