FOREX REPORT FOR 22 SEPTEMBER 2014

MARKET HEADLINES

Rupee gains on foreign flows, but falls for the week
The Indian rupee rose for a fourth consecutive session on Friday, boosted by strong foreign fund flows into markets, although the local currency fell against the dollar for the week, in line with losses in other emerging Asian currencies. Scotland's decision to stay in the United Kingdom also eased investor concerns on Friday after a recent run of global political obstacles. Although the rupee hit a one-month low on Monday, it has steadily risen since then on optimism that hefty foreign fund flows will better help it weather any volatility related to potential US Federal Reserve rate hikes. Foreign funds bought $484.65 million of government bonds on Thursday, the highest since a record high of $2.65 billion on August 21.

Rupee trims initial gains, still up at 60.82 against dollar
The rupee trimmed its initial gains as it ruled higher for the fourth consecutive day today, moving up by another 2 paise to 60.82 against the US dollar on persistent selling of the greenback by banks and exporters in view of weak dollar overseas.
 
The rupee resumed higher at 60.78 per dollar as against the yesterday's closing level of 60.84 at the Interbank Foreign Exchange. 

It hovered in a range of 60.73 and 60.83 before quoting at 60.82 per dollar at 1030 hours.
 
The rupee has gained 31 paise or 0.51 per cent in the four days. It has appreciated by 10 paise in the early morning trade. 

In New York, the euro recovered from a two-year low against the pound yesterday.

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