FOREX REPORT FOR 24 SEPTEMBER 2014

MARKET HEADLINES
 

Rupee likely to end 2014 at 61 despite strong dollar: BofA-ML
The sensitivity of Asian currencies, including the Indian rupee to the US dollar has "fallen" this year and the INR is expected to end the year at 61 despite a strong USD, a Bank of America Merrill Lynch report says.
 
According to the global financial services major, the USD/ INR is likely to end the year at 61 despite a strong USD. It has also revised its end-2015 forecast to 60 after factoring in a stronger balance of
payments (BoP).
 
"The RBI's range of tolerance for USD/INR and its intention to build reserves will be the single-biggest driver of the rupee over our forecast horizon, in our view," the report said.

Rupee falls against dollar tracking lower shares, emerging markets
Rupee was down at 60.95 against dollar versus the previous close of 60.8150/8250. The rupee was hit after the NSE index fell 1.1 per cent on profit taking.
 
Emerging markets were also under pressure after a private survey showed China factory activity edged up in September, but unemployment fell to a 5-1/2-year low.
 
Bigger gains in the pair capped on broad dollar weakness. Dollar index was down 0.21 per cent.

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