TODAY FOREX REPORT FOR 12/09/2014

MARKET HEADLINES

Rupee trims initial gains, near 61 against dollar
The rupee trimmed initial gains but was still up by four paise to 60.91 per dollar in late morning deals today on bouts of selling of the US currency by banks and exporters amid a rally in equities. The domestic unit resumed higher at 60.87 per dollar as against the last closing level of 60.95 at the Interbank Foreign Exchange (Forex) Market. It gained sharply to 60.84 on sustained bouts of dollar selling, before quoting at 60.91 per dollar at 1025 hrs. The rupee was hovering in a range of 60.93 and 60.84 per dollar in late morning deals. Crude oil prices were trading higher in Asia today after US President Barack Obama vowed to destroy jihadist militants in crude producers Syria and Iraq, though weak global demand and a supply glut capped gains. In New York market, the US dollar held near a six-year peak against the major rivals in early trade. Meanwhile, the benchmark BSE Sensex was trading higher by 27 points or 0.10 per cent at 27,084.44 at 1030 hours.

Rupee recovers 11 paise against dollar in early trade
The rupee recovered by 11 paise to trade at 60.84 against the US dollar in early trade today on selling of the American currency by banks and exporters. Besides, a higher opening in the domestic equity market also supported the local currency but dollar's gains against other currencies overseas capped the gains, forex dealers said. Yesterday, the rupee had lost 35 paise to close at a four-week low of 60.95 after dipping below 61-mark against the American currency on growing concern that US hiking interest rates sooner-than-expected will hit inflows. The rupee had depreciated by over one per cent in the past two days.Meanwhile, the benchmark BSE Sensex recovered by 87.77 points, or 0.32 per cent, to trade at 27,145.18 in early trade today.

Rupee trims initial gains, near 61 against dollar
The rupee trimmed initial gains but was still up by four paise to 60.91 per dollar in late morning deals today on bouts of selling of the US currency by banks and exporters amid a rally in equities. The domestic unit resumed higher at 60.87 per dollar as against the last closing level of 60.95 at the Interbank Foreign Exchange (Forex) Market. It gained sharply to 60.84 on sustained bouts of dollar selling, before quoting at 60.91 per dollar at 1025 hrs. The rupee was hovering in a range of 60.93 and 60.84 per dollar in late morning deals. Crude oil prices were trading higher in Asia today after US President Barack Obama vowed to destroy jihadist militants in crude producers Syria and Iraq, though weak global demand and a supply glut capped gains. In New York market, the US dollar held near a six-year peak against the major rivals in early trade. Meanwhile, the benchmark BSE Sensex was trading higher by 27 points or 0.10 per cent at 27,084.44 at 1030 hours.

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