TODAY FOREX REPORT FOR 18 SEPTEMBER 2014

MARKET HEADLINES
 

Rupee gains for second straight session on Federal Reserve rate hopes
The Indian rupee gained for a second consecutive session on Wednesday, tracking other Asian currencies, on expectations the U.S. Federal Reserve would not move to hike interest rates at the end of its meeting later in the day.
 
Emerging markets were also helped by news that China's central bank is injecting a combined 500 billion yuan ($81.35 billion) of liquidity.
 
The rupee has shed 0.69 per cent this month, compared with falls of 0.88 to 2 per cent for the Indonesian Rupiah, Korean Won, Malaysian Ringgit, Phillipine Peso and Thai Baht, according to Thomson Reuters data.
 
"Most expectations from the Fed meet have already been discounted at current levels. We see the rupee trading between 60.90 and 61.10 in the near term,"

US dollar firms with Federal language under intense scrutiny Reserve policy language under intense scrutiny

The dollar climbed against most major currencies on Wednesday as investors awaited the Federal Reserve's latest guidance on US interest rates, with many expecting it to discuss steps towards the
normalisation of its ultra-loose monetary policy.
 
The Fed's Open Market Committee (FOMC) will conclude its regular two-day policy meeting later in the session and is likely to discuss the timing of its first rate hike. Policymakers will also release fresh economic and interest-rate projections, extending their forecasts through 2017.
 
The dollar came under pressure late on Tuesday after the Wall Street Journal said the US central bank may keep the words "considerable time" in its policy statement.

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