Rupee up 4 paise to 63.47 against dollar in early trade
In line with the stock market, the rupee failed to maintain initial gains against the dollar and was quoted lower by six paise to 63.57 on fresh demand for the American currency from banks and importers due to heavy foreign capital outflows. The rupee resumed higher at 63.45 as against Wednesday's closing level of 63.51 at the Interbank Foreign Exchange ( Forex) on initial selling of dollars by banks and exporters. However, it failed to maintain initial gains and dropped to 63.64 before quoting 63.57 at 1000 hours. It moved in a range of 63.45-63.64 per dollar during morning trade. In the global market, the dollar was lower against the yen and other currencies on Wednesday in subdued pre- Christmas holiday trading.
China to launch yuan swaps, forwards vs rouble, ringgit & NZ dollar
China will launch swaps and forwards between the yuan and the Russian, Malaysian and New Zealand currencies next week, a move traders said offers mainland companies a hedging tool at a time some emerging market currencies have seen sharp volatility. The China Foreign Exchange Trade System (CFETS), a unit of the Chinese central bank, said it will kick off the currency swaps and forwards between the yuan and the rouble , ringgit and the New Zealand dollar on Monday. The contrasts will have a minimum trading size of US$10,000 equivalent, CFETS said in the statement published on Friday in its website, www.chinamoney.com.cn. Currencies in emerging markets, in particular the Russian rouble, have fluctuated sharply in recent months, partly battered by a plunge in global crude oil prices. China, whose currency is not convertible under the capital account, has been gradually reforming its currency mechanisms to move towards a full convertibility as it tries to internationalize the Yuan. The Yuan is already traded in swaps and forwards against major global currencies of the dollar, the euro, the yen, the sterling and Hong Kong dollar.
South Korean won firmer on exporter demand; shares flat
The South Korean won firmed against the dollar on Friday, as exporters sold the greenback for settlements in a quiet trading session typical of the holiday season. The won was quoted at 1,098.7 to the dollar at the conclusion of onshore trade, compared with 1,102.6 at Wednesday's close. South Korean shares closed nearly unchanged, although sentiment was upbeat after the latest in a string of positive US economic data. The Korea Composite Stock Price Index (KOSPI) ticked up 0.08 per cent to close at 1,948.16 points.
In line with the stock market, the rupee failed to maintain initial gains against the dollar and was quoted lower by six paise to 63.57 on fresh demand for the American currency from banks and importers due to heavy foreign capital outflows. The rupee resumed higher at 63.45 as against Wednesday's closing level of 63.51 at the Interbank Foreign Exchange ( Forex) on initial selling of dollars by banks and exporters. However, it failed to maintain initial gains and dropped to 63.64 before quoting 63.57 at 1000 hours. It moved in a range of 63.45-63.64 per dollar during morning trade. In the global market, the dollar was lower against the yen and other currencies on Wednesday in subdued pre- Christmas holiday trading.
China to launch yuan swaps, forwards vs rouble, ringgit & NZ dollar
China will launch swaps and forwards between the yuan and the Russian, Malaysian and New Zealand currencies next week, a move traders said offers mainland companies a hedging tool at a time some emerging market currencies have seen sharp volatility. The China Foreign Exchange Trade System (CFETS), a unit of the Chinese central bank, said it will kick off the currency swaps and forwards between the yuan and the rouble , ringgit and the New Zealand dollar on Monday. The contrasts will have a minimum trading size of US$10,000 equivalent, CFETS said in the statement published on Friday in its website, www.chinamoney.com.cn. Currencies in emerging markets, in particular the Russian rouble, have fluctuated sharply in recent months, partly battered by a plunge in global crude oil prices. China, whose currency is not convertible under the capital account, has been gradually reforming its currency mechanisms to move towards a full convertibility as it tries to internationalize the Yuan. The Yuan is already traded in swaps and forwards against major global currencies of the dollar, the euro, the yen, the sterling and Hong Kong dollar.
South Korean won firmer on exporter demand; shares flat
The South Korean won firmed against the dollar on Friday, as exporters sold the greenback for settlements in a quiet trading session typical of the holiday season. The won was quoted at 1,098.7 to the dollar at the conclusion of onshore trade, compared with 1,102.6 at Wednesday's close. South Korean shares closed nearly unchanged, although sentiment was upbeat after the latest in a string of positive US economic data. The Korea Composite Stock Price Index (KOSPI) ticked up 0.08 per cent to close at 1,948.16 points.
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