DAILY FOREX REPORT FOR 22 JAN 2015

Rupee pares initial gains, still up 7 paise vs US dollar
 

The rupee trimmed its initial gains, but was still quoting up by 7 paise to 61.62 against the US currency in late morning deals today on bouts of dollar selling by banks and exporters.
 
Earlier, the rupee resumed slightly lower at 61.70 per dollar as against yesterday close of 61.69 at the Interbank Foreign Exchange market.
 
Later, it gained to 61.55 on sustained bouts of dollar selling by exporters before quoting at Rs 61.62 at 1100 hrs.
 
It hovered in the range of 61.55-61.72 per dollar during the morning trade.
 

Japanese yen rebounds against dollar after BoJ stands pat on policy
 

The yen rebounded against the US dollar on Wednesday after the Bank of Japan stood pat on monetary policy, as speculators who had anticipated more easing covered their short yen positions.
 
The BoJ refrained from expanding its bond-buying stimulus programme, opting instead to expand loan schemes aimed at boosting lending. It also cut its inflation forecast to 1.0 per cent from 1.7 per cent in the wake of slumping oil prices.
 
The dollar was down 0.9 per cent at 117.76 yen, moving back towards a one-month trough of 115.85 set recently. It had risen as far as 118.87 overnight after investors sold the Japanese currency as a precautionary move in case the BOJ eased.
 
The euro fell 0.7 per cent to 136.17 yen and back towards a three-month low of 134.70 touched on Friday.

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