Markets - FXMM
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MUMBAI: The Indian rupee rose on Wednesday, yet remained within close of its record low hit last week, as outflows from equity markets added to concerns about the funding of the current account deficit ahead of the US Federal Reserve's decision on its stimulus programme.Such concerns have compounded because of the likelihood of the Fed tapering its bond purchases, which could trigger an outflow from emerging markets.Foreign fund selling in Indian equities have picked up pace to add to the huge sell-off in debt markets.Overseas investors have sold $485 million of Indian shares in five sessions, adding to outflows of $4.7 billion in 18 consecutive sessions of debt selling, as per capital market regulator data.Inflows are crucial to bridge India's current account gap and will be needed to fund an estimated $90 billion gap in its balance of payments in the current financial year.Faced with a sharp fall in the ...
LONDON: The rise of the euro must be sending a shiver down the collective spine of euro zone policymakers as it threatens the bloc's export competitiveness just as a fragile recovery might be taking hold.Whether the euro's strengthening is a sign of actual confidence, or reflective of a wider unwinding of positions in which investors had sold the single currency against a raft of emerging market currencies, is open to debate.But the net result is ...
ISTANBUL: The Turkish lira firmed on Wednesday after the central bank skipped a repo auction to combat currency pressure brought on by concerns about domestic unrest and uncertainty over the US asset purchase programme.Turkish assets have been volatile since the end of May when anti-government protests flared up, unnerving investors already worried by an expected slowdown in the flow of cheap money from major economies including the United States.The lira strengthened to 1.8785 against the ...
SEOUL: The South Korean won was nearly flat in domestic trade Wednesday, recouping initial losses on dollar selling by exporters and offshore players as investors waited to hear what the US Federal Reserve says after its policy meeting.The local currency was quoted at 1,130.8 against the dollar at the end of onshore trade, little changed from Tuesday's domestic close of 1,131.1.The won traded as low as 1,135.8 against the US currency, tracking the dollar's overnight ...
LONDON: The dollar was broadly steady in subdued trading on Wednesday as markets awaited the outcome of the Federal Reserve's rate-setting meeting for clues on the future course of US monetary policy.Speculation that the central bank will start tapering its asset-buying stimulus before the end of the year triggered a recent sell-off in global stocks and also market volatility which caused the dollar to lose ground to currencies like the safe-haven Japanese yen.Analysts said the ...
SHANGHAI: China's yuan ended slightly stronger on Wednesday, despite data showing declining capital inflows, as dealers reported continued strong demand for the currency.Spot yuan closed at 6.1269 per dollar, 0.03 percent stronger than Tuesday's close.The gain in the spot rate contrasted with the central bank's daily midpoint, which was set at 6.1677 on Wednesday, 0.04 percent weaker than Tuesday's fix.Data out Wednesday showed that capital inflows in the first quarter were smaller than originally believed.The ...
LONDON: Sterling was steady on Wednesday, staying stuck below a four-month peak against the dollar before the release of Bank of England minutes and the outcome of a US Federal Reserve policy meeting.The minutes of the Bank of England's policy meeting earlier this month will be watched to see whether any of the three policymakers, including outgoing Governor Mervyn King, who previously voted for more quantitative easing, changed their mind this time.Signs that recent better ...More Articles...
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