05302016Mon
Last update: Mon, 30 May 2016 02am

Asia

Markets - FXMM - Asia

Sri Lankan rupee forwards steady; stocks down COLOMBO: Sri Lankan rupee forwards were steady on Friday in dull trading amid fears that the currency would weaken if the government increased spending following the country's worst natural disaster since 2004, dealers said. Additional government borrowing for post-disaster spending could hurt the currency if there is lack of foreign and local aid, the dealers added.The dollar/rupee forwards, known as spot next, were steady at 147.40/50 per dollar at 0628 GMT.Spot next, which acts as a proxy for spot currency, indicates the exchange rate for the day following conventional spot settlement, which is five days ahead for Friday's trade."The (importer) demand is there but dealers are reluctant to trade (forwards) below 147.50 fearing repercussions from the central bank. So everybody is just awaiting to see the direction or guidance," a currency dealer said, asking not to be named.Central bank officials were not available for comment.The cost of last week's landslides ...

Markets - FXMM - Asia

Yen edges up after G7 vows against forex market intervention TOKYO: The yen ticked up in thin trading against the dollar and euro Friday after the G7 reaffirmed previous commitments not to intervene in foreign exchange markets.Wrapping up their meeting in rural Japan, the leaders of the Group of Seven agreed to consult closely with each other with regard to actions in currency markets."We underscore the importance of all countries refraining from competitive devaluation" of their currencies, the G7 said in a final statement."We reiterate ...

Markets - FXMM - Asia

China's yuan firms on stronger midpoint as dollar retreats SHANGHAI: The yuan edged up against the dollar on Thursday, after the central bank fixed a firmer midpoint as the dollar retreated from its two-month high reached in the previous session.The market is looking ahead to a speech by Federal Reserve chief Janet Yellen on Friday that will shed more light on whether US interest rates will be raised as early as next month."There were bouts of heavy dollar selling in the morning as the ...

Markets - FXMM - Asia

Yen soars as jittery markets await Yellen, Japan tax decision TOKYO: The yen surged on Thursday, taking some of the wind out of the sails of the recently buoyant dollar and prompting investors to cover positions against a backdrop of potential event risks, including a speech by Federal Reserve chief Janet Yellen.The dollar earlier had stuck close to recent ranges, as investors looked for Yellen to provide clues on Friday as to whether a U.S. rate increase is imminent, and awaited clarity from Japan on ...

Markets - FXMM - Asia

Mystery yen jump turns back dollar rally LONDON: An early surge in the yen in Asia on Thursday put a dampener on any further progress for the dollar after a bullish two weeks and spurred speculation US investors are opposing any gains past 110.50 yen. In relatively illiquid conditions in the first minutes of trading in Tokyo, a large order drove the yen more than half a percent higher against the dollar, undoing the bulk of this week's gains for the US ...

Markets - FXMM - Asia

Malaysian ringgit leads emerging units higher as oil rises TOKYO: Higher-yielding currencies in Asia moved higher against the dollar Thursday, as sentiment in emerging markets picked up as Brent crude passed $50 a barrel for the first time this year.Analysts said recent data from the US indicated that the global economy was showing signs of a gradual recovery, but warned that it was unclear whether long-term sentiment could stay positive.The oil-reliant Malaysian ringgit led gains among higher-yielding, but riskier, emerging units, up 0.6 percent.The ...

Markets - FXMM - Asia

Sri Lankan rupee forwards down on importer dollar demand; stocks up COLOMBO: Sri Lankan rupee forwards edged down on Wednesday due to importer dollar demand amid expectations that the currency would weaken on a possible increase in government spending after the country's worst natural disaster since 2004, dealers said.The cost of landslides and floods after days of torrential rains will be between $1.5 billion and $2 billion at the minimum, the government said on Monday, as the Indian Ocean island struggles to recover from a cyclonic ...