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The dollar rose against a basket of major currencies on Friday, on track for its 10th consecutive week of gains, as investors bet US interest rates would rise more quickly than expected. But some market participants said the dollar's move was overdone and its rally should pause in the short term. Fundamentally, the dollar seemed to be getting just a marginal boost from positive US economic news, they added.

The dollar scaled more than six-year peaks against the yen on Thursday after data showed a drop in US claims for jobless benefits last week, reinforcing the market's view that US interest rates will rise earlier than expected. The dollar index, a measure of the greenback's value against six currencies, climbed to its strongest level in more than four years, supported by the Federal Reserve's rate forecasts that were higher than those projected in June. The outlooks were provided after the Fed's monetary policy meeting on Wednesday.
Sterling jumped to a two-week high against the US dollar and two-year peak against the euro on Friday, rallying on relief that Scottish voters rejected independence in a referendum, averting a break-up of the United Kingdom. Scottish nationalist leader Alex Salmond conceded defeat over his bid to win independence, ending a few weeks of uncertainties that gripped financial markets.
Sterling fell back against the dollar on Friday to stand lower on the day, handing back all of its gains since the first signs overnight that Scotland was voting "No" to splitting off from the United Kingdom. The pound fell past $1.64 to trade at a day's low of $1.6360, down 0.2 percent on the day and off a two-week high of $1.6525 struck in Asia. Against the euro, sterling was still around 0.2 percent firmer at 78.67 pence per euro.
Sterling's gains to a two-year peak against the euro and a two-week high versus the dollar on Friday after Scottish voters rejected independence ran out of steam as investors focused on the UK economy and new constitutional problems for Britain. Analysts pointed to risk factors like promises for more powers to Scotland that could open up the prospects for some constitutional changes to next May's general election as risk factors for the pound. These could add some uncertainty to UK growth prospects and tie sterling down in the near term.
The Indian rupee rose for a fourth consecutive session on Friday, boosted by strong foreign fund flows into markets, although the local currency fell against the dollar for the week, in line with losses in other emerging Asian currencies. Scotland's decision to stay in the United Kingdom also eased investor concerns on Friday after a recent run of global political obstacles.
The Malaysian ringgit hit a four-month low on Friday, leading losses among emerging Asian currencies, a day after the central bank kept interest rates unchanged. Regional units were poised to fall for the week as the US Federal Reserve's outlook for rising interest rates spurred concerns that Asian assets may lose some of their high-yield appeal.
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Index Closing Chg%
Arrow DJIA 17,279.74 0.08
Arrow Nasdaq 4,579.79 0.30
Arrow S&P 2,010.40 0.05
Arrow FTSE 6,837.92 0.27
Arrow DAX 9,799.26 0.01
Arrow CAC-40 4,461.22 0.08
Arrow Nikkei 16,321.17 1.58
Arrow H.Seng 24,306.16 0.57
Arrow Sensex 27,090.42 0.08

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln