TODAY’S FOREX REPORT 17/july/2013

MARKET HEADLINES

Rupee off lows on dollar selling by large US banks

Rupee is off lows on some US dollar selling by a large US bank as well a large state-run bank, dealers say.

The rupee is at 59.90/91, off 60.0750 highs, versus its previous close of 59.56/57.

“A large US bank was selling around 59.90/91 levels,” says a senior dealer.

Local stocks also in positive zone, 0.5 per cent higher.

Sterling steady, investors say BoE minutes to cement bearish tone

Sterling was steady on Monday, holding above recent lows against the dollar and the euro, with investors wary of buying the pound while monetary policy in Britain is expected to remain easy.

The Bank of England (BoE) will release the minutes of its latest Monetary Policy Committee meeting on Wednesday. They are likely to retain a dovish bias after the Bank said two weeks ago that a recent rise in UK gilt yields was unwarranted.

Sterling was flat at $1.5095 holding above the three-year low of $1.4814 struck last Tuesday. Chart support is cited at $1.5077, its July 5 high. Against the euro, sterling was flat at 86.45 pence per euro.

Swiss franc idles against dollar, euro before economic data

The Swiss franc was virtually unchanged against the dollar and the euro on Monday, after data from China came in as expected and markets awaited testimony from US Federal Reserve Chairman Ben Bernanke later this week.

Closer to home, currency dealers are awaiting Swiss producer price data at 0715GMT on Monday, and Swiss trade data later this week.

The franc was flat against the dollar to trade at 0.9464 by 0627 GMT compared to the New York close.

The franc was steady against the euro at 1.2371.

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