TODAY’S FOREX REPORT

MARKET HEADLINES

Rupee retraces gains to trade flat on day
The rupee gives up all gains to trade flat on the day at 59.70/71 versus Monday’s close of 59.72/73 as there are no fresh dollars inflows into the market, traders say.There is good demand for the greenback from importers and corporates, with both state-run and foreign banks seen buying the dollar, they added.

The pair is seen moving in a range of 59.40 to 59.90 during the rest of the session. The domestic share market will be watched for cues on foreign fund
flows.

Swiss franc steady vs euro, dollar as Q2 reports flow in

The Swiss franc was steady against the dollar and the euro on Tuesday, with few catalysts seen moving the franc sharply as one third of S&P 500 companies prepare to report second quarter numbers this week.

The franc continues to shadow euro movements closely, as it has broadly done since the Swiss National Bank capped the currency at 1.20 per euro almost two years ago to stave off a recession and deflation.The franc was little moved against the dollar compared to the New York close, trading at 0.9360 by 0710 GMT.

Dollar slips versus yen in Asian trade
The dollar weakened against the yen in Asia Tuesday after poor US
housing data raised the likelihood the Federal Reserve would not wind
back its stimulus programme in the near term.

The greenback fetched 99.46 yen in afternoon Tokyo trade, down from
99.59 yen in New York Monday afternoon and well off the 100-yen levels at the end of last week, while the euro bought 131.26 yen and $1.3198, from 131.33 yen and $1.3186.

On Monday the National Association of Realtors said home US sales fell 1.2 per cent to an annual rate of 5.08 million in June, from a downwardly revised 5.15 million in May. The average analyst estimate was for a rise to a 5.28 million pace in June.

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