2. MARKET HEADLINES
Rupee extends gains after exports hit $300 billion
in 2012-13
The rupee extended gains on Thursday after the government said
exports had hit $300 billion for the fiscal year ended in March, which
was higher than some estimates.
India's exports for 2012/13 stood at $300.6 billion, marking a 1.76 per
cent decline from the previous fiscal year, the trade ministry said in a
statement.
The rupee was trading at 54.12/13 as of 0600 GMT versus around
54.18/19 before the data. It had closed at 54.21/22 on Wednesday.
Yuan ends weaker on PBOC guidance, market
debates on widening trading band
China's central bank guided the yuan lower against the dollar on
Thursday after setting record-high midpoints in the previous four
sessions, amid market speculation it may widen the band within which
the currency is traded.
On Thursday, the central bank fixed its official midpoint at 6.2416
versus the dollar from an all-time high of 6.2342 on Wednesday.
Spot yuan ended at 6.1813, down from 6.1723 at the close on
Wednesday, its highest level since China established the domestic
foreign exchange market in 1994.
Sterling firm but vulnerable if UK retail sales data
disappoints
Sterling rose against a weaker dollar on Thursday, although its rise
could run out of steam if British retail sales data disappoints, painting
another bleak picture for the economy.
Sterling was up 0.2 per cent on the day at $1.5260, partially recovering
from Wednesday's sharp drop when it was hurt by a rise in the jobless
rate. Resistance is cited at its 55-day moving average of $1.5271 with
offers to sell the pound layered above $1.5300, traders said.
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