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MARKET HEADLINES Rupee falls below 55.50 against dollarThe rupee extended losses beyond 55.50 and is on way to stretchinglosses for a fourth session.The Indian currency was trading at 55.50/51 after falling to 55.56versus Tuesdays close of 55.41/42.A state-run dealer said the pair may see 55.70 during the session,though 55.60 may provide some immediate support to Indiancurrency. Euro hits 3-1/2 year high versus yen, rallies againstSwiss francThe euro rose to a 3-1/2 year peak against the yen and a four-monthhigh against the Swiss franc on Wednesday as investors demand forsafe-haven currencies waned on falling borrowing costs for indebtedeuro zone countries.The euro rose to 133.14 yen, pushing past a reported option barrier at133 yen to trade at its highest since January 2010. So far this year, theeuro is up 16 percent.The euro also rose to 1.2546 Swiss francs, its highest since January18. Traders cited an option barrier at 1.2550 francs. Yuan ends up vs dollar, stays near record high onPBOC guidanceChinas yuan closed up against the dollar on Wednesday, slightlyshort of the record intra-day high struck on Tuesday, as the centralbank lets the currency appreciate further.Spot yuan closed at 6.1311 against the dollar, up from 6.1356 atTuesdays close but shy of the record high of 6.1305 the currency hit inintraday trading Tuesday.Before trade began, the Peoples Bank of China (PBOC) fixed theyuans midpoint at another all-time high, 6.1904. Tuesdays midpointsetting - at 6.1911 - had also been a record. The yuan is allowed to riseor fall 1 percent in a day from the central banks base rate.
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