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2. MARKET HEADLINES
๏ Rupee tanks below 60 mark; down by 72 p vs US
Dollar
The Rupee is extending losses tailing stock weakness, euro losses
also hurting, says dealer. The pair is at 60.38/39, up from an intraday
high of 59.84.
The Rupee has immediate resistance at 60.40. Dealers say no RBI
presence suspected for now, but on watch.
This is the first time since June 27 that the domestic currency tips
has fallen below the 60 level. Rupee had touched an all-time low of
60.76 against the dollar on June 26.
๏ Sterling rises, gilt futures pare gains after robust
UK services PMI
Sterling rose to a session high versus the dollar while gilt futures
pared gains on Wednesday after a survey showed that Britain's
services sector grew at its fastest rate in more than two years in June.
Sterling rose 0.4 percent to the day's high of $1.5214 from $1.5168
before the data. It recovered from a one-month low of $1.5130, hit
earlier in the day.
The euro fell 0.7 percent to a session low of 85.05 pence from 85.32
pence beforehand.
British government bond futures pared earlier hefty gains by more
than 15 ticks after the release of the data, with the September contract
dropping as low as 113.02 from a level of 113.20 just before the data.
๏ Yuan little changed; PBOC favors stability amid
regional declines
China's yuan was little changed on Wednesday after the central bank's
recent fixings signalled a desire for stability amid falls in emerging
Asian equities and currencies.
Spot yuan traded at 6.1321 per dollar near midday, up 0.01 per cent
from Tuesday's close.
The People's Bank of China (PBOC) fixed its midpoint at 6.1803
per dollar on Wednesday, 0.05 per cent weaker than Tuesday's fix.
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