MARKET HEADLINES Rupee falls to near 56 against dollarThe rupee was just short of the 56 mark as exporters rushed in tosell, pulling the Indian currency down to 55.88/89 but still well belowits close of 55.5675/5775 on Monday.Traders said heavy dollar demand from oil and defence firms andalso from some custodian buying by two large foreign banks arehurting the rupee.Exporters, however, are likely to sell the US currency around 56 levels,preventing a very sharp fall in the Indian currency during this session,traders said. Yuan ends lower, takes break after slew of recordhighs in MayChinas yuan, which has hit record highs against the dollar seventimes this month, closed slightly weaker on Tuesday after the centralbank set a slightly lower midpoint to signal a pause in the currencysappreciation.Spot yuan closed at 6.1215 against the dollar, down slightly from6.1211 at the close on Monday when the currency reached an intradayhigh of 6.1210, its highest since China set up the domestic foreignexchange market in 1994. Swiss franc falls as risk aversion easesThe Swiss franc fell against the euro and the dollar on Tuesday asglobal markets stabilised following the recent patch of volatility,prompting less demand for safe-haven currencies.The franc fell 0.6 percent against the dollar to trade at 0.9693 by 0700GMT compared to the New York close.The franc fell 0.4 percent against the euro to 1.2502.St. Galler Kantonalbank analysts said they expected the franc to tradebetween 1.24 and 1.26 per euro for the time being.
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