MARKET HEADLINES Rupee near 2-1/2 month low against dollarThe rupee was trading at 55.02/03 versus its close of 54.88/89 onFriday, tracking weakness in the domestic share market and gooddemand of dollar from importers.Traders said good demand for the US currency from oil importersand gold firms are weighing on the Indian currency.Traders, however, expect the pair to face a stiff resistance around 55.15levels, holding it in a broad range of 54.50 to 55.15 band in the near-term.Traders will continue to monitor domestic shares for cues on foreignfund flows. Yuan ends up slightly as PBOC signals furtherappreciationChinas yuan closed slightly higher on Monday after the central banksurprised the market and fixed the official midpoint almost unchangeddespite a rally in the dollar.Spot yuan ended at 6.1389 against the dollar from 6.1419 at Fridaysclose after the Peoples Bank of China set the yuans midpoint at6.1998, almost flat from 6.1997 on Friday.Barring a reverse in capital inflows, several traders said they nowforecast the yuan to appreciate to 6.0 against the dollar in comingmonths compared with 6.2 which they had predicted in early April. Sterling falls versus dollar on talk of FederalReserve reducing stimulusSterling recovered from a six-week low against the dollar on Mondayas the US currency dipped after recent strong gains, but it was stillvulnerable to signs the US central bank may scale back monetarystimulus.Sterling was up 0.2 percent at $1.5202, off a low of $1.5158 hit onFriday when the dollar gained after US Federal Reserve officials calledfor the central bank to start tapering bond buying under itsquantitative easing programme.
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