1. DAILY FOREX
REPORT
RESEARCH VIA
4/17/2013
www.researchvia.com 9977785000
2. MARKET HEADLINES
Rupee hits 2-week high; buying seen at 54.34 levels
The rupee extended gains to 54.33/34, its highest since April 2 and up
from its Monday's close of 54.6250/6350, tracking gains in domestic
shares as slumping commodity and gold prices are reducing the
pressure on India's record current account deficit.
The Sensex is up 1.3 per cent. Traders say the sentiment for dollar
also remains weak as the global commodities sell-off reduced demand
for the greenback.
Buying is expected below 54.34 levels and downside is likely to be
limited around 54.25 for the day, traders said.
Sterling edges up against dollar but market wary
before UK data
Sterling edged up against the dollar on Tuesday but fell against the
euro and was seen as vulnerable to concerns over global growth and
upcoming data that may highlight Britain's own economic weakness.
Figures due at 0830 GMT are expected to show UK annual CPI
inflation staying high at 2.8 per cent.
Sterling was up 0.1 per cent against the dollar at $1.5304 , recovering
from a low of $1.5269 hit on Monday.
However, it remained well below last week's peak of $1.5412, which
was its highest level since Feb. 20.
The euro was up 0.15 per cent at 85.39 pence, staying comfortably
above the April 1 low of 84.115 pence.
Yuan closes at record high for third day as PBOC
sets strong midpoint
The yuan closed at another record high against the dollar for the
third straight day on Tuesday after the central bank set an unusually
strong midpoint, but traders in the offshore market are signalling they
think the currency is set to peak.
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