MARKET HEADLINES Rupee edges down against dollar; down 7 paiseThe rupee edged down to 54.85/86 versus its close of 54.78/79,tracking the euros losses versus the dollar and a choppy domesticshare market.The dollar held close to a 4-1/2 year high against the yen with buyingfrom Japanese importers helping it to recoup some of the lossessuffered after disappointing US industrial data, while the eurowobbled near a six-week low.Domestic shares up 0.2 per cent, but some choppiness seen on profit-taking after the recent rally on the back of expectations for a rate cut. Sterling falls against dollar, risks to UK growthweighSterling was heading towards six-week lows against the dollar onThursday as investors sold the pound on concerns that a deepeningrecession in the euro zone would be a drag on the British economy.The Bank of England (BoE) raised its growth forecasts on Wednesday,but Governor Mervyn King said there were challenges ahead given theproblems in the euro zone. Separate data showed the euro zoneeconomy had shrunk for a sixth straight quarter.Sterling was down 0.2 percent on the day at $1.5202, not far from asix-week low of $1.5173 struck on Wednesday. Traders cited optionexpiries at $1.5200 that could keep the currency pinned around thatlevel. Yuan ends down for second day, but capital inflowsimply near-term strengthChinas yuan closed slightly lower on Thursday for the second day onthe back of an overnight rally in the dollar in global markets.But the yuan is likely to retain its recent strength as central bank datashowed capital continued to flow into the country on a large scale.Traders said the inflows have produced an abundance of dollars in themarket that nobody appears to want.Spot yuan closed at 6.1492 against the dollar, slipping from 6.1459 atWednesdays close.
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