2. MARKET HEADLINES
Rupee edges down against dollar; down 7 paise
The rupee edged down to 54.85/86 versus its close of 54.78/79,
tracking the euro's losses versus the dollar and a choppy domestic
share market.
The dollar held close to a 4-1/2 year high against the yen with buying
from Japanese importers helping it to recoup some of the losses
suffered after disappointing US industrial data, while the euro
wobbled 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 growth
weigh
Sterling was heading towards six-week lows against the dollar on
Thursday as investors sold the pound on concerns that a deepening
recession 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 the
problems in the euro zone. Separate data showed the euro zone
economy had shrunk for a sixth straight quarter.
Sterling was down 0.2 percent on the day at $1.5202, not far from a
six-week low of $1.5173 struck on Wednesday. Traders cited option
expiries at $1.5200 that could keep the currency pinned around that
level.
Yuan ends down for second day, but capital inflows
imply near-term strength
China's yuan closed slightly lower on Thursday for the second day on
the back of an overnight rally in the dollar in global markets.
But the yuan is likely to retain its recent strength as central bank data
showed capital continued to flow into the country on a large scale.
Traders said the inflows have produced an abundance of dollars in the
market that nobody appears to want.
Spot yuan closed at 6.1492 against the dollar, slipping from 6.1459 at
Wednesday's close.
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