MARKET HEADLINES
Rupee rules steady against dollar after initial losses
The rupee recovered from initial losses against the US dollar and was quoted barely steady at 61.91 on selling of the American currency by banks and exporters on good foreign capital inflows. The rupee resumed lower at 61.93 as against yesterday's closing level of 61.91 at the Interbank Foreign Exchange ( Forex). It moved down further to 61.95 on initial dollar demand from banks on the back of strengthening of the US currency in overseas market. However, it recovered from initial losses and was quoted at 61.91 on fresh selling of dollars in view of strong equity market and moved in a range of 61.89 and 61.95 during morning trade.
Euro falls below $1.23 ahead of ECB, yen weak
The euro fell to less than $1.23 for the first time in more than two years on Thursday, finding few friends in a market that is wagering the European Central Bank will be forced to inject even more stimulus into a moribund euro zone economy. The yen was also teetering on the brink against the dollar, although dealers said there was at least $1 billion in sell orders fending off a break through 120 yen per dollar. While a full-blown quantitative easing programme after Thursday's policy review is unlikely, some believe the ECB may lay the groundwork for such a move early next year About an
hour into European trading the euro had found a foothold, trading flat on the day at $1.2315 after falling to a low of $1.2295. The dollar touched another seven-year high against the yen, rising as high
as 119.98 yen on trading platform EBS. The dollar last traded at 119.91 yen, up 0.1 percent on the day.
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