MARKET HEADLINES
Rupee weakens to 10 month lows on broad dollar strength
Rupee weakened to its lowest in 10 months on Wednesday tracking broad dollar gains versus global and Asian currencies.
The partially convertible rupee was trading at 56.22/23 per dollar as of 11:26 am, its weakest since July 25, 2012, and weaker than its 55.9550/9650 close on Tuesday.
The index of the dollar against six major currencies was up 0.3 percent, while the BSE share index was down 0.3 percent.
Asian currencies were mostly trading weaker versus the dollar.
Sterling steady but vulnerable to easing by the BoE
Sterling held steady against the dollar on Wednesday but remained susceptible to losses given expectations that the Bank of England will continue to ease policy while the U.S. Federal Reserve looks set to pare back its stimulus.
Sterling had earlier hit a 2-1/2 month low of $1.5008. Although it was last up 0.1 percent on the day against the dollar at $1.5060, strategists said its gains would be short-lived as sellers would emerge on rallies.
Traders cited support below $1.5000 at $1.4980 and $1.4930, a break below which could take sterling to $1.4832, the low hit in March.
Yuan ends down on big corporate dollar demand, lower midpoint
China's yuan ended down slightly on Wednesday, thanks to the central bank setting a lower midpoint and to strong dollar demand from major Chinese oil companies.
Spot yuan closed at 6.1267 against the dollar, down from 6.1215 at Tuesday's close. On Monday, the yuan had traded as high as 6.1210, its best mark since China set up the domestic foreign exchange market in 1994.
