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2. MARKET HEADLINES
Rupee near 2-1/2 month low against dollar
The rupee was trading at 55.02/03 versus its close of 54.88/89 on
Friday, tracking weakness in the domestic share market and good
demand of dollar from importers.
Traders said good demand for the US currency from oil importers
and gold firms are weighing on the Indian currency.
Traders, however, expect the pair to face a stiff resistance around 55.15
levels, holding it in a broad range of 54.50 to 55.15 band in the near-
term.
Traders will continue to monitor domestic shares for cues on foreign
fund flows.
Yuan ends up slightly as PBOC signals further
appreciation
China's yuan closed slightly higher on Monday after the central bank
surprised the market and fixed the official midpoint almost unchanged
despite a rally in the dollar.
Spot yuan ended at 6.1389 against the dollar from 6.1419 at Friday's
close after the People's Bank of China set the yuan's midpoint at
6.1998, almost flat from 6.1997 on Friday.
Barring a reverse in capital inflows, several traders said they now
forecast the yuan to appreciate to 6.0 against the dollar in coming
months compared with 6.2 which they had predicted in early April.
Sterling falls versus dollar on talk of Federal
Reserve reducing stimulus
Sterling recovered from a six-week low against the dollar on Monday
as the US currency dipped after recent strong gains, but it was still
vulnerable to signs the US central bank may scale back monetary
stimulus.
Sterling was up 0.2 percent at $1.5202, off a low of $1.5158 hit on
Friday when the dollar gained after US Federal Reserve officials called
for the central bank to start tapering bond buying under its
quantitative easing programme.
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