2. MARKET HEADLINES
Rupee turns lower as Subbarao's comments hurt
sentiment
The rupee turned lower as absence of any soothing comments from
RBI chief D Subbarao on rupee hurt sentiment, says dealers.
The rupee is at 60.30/31 versus Wednesday's close of 60.215/225 after
remaining in a tight range for most of the session.
The RBI Governor said he does not have a specific foreign exchange
rate target, which raises concerns that the RBI is unlikely to defend
any particular level strongly.
Yuan rises along with stronger midpoint on dollar
slide
China's yuan rose on Thursday, following stronger guidance from the
central bank after the dollar fell in overnight trade on policy jitters.
The dollar index slid overnight as investors trimmed back long
positions in the run up to the US July 4 holiday and payroll data on
Friday, but it steadied in Asian trade. The spot yuan remained range
bound on Thursday after opening at 6.1266 per dollar, up 0.07 percent
from Wednesday's close.
The People's Bank of China set the midpoint at 6.1755 per dollar
before market open, up 0.08 percent from Wednesday.
Swiss franc falls against euro, dollar; ECB review in
focus
The Swiss franc was weaker against the euro and the dollar on
Thursday in thin trading ahead of the European Central bank's policy
review and with US markets closed for a holiday, while traders also
awaited Friday's US payrolls report.
Political instability in Portugal, which has weighed on the euro in
recent sessions, has also pressured the franc, which has traded in a
fairly narrow range against the single currency since September 2011
when the Swiss National Bank imposed a 1.20 per euro cap to stave off
a recession and deflation.
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