2. MARKET HEADLINES
Rupee falls below 55.50 against dollar
The rupee extended losses beyond 55.50 and is on way to stretching
losses for a fourth session.
The Indian currency was trading at 55.50/51 after falling to 55.56
versus Tuesday's close of 55.41/42.
A state-run dealer said the pair may see 55.70 during the session,
though 55.60 may provide some immediate support to Indian
currency.
Euro hits 3-1/2 year high versus yen, rallies against
Swiss franc
The euro rose to a 3-1/2 year peak against the yen and a four-month
high against the Swiss franc on Wednesday as investors demand for
safe-haven currencies waned on falling borrowing costs for indebted
euro zone countries.
The euro rose to 133.14 yen, pushing past a reported option barrier at
133 yen to trade at its highest since January 2010. So far this year, the
euro is up 16 percent.
The euro also rose to 1.2546 Swiss francs, its highest since January
18. Traders cited an option barrier at 1.2550 francs.
Yuan ends up vs dollar, stays near record high on
PBOC guidance
China's yuan closed up against the dollar on Wednesday, slightly
short of the record intra-day high struck on Tuesday, as the central
bank lets the currency appreciate further.
Spot yuan closed at 6.1311 against the dollar, up from 6.1356 at
Tuesday's close but shy of the record high of 6.1305 the currency hit in
intraday trading Tuesday.
Before trade began, the People's Bank of China (PBOC) fixed the
yuan's midpoint at another all-time high, 6.1904. Tuesday's midpoint
setting - at 6.1911 - had also been a record. The yuan is allowed to rise
or fall 1 percent in a day from the central bank's base rate.
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