The News Review:
- Forex reserves fall on slowing FII inflows
- The USD: Between a Rock and Hard Place
- Satyam’s Q1 net up 86% at Rs 354 cr
- Dollar Falls From 3-Month High on Diminishing Fed Rate utlook
- Crude for gasoline swaps rise 150%
Forex reserves fall on slowing FII inflows
Financial Express – Jul 22, 2006
601 billion to $162. 659 billion at the end of the reporting week ended July 14 2006. According to the weekly statistical supplement released by RBI the foreign currency assets fell by $0. 599 million to $155.
The USD: Between a Rock and Hard Place
Elliott Wave – Jul 22, 2006
interest rates than traders had expected. The forex media’s fixation on the Fed is staggering. Whichever way the USD moves lately they blame it on the Fed’s interest rate policy. The media also firmly believe – or at least imply – that if the Fed keeps raising rates the dollar will benefit. It’s as if they don’t see that this year the Fed has only pushed rates higher – but instead of gaining the USD has been losing all year.
Satyam’s Q1 net up 86% at Rs 354 cr
Times of India – Jul 22, 2006
12 crore for thefirst quarter ended June2006. This is an increase byabout 86% compared to Rs 190 crore profit in the corresponding period of theprevious year. “The forexfluctuations have resulted in an additional profit of about Rs 45 crore”thecompany’s CF V Srinivas told reporters. Satyam’s revenue for the firstquarter increased by about 36% at Rs 1442. While the export marketcontributed Rs 1376. 66 crore to the top line the domestic market’scontribution remained at Rs 66.
Dollar Falls From 3-Month High on Diminishing Fed Rate utlook
Bloomberg – Jul 22, 2006
lawmakers say the yuan is undervalued aidingChinese exports. “Chinese yuan's revaluation gives the Bank of Japan moreflexibility in terms of competitive pricing of its goods'' saidKathy Lien chief currency strategist at Forex Capital MarketsLLC in New York. “More strength in the yuan is beneficial forthe yen because it allows more strength in the yen as well. '' Yield Differential Gains in the yen may be limited by speculation yields inthe U. and Europe will stay higher after Bank of JapanGovernor Toshihiko Fukui last week said the central bank willkeep rates “very low'' after it raised borrowing costs for thefirst time in almost six years.
Crude for gasoline swaps rise 150%
IranMania News – Jul 22, 2006
5 bln allocated for the nation?s gasoline imports will have been expended in the next month the government has not yet decided how it will provide the gasoline to address the ever-increasing demand. However it has ruled out issuing debit cards for the purpose. Sources in parliament have suggested that the government may withdraw funds from the Forex Reserve Account to continue gasoline imports during the second half of the year. Government oil revenues during the three-month period hit 39. 85 trln rials (about $4.