The News Review:

- Forex – US dollar weaker on expectations for further rate cuts
- Forex reserves rise by USD 2,048 mn
- Singapore shares higher in early trade on Wall Street gains – UPDATE

Forex – US dollar weaker on expectations for further rate cuts
Forbes – Feb 24, 2008
Although no significant economic reports were released on Friday, currency traders continued to reduce their US dollar positions after the Philadelphia Federal Reserve reported on Thursday its manufacturing index contracted in February to a lower reading than had been expected, giving rise to speculation the Fed will continue to cut rates. The Fed slashed its federal funds target rate by 125 basis points in January. 30 am (2230 GMT), the euro was buying 1.

Forex reserves rise by USD 2,048 mn
Myiris.com – Feb 24, 2008
15, 2008, primarily as a result of increase in foreign currency and assets collections, on a weekly basis. As per the weekly statistical supplement of the Reserve Bank of India (RBI) released on Feb. 22, 2008, foreign currency and assets moved up USD 2,055 million to USD 283,238 million. During the same period, the reserve position in the international monetary fund (IMF) increased by USD 2 million to USD 419 million.

Singapore shares higher in early trade on Wall Street gains – UPDATE
Forbes – Feb 24, 2008
SembCorp Marine gained 9 cents at 3. 62 dollars as investors were relieved that the shipyard operator has made more provisions for the foreign exchange losses the group incurred as a result of unauthorized forex transactions entered into by its former finance director. On Friday SembCorp Marine said its 2007 net profit barely grew to 241 million Singapore dollars from the year before as strong revenue was offset by substantial forex losses from the unauthorized transactions. Property stocks were firmer, with CapitaLand up 15 cents at 6. 33 dollars, City Developments up 6 cents at 11. 80 dollars and Keppel Land up 2 cents at 6.