The News Review:

- Forex – Dollar rebounds vs yen in afternoon Asian trade after Japan…
- Forex – Euro comes off highs vs dollar on profit-taking
- Forex deal costs telecom giant as NT dollar gains
- Forex reserves decline by USD 1,831 mn
- FOREX: Ringgit Higher Against US Dollar
- Forex News: Europe, UK and Japan All Signal Trouble.
- Rupee closes below 40 level against a US dollar

Forex – Dollar rebounds vs yen in afternoon Asian trade after Japan…
Forbes – Mar 28, 2008
Japan’s unemployment rate grew 3. 9 percent last month, higher than the 3. 8 percent posted in January, the Ministry of Internal Affairs and Communications said earlier today.

Forex – Euro comes off highs vs dollar on profit-taking
Forbes – Mar 28, 2008
The euro today benefited from hawkish rhetoric by European Central Bank rate-setters and high inflation data: Axel Weber said inflation was ‘alarmingly high’ and suggested interest rates would not come down as long as price pressures continued. His colleague Jurgen Stark confirmed that view separately after German import prices jumped 1. 1 pct in February, almost twice analysts’ predictions, despite a stronger currency. Profit-taking even overshadowed a string of weak US economic data, which failed to weigh on the dollar.

Forex deal costs telecom giant as NT dollar gains
Taipei Times – Mar 28, 2008
Chunghwa Telecom projected losses from the contract would amount NT$1. 9 million) based on the assumption that the New Taiwan dollar would rise to an average of NT$30 in the next 10 years. The firm said the losses were still within the acceptable range.

Forex reserves decline by USD 1,831 mn
Myiris.com – Mar 28, 2008
21, 2008, mainly due to the 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 Mar. 28, 2008, foreign currency and assets moved up USD 1,847 million to USD 294,649 million. During the same period, the reserve position in the International Monetary Fund (IMF) decreased by USD 2 million to USD 432 million.

FOREX: Ringgit Higher Against US Dollar
Bernama – Mar 28, 2008
The local currency also received a boost from investors increasing their ringgit positions with the coming end of the first quarter, they said. In Friday’s trading, the ringgit gained momentum, in contrast to the general weakening of Asian currencies, against the greenback due to worries of spillover effects from the slowdown of the US economy on Asian economies. The ringgit closed higher against the US dollar at 3.

Forex News: Europe, UK and Japan All Signal Trouble.
Daily FX – Mar 28, 2008
Core prices validated inflation concerns by increasing by 1% since February. Additionally , the jobless rate unexpectedly rose to 3. This will leave the BoJ in a difficult position as they consider cutting rates at the expense of rising inflation.

Rupee closes below 40 level against a US dollar
Economic Times – Mar 28, 2008
At the Interbank
Foreign Exchange (Forex) market, the local currency closed the day at at
39. 50 paise from its previous close. The domestic unit opened lower
at 40… Forex dealers said the local
unit was weak due to initial hesitancy in equity markets as well as some dollar
buying by oil refiners due to higher global crude oil prices. However, it later recovered
and breached the 40 level to end the day at 39. The
domestic currency touched an intra-day high of 39.