The News Review:

- Trichet says excessive forex volatility ‘counterproductive’…
- Forex – US dollar falls sharply on bigger-than-expected drop in…
- Forex – Dollar firmer in Asian afternoon trade ahead of US jobs data
- Philippine forex reserves rise to record $36.5 billion in March
- Forex – US dollar weakens ahead of key non-farm payrolls data
- India’s forex reserves swell by $4.5 bn
- Banks safe from forex hit

Trichet says excessive forex volatility ‘counterproductive’…
Forbes – Apr 4, 2008
‘Excessive volatility is counterproductive from the standpoint of global growth,’ Trichet told journalists after this morning’s Eurogroup meeting of euro zone finance ministers. He once again welcomed the U. authorities’ statements of commitment to a strong dollar policy.

Forex – US dollar falls sharply on bigger-than-expected drop in…
Forbes – Apr 4, 2008
dollar fell sharply after dismal U. jobs data pointed to recessionary conditions in the economy and raised the prospects of further cuts in interest rates by the Federal Reserve.

Forex – Dollar firmer in Asian afternoon trade ahead of US jobs data
Forbes – Apr 4, 2008
dollar was trading firmer against major currencies in Asian afternoon trade on Friday as investors braced themselves ahead of the release of U. jobs data for March later tonight.

Philippine forex reserves rise to record $36.5 billion in March
Forbes – Apr 4, 2008
5 billion at the end of March, boosted by the central bank’s dollar purchases and income from investments abroad, data showed on Friday. The current level, which was up from a revised $36. 3 billion in February, could cover 6. 2 months of imports of goods and payments of services and income.

Forex – US dollar weakens ahead of key non-farm payrolls data
Forbes – Apr 4, 2008
dollar weakened against major currencies in cautious trade before this afternoon’s release of key U. non-farm payrolls data.

India’s forex reserves swell by $4.5 bn
Economic Times – Apr 4, 2008
504 billion to stand at USD 309. 16
billion for the week ended March 28. The forex reserves had dipped
by USD 1. 8 billion a week before to stand at USD 304.

Banks safe from forex hit
Daily News & Analysis – Apr 4, 2008
Vaibhav Agarwal, banking analyst with Angel Broking, said that over 70% of banking exposures in forex derivatives are to companies large enough to manage their loans, making defaults unlikely. “According to my estimates, out of the total losses because of forex, banks may end up bearing only 10%, the rest will be borne by the companies,” Agarwal told DNA Money. “Also, even for small banks like Yes Bank, only 10% of the business is dependent on such products. The 90% of main businesses for banks are still strong,” he added.