The News Review:

- Forex – Euro hits new all time high of 1.5912 dollars
- Singapore dollar soars to record highs after central bank tightens…
- Forex earnings from oilmeal exports seen up 65% in FY08
- Forex derivatives losses at $328 mn

Forex – Euro hits new all time high of 1.5912 dollars
Forbes – Apr 10, 2008
The euro traded at 1. 5912 dollars, after earlier posting a new record high against the pound as well, at 0. In its press conference, the ECB president Jean-Claude Trichet is likely to signal that rate cuts are not on the agenda for the time being after CPI inflation was surprisingly high last month, at an annual rate of 3.

Singapore dollar soars to record highs after central bank tightens…
Forbes – Apr 10, 2008
37 before the MAS announced the policy. Analysts are expecting a further strengthening of the local unit following the policy announcement. The market is definitely testing the strong end of the forex policy band, said Alvin Liew, economist at Standard Chartered (other-otc:.

Forex earnings from oilmeal exports seen up 65% in FY08
Economic Times – Apr 10, 2008
But when it comes to oilmeal, it
floats on a comfortable stock, sufficient enough to generate an exportable
surplus of nearly 5-5. 5 million tonne (mt) per
annum. So, while the country is
likely to cough up about Rs 15,000 crore in 2007-08 to foot the bills for edible
oils imports, its foreign exchange earnings from oilmeal exports is expected to
shoot up 65% to Rs 7,110 crore in the year compared with Rs 4,300 crore in
2006-07. Importantly, the rise in forex earnings from oilmeal exports has been
driven by increase in its value realisation in the global market, particularly
from South East Asian
countries.

Forex derivatives losses at $328 mn
Economic Times – Apr 10, 2008
At least this stands true for banks and corporates who tried this
recipe to garnish their balance sheets. As more companies come out and
knock legal doors seeking intervention, forex derivative losses may well turn
out to be the subprime crisis for India Inc. And once again, banks have
found themselves in the vortex of this financial crisis. According to a Credit
Suisse report, the size of the potential market-to-market (MTM) losses of
corporates are between Rs 12,000 crore and Rs 20,000 crore.