Over the last year through mid-January, the dollar has depreciated about 9 percent against the euro, 10 percent against the rupee and 12 percent against the Chilean peso, said Jay Bryson, global economist at Wachovia. Tour Operators Association serving Europe and Britain said their prices would increase up to 15 percent because of the weak dollar, a December survey showed. The roughly 5 percent surcharge imposed by Globus is less than the 10 percent devaluation of the dollar against the euro since it priced its vacations in June. After Globus announced its currency surcharge, a flurry of tour operators including Brendan Worldwide Vacations, Insight Vacations and Collette Vacations sent out news releases emphasizing that they did not plan to levy currency surcharges. read more

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In the earlier week, the reserves had increased by $3. The forex reserves have been seeing a rise for quite a few weeks now, mainly because the RBI has been buying dollars to keep the rupee from appreciating. In the week under consideration, foreign currency assets increased by $3. Foreign currency assets, as expressed in dollars include the effect of appreciation or depreciation in non-US currencies (euro, sterling and yen) held in reserves. SDRs increased by $6 million to touch $9 million and the country’s reserve position in the IMF increased by $1 million to touch $434 million. read more

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Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. read more

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Elsewhere, the pound weakened against the euro after Bank of England data revealed UK housing market activity remains weak, which will add to the pressure on the central bank to cut interest rates next week. The BoE said mortgage approvals — a good indicator of future housing demand — fell to 73,000 in December, their lowest level since records began, down on November’s 81,000 and well below expectations for 80,000. Intraday data provided by ComStock , an Interactive Data Company and subject to the Terms of Use . Historical, current end-of-day data, and splits data provided by FT Interactive Data . read more

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NEW YORK, Jan 29 (Reuters) – A Federal Reserve interest rate cut this week will hurt the dollar in the short run but may help the ailing U. By late Tuesday morning, rate futures reflected a 70 percent chance of another half-point cut, which would take the federal funds rate to 3 percent — 100 basis points below euro-zone rates. Thanks to sharply lower interest rates — the federal funds rate was at 5. That means investors who started trimming dollar exposure last year when the Fed began cutting rates may need to reverse course soon to take advantage of a dollar rebound and the possibility of stronger U. read more

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The central bank on Monday scrapped regulations barring banks from providing foreign currency-denominated loans to non-manufacturing firms in a bid to spur their investment in facilities. Beginning this week, non-manufacturers will be able to borrow loans denominated in yen and dollars on condition that the money is spent on facilities investment. In August last year, the Bank of Korea (BOK) strengthened lending rules on foreign currency loans as part of efforts to ease the won’s strength against major currencies and made it impossible for non-manufacturing firms to get such loans. The BOK said the revision of foreign currency rules can raise companies’ exposure to risks of currency fluctuations, but at the same time will make it possible for them to manage their loans more flexibly. read more

[Tags]loans, foreign, currency, bank, firms, banks, forex news[/Tags]

Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. read more

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Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here . read more

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Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. read more

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Moody’s said the rating action is prompted by a continued improvement in Telkom’s perceived efforts to improve standards of corporate governance, financial reporting and overall transparency, as well as a consolidation of its strong operating and financial profile. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. Live Quotes automatically refresh, but individual equities are delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Intraday data provided by ComStock , an Interactive Data Company and subject to the Terms of Use . Historical, current end-of-day data, and splits data provided by FT Interactive Data . read more

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