The rupee, Asia's best performer this year, also fell as the benchmark stock index retreated following the biggest advance in 16 months yesterday. The Reserve Bank of India has bought a record $40 billion in the eight months through August to curb the rally in the currency that touched a 9 1/2-year high this month. It has climbed almost 12 percent this year, slowing profit growth at companies including Tata Consultancy Services Ltd. The ”rapid appreciation'' of the rupee has caused some problems for exporters, Finance Minister Palaniappan Chidambaram told reporters in the Norwegian capital Oslo yesterday. India may fall short of achieving its $160 billion export target in the year to March 31 as a stronger rupee erodes sales overseas, Commerce Secretary G. read more

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Venezuela's currency weakens, dips to 6,000 bolivars against U. Veneconomia, a local business publication that closely tracks trading, reported that U. The official exchange rate has been fixed by the government of President Hugo Chavez since early 2005 at 2,150 bolivars to one U. Venezuela has had a fixed rate since February 2003, when Chavez imposed currency and price controls. Rush of Cuban migrants use Mexican routes to U. read more

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Main Fortune Small Business 100 Small Cap Investing – Top 50 Ultimate Resource Guide Top Schools for Entrepreneurs 5 Best Bosses Which States Love Small Biz? Main Best Companies to Work For Best Places to Live America’s Hottest Jobs Fortune 500 Global 500 Fortune 500 archive Best Places to Retire 20 Great Cos. This has given a firm boost to the yen as investors become increasingly cautious and shy away from the risky carry trade strategy of selling the low yielding yen to buy high yielding currencies elsewhere. 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. read more

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They said investors may refrain from buying as the domestic results season gets in full swing and with Wall Street still jittery about the fallout from the US mortgage and credit market woes. Japan’s stock market tumbled over the past week, with the benchmark Nikkei-225 index losing 516. Japanese share prices could drop to as low as around 16,500 points next week, said Masayoshi Yano, strategist at Tokai Tokyo Securities Co. The dollar hit a near three-weak low against the yen in Asian trade Friday as the market fretted over gloomy prospects for the US economy. Analysts said investors will try to find clues next week on whether the Fed will cuts its interest rate again, a move that would be likely to buoy Wall Street and provide a positive lead for other stock markets. read more

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WASHINGTON (Bloomberg) — The Palestinian Monetary Authority will be ready to form a central bank and issue a currency by about 2010, should a sovereign state be created, its governor George Abed said. Issuing its own currency would help a future Palestinian state manage economic growth and inflation through monetary tools, such as interest rates. An electronic payment system, enabling real-time bank and credit card transactions, the purchase and sale of bonds and securities and the monitoring of liquidity in the banking system is being implemented by the monetary authority with the help of the World Bank. read more

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G7 Grapples With Currency – Forbes. The young Ho Chi Minh seeks freedom for Vietnam in 1919. His failure means a future war and thousands of deaths. Sitemap Help Contact Us Investment Newsletters Forbes Conferences Forbes Magazines Forbes Autos Ad Information Forbes. read more

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Inflation in Zimbabwe soared to nearly 8,000% in September after briefly falling under 7,000% in August, according to the country’s Central Statistical Office. The official 12-month inflation rate was 7,982% in September, the statistical office said, following 6,592% in August, when it declined from over 7,000%. The statistical office did not offer a breakdown as to which items were driving inflation, saying only that food inflation was marginally lower than nonfood inflation. Economist John Robertson of Harare told reporter Blessing Zulu of VOA’s Studio 7 for Zimbabwe that the government’s grip on the economy was exacerbating the crisis and that it needed to let market forces function properly for the economy to function. Meanwhile, poverty indexes from organizations such as the World Bank have shown Zimbabwe continuing to plunge deeper into poverty. With World Poverty Day being observed on Wednesday, Programs Manager Pedzisayi Ruhanya of the Crisis in Zimbabwe Coalition told reporter Ndimyake Mwakalyelye that there is little hope of an economic turnaround given the political standoff which regionally sponsored crisis talks have barely budged. read more

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Monetary policy in Asia, an export-dependent region, has made a valiant effort since 2002 to suppress appreciation in the real, or inflation-adjusted, exchange rate as capital inflows grew. Gross capital inflows into Asia – China, India, Hong Kong, Indonesia, South Korea, Malaysia, Singapore, Thailand, Vietnam, Pakistan and the Philippines – have now risen back to the record highs recorded before the financial crisis of 1997. Limiting foreign capital to more manageable levels requires a reduction in Asian interest rates, something that is not possible any time soon because of inflation. Roberto Cardarelli and other IMF economists have investigated 109 episodes of large capital inflows into emerging markets since 1987 to see what policy response works, and more importantly, what does not. Much of what Asian central banks have done to cope with capital inflows since they began building up in 2002 is quite useless. The Philippine peso traded near its highest level in seven years Monday as Filipinos working overseas sent money home, increasing demand for the currency as the foreign currency is converted. read more

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