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In a letter to Director General of Foreign Trade R S Gujral, Pharmaceutical Export Promotion Council (Pharmexcil) Chairman D B Mody said, “Reserve Bank may give certain portion (of Forex reserves) to various banks in India with proper guidelines”. He said rise of rupee during last month had far reaching effect on the pharma industry which could lose substantial export business due to uncompetitiveness. Earlier in September, Pharmexcil had written to Commerce and Industry Minister Kamal Nath seeking relief measures such as higher DEPB (Duty Entitlement Passbook Scheme) rates and 6 per cent concessional rate on post- and pre-shipment credits to all exporters. The elevation of Vikram Pandit to a senior position in Citi will now see Indians in almost all the main international business of the largest US bank. Copyright © 2007 Times Internet Limited. read more

[Tags]bank, business, export, industry, pharmexcil, 1024×768, forex news[/Tags]

BRUSSELS (AFP) — A senior US official urged China on Friday to loosen state control over the yuan’s exchange rate more quickly and welcomed recent European pressure on Beijing to allow the currency to trade more freely. China regularly comes under fire from major trade partners for artificially keeping down the value of its currency in order to make its exports cheaper on international markets. China’s state-controlled exchange rate has long irritated lawmakers in Washington, which has piled pressure on Beijing to let the market more freely set the value of the yuan, although with little effect so far. Europe joined the chorus of concern about the yuan earlier this week when finance ministers from the 13 nations sharing the euro singled out China for criticism over the exchange rate and agreed to dispatch a senior delegation to voice their concerns there. read more

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Governor Mervyn King’s insistence earlier this week that inflation remains a problem, hinting that the bank won’t be rushing to cut interest rates, has already helped to lift rate spreads in favor of the pound. Compare this with the rate hike that many still expect from the European Central Bank and "the risks, at least on the basis of interest rate differentials, would appear to be skewed firmly against sterling," Mellor said. This followed a report from the Royal Institute of Chartered Surveyors earlier in the day that the balance of surveyors reporting a rise in house prices fell to -14. This came as market sources reported distinct flows out of sterling, coinciding with the completion of The Royal Bank of Scotland consortium’s takeover of the Dutch bank, ABN-Amro. read more

[Tags]bank, u, rate, earlier, interest, market, forex news[/Tags]

SYDNEY (Thomson Financial) – The US dollar was mixed against major currencies in midmorning trade Thursday after losing ground overnight due to falls on Wall Street and growing expectations for another US interest rate cut this year. 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. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Sitemap Help Contact Us Investment Newsletters Forbes Conferences Forbes Magazines Forbes Autos Ad Information Forbes. read more

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In active trade at the interbank foreign exchange market, the local currency fluctuated in a range of 39. Crediting rupee’s early rally to a high of 39. The rupee has been strong supported by unprecedented portfolio inflows since September 19. There was some dollar selling from exporters but the state-owned banks absorbed the sales at the behest of the central bank, a forex dealer said. read more

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KUALA LUMPUR, Oct 8 (Bernama) — The ringgit closed higher against the U. At 5pm, the local unit appreciated against the greenback to 3. They said speculation on continued dollar weakness also spurred buying interest in the local unit. This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA. read more

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Remember the US dollar bears that predicted the currency will fall below 70 in Dollar Index in no time? US Dollar and Japanese Yen are two currencies that will make surprising comeback. The trade surplus in Japan, the deficit level and the fact that Japan just came out of a deflation are the reasons to believe Japanese economic growth prospects are on great shape. It is just the question of time when they make all time new highs. It is time to llok North for the US Dollar and Yen. read more

[Tags]time, dollar, economy, japanese, market, growth, forex news[/Tags]