Indian Rupee May Rise on Speculation Central Bank Will Buy It
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India&#39;s rupee may gain for a second week on speculation the central bank will buy the currency to reduce funds in the banking system to curb inflation, according to a Bloomberg News survey of traders.
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Already having the highest interest rates in the developed world, the Reserve Bank is set to raise them further on Thursday and may leave the door open for more rises ahead.
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The pound has firmed on talk that the Bank of England could spring another surprise interest rate rise on the market on Thursday, although the consensus view remains that the next move is most likely to be in November.
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Analysts are unanimous in their prediction that the European Central Bank will increase its key interest rate Thursday, but investors are more interested to hear what bank president Jean-Claude Trichet says afterward.
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New Zealand&#39;s dollar may extend gains for a third week after reports on consumer spending and employment indicated the economy may not be slowing as fast as the central bank forecast.
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The rise of the Indian rupee against the U.S. dollar is affecting Indian outsourcers.
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India&#39;s central bank unexpectedly raised a key interest rate for the first time in four years, saying record oil prices and rising corporate demand for credit threaten to fuel inflation.
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The pound has made slight gains against the dollar on the back of yesterday's release of Bank of England minutes which suggested a further hike in interest rates is unlikely.
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The dollar hit a two-month high against  the euro on Tuesday as expectations grew that Federal Reserve  officials speaking later may add to recent signals that the  United States could accelerate the pace of interest rates  increases.
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U.S. stock index futures rose on Wednesday before Federal Reserve Chairman Ben Bernanke's congressional testimony, which could give a hint about the outlook for interest rates, and retail sales data.
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India's central bank on Tuesday held key interest rates steady, saying the risk of higher inflation had increased amid global threats to economic growth and financial stability.
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Indian shares appear set to move upwards next week with the benchmark 30-share Sensex index likely to breach the 12,000 level on improved foreign fund buying sentiment, dealers said.
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The dollar crept up on Wednesday,  although it stayed under pressure after the Federal Reserve  raised interest rates as expected but raised doubts about its  next move.  The policy-setting Federal Open Market Committee  raised rates by a quarter percentage point to 1.75 percent,  adding to similar increases in June and August.
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The Reserve Bank of India announced the mid-term review of its monetary policy on Tuesday. Though the central Bank kept away from the much expected interest rate hike, the policy contained recommendations
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The Centre is said to be of the view that with the inflation rate already high, any hike in prices at this juncture could fuel it further.
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Monetary policy experts have started putting pressure on the Reserve Bank of India to stem the rupeeâs rise.
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NEW YORK The dollar rose Wednesday after a Federal Reserve report showed that New York area manufacturing surged this month, evidence the economy may be gaining momentum.