| Venezuela's currency gains for third day on PDVSA bond sale
Venezuela's currency gained in unregulated, parallel-market trading as the $5 billion dollar- denominated bond sale today by state oil company Petroleos de Venezuela SA may help meet demand for dollar-denominated assets. Petroleos said in a statement that its bonds were priced at 105.5 cents, or $1.05, each. The offering from the Caracas-based company may include $2 billion of 10-year dollar notes with a coupon interest rate of 5.25 percent, $2 billion of 20-year notes with a 5.375 percent coupon and $1 billion of notes maturing in 2037 and bearing a coupon of 5.5 percent. ``This issuance may temporarily contain the parallel exchange-rate depreciation and price pressures, by supplying much needed foreign exchange to the market,'' Tania Reif, an analyst with Citigroup Inc.
Dollar drops to six-year low against local currency
The dollar hit an almost six-year low on Friday against the shekel: NIS 4.155. Yesterday the greenback recovered slightly in options trading on the Tel Aviv Stock Exchange, since there is no foreign currency trading on Sundays. The shekel-dollar exchange rate reached NIS 4.161.
To weaken the shekel, the Bank of Israel has been cutting interest rates. But it hasn't worked as foreign investors continue to buy shekels to make investments in Israel.
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Economic News SUMMARY, March 8
Though Slovakias FOREX market saw lackluster trading on Wednesday and the exchange rate of the Slovak currency oscillated around 34.300 SKK/EUR the crown appreciated after the close of the session. UniBanka dealer Patrik Malec explained that foreign banks especially London ones were buying the Slovak crown in significant volumes, which moved its exchange rate to a new historic high at 34.030 SKK/EUR. The local currency thus rewrote its historic maximum of 34.060 SKK/EUR that it hit two days before the end of last year. Railway Company ZSR does not Plan Layoffs this Year
Railway network operator Zeleznice Slovenskej Republiky (ZSR) that belongs among the biggest employers in Slovakia does not plan any layoffs this year. ZSR spokeswoman Martina Pavlikova says that the number of their employees will go down only due to natural loss caused by people who will retire.
Rupee hits new high against dollar
The rupee surged strongly against the US currency for second straight day and on Tuesday (April 3) ended about 39 paise up at 43.0625/0725 following heavy dollar selling by traders amid suspected intervention by the central bank. In fairly active trade at the Interbank Foreign Exchange (forex) market, the local currency moved between 43.04 and 43.30 during the day after resuming firm at 43.26/28 a dollar. In the first trading session after the Reserve Bank of India (RBI) hiked the repo rates and Cash Reserve Ratio on Friday, traders and foreign banks reportedly sold dollars to take advantage of raised cash rates in the call money market, forex dealers said. The rupee has gained nearly 68 paise in the consecutive two trading sessions. The market remained closed on Monday as banks remained away to make final settlements for the financial year ending March 31.
Yen Drops Versus Euro, Dollar on Increased Appetite for Risk
March 15 (Bloomberg) -- The yen fell against the euro and the dollar on speculation investors resumed borrowing in the Japanese currency to invest in higher-yielding countries. The yen dropped against all of the 16 most active currencies including the Australian and New Zealand dollars on expectations investors will resume what is known as the carry trade. U.S. stocks advanced for a second straight day. ``Equities are the leading indicator of investors' risk appetite right now and their willingness to re-establish the carry trade,'' said C.J. Gavsie, managing director for foreign- exchange trading in Toronto at BMO Capital Markets. The yen fell 0.53 percent to 155.64 per euro and dropped 0.40 percent to 117.56 per dollar at 4:49 p.m. in New York.
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