Weekend News Updates From Market

Rupee edges down tracking broad dollar gains

The rupee weakened on Friday on the back of a broad rally in the dollar versus major currencies, but gains in domestic shares limited a sharp sell-off.

The dollar rose against a basket of currencies on Friday, hovering near a 10-month high as debate over whether the Federal Reserve would wind down its asset buying programme later this year gathered pace.

Traders said there was good dollar demand from importers as well, while exporters stepped up sales of the greenback near 54.90-55.00 levels, limiting a very sharp fall.

"There is no immediate trigger next week for a sharp depreciation. But a Nifty correction is possible and that may lead to some more bearishness in the rupee," said Samir Lodha, managing director at QuantArt Market Solutions.

Wall Street Wk Ahead: Correction forgotten as rally goes on

With the broad S&P 500 Index gliding once again into uncharted territory and posting four straight weeks of gains, the talk of Wall Street's rally inevitably hitting a ceiling is starting to get old.

Concerns about a technical correction have been a hot topic for weeks, especially as the rally accelerated in May - the S&P 500 is up 4.4 percent so far this month and up nearly 17 percent for the year. But as the three major US stock indexes inch higher and higher to set record after record, many analysts are shrugging off the pullback worries.

"There isn't a technical level that we have in mind at this point when making decisions. The momentum is really strong, and riding along that momentum is what we should have in mind at this point," said Cam Albright, director of asset allocation at Wilmington Trust Investment Advisors in Wilmington, Delaware.

The S&P 500, which rose above the 1,600 level only about two weeks ago, is now less than 40 points away from 1,700.

Gold falls to 1-month low as Fed comments lift dollar

Gold fell for a seventh straight session on Friday, its longest losing streak in four years, as speculation that the Federal Reserve may soon rein in monetary easing lifted the dollar.

Dollar strength stunted a brief rally in gold prices late on Thursday after a batch of soft US data, putting the metal on track to fall 5 percent this week, the most in four weeks.

Spot gold hit a four-month low at USD 1,367.76 and was down 0.7 percent at USD 1,376.00 an ounce at 1344 GMT. US gold futures for June delivery were down USD 13.60 an ounce at USD 1,373.30.

The dollar rose, hitting a near three-year high against a currency basket, helped by comments from San Francisco Fed chief John Williams on Thursday the bank could begin easing up on stimulus this summer.

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