Overnight money market was steady throughout the week. The call money rate remained unchanged throughout the week and ranged between 6.50 and 7.00 percent.
International FX Market
The dollar strengthened on Friday after a report showed the U.S. economy created more jobs than previously estimated, which supported views that the Federal Reserve will hold its benchmark interest rate steady. The euro fell 0.5 percent against the yen and the dollar rose 0.8 percent. The week began as the dollar hit a one-week high against the yen and rose versus the euro on Monday, supported by last week's solid U.S. jobs report which reinforced the view that the Federal Reserve was unlikely to cut interest rates. The dollar was up a quarter percent on the day against the yen, around one-week highs and rebounding from a one-month low hit last week. The euro dipped against the dollar, but was up 0.1 percent against the yen. With the Fed likely to keep rates at 5.25 percent, the dollar will maintain its yield advantage over the euro and yen. The Bank of Japan is seen raising rates to 0.5 percent in the January-March quarter, but Japan's still extremely low rates have prompted many market players to sell the yen to buy higher-yielding currencies.

In the middle of the week, the dollar held steady near six-week lows against the euro on Wednesday as investors took the view no major U.S. policy shift was likely after the Democrats took control of the House of Representatives in the midterm elections.

The euro was steady on the day, having hit an intraday high on Tuesday. The euro shrugged off data on Wednesday that showed Germany's trade surplus in September widened more than expected to 15.0 billion from an upwardly revised 12.4 billion in August. The dollar was also steady against the yen. The euro was unchanged on the day against the yen, around half a yen off its record high. The Australian dollar fell against the US dollar, erasing gains made after the Reserve Bank of Australia earlier raised rates as expected to 6.25 percent. Analysts say comments from the RBA, which left open the question of more rate hikes, were not sufficiently hawkish to further lift the Aussie.

The dollar shuffled within sight of a six-week low against the euro on Thursday as investors looked ahead to U.S. trade data later in the session that is expected to show a slight improvement in the country's gaping deficit. The U.S. trade figures at are expected to show the deficit narrowed to $66.0 billion in September from the record $69.9 billion the previous month. The dollar was little changed against the yen, having recovered from a one-month low struck last week. The euro inched up on the day but was off the six-week peak struck on Tuesday. For the past six months the euro has shuffled between $1.25 and $1.30.

- Standard Chartered Bank