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 sank to a 2-1/2-month low against the euro and an 18-month trough versus sterling on Friday, weighed down by concerns that China plans to diversify its estimated $1 trillion in foreign exchange reserves. In late afternoon trading, the euro was up 0.1 percent from late Thursday, having hit its highest since Aug. 21. Sterling rose 0.3 percent against the dollar, pulling back a touch from an 18-month peak hit earlier in the session. The week began as the dollar held near last week's lows versus major currencies on Monday on persistent worries that central banks might gradually shift their foreign exchange reserves away from the greenback. Sterling hit an 18-month high against the dollar at the end of last week. The dollar eased to a one-week low against the yen, before recovering some ground to trade 0.1 percent down on the day.

In the middle of the week, the yen rallied on Tuesday after data showed Japan's economy grew more rapidly than expected in the third quarter, keeping the Bank of Japan on track to raise interest rates in the next few months. The yen had risen half a percent against the dollar. It also rose a third percent against the euro having hit a record low around 151.50 last week. The euro was up 0.2 percent against the dollar, having hit a 2-1/2-month high last week. Fukui said last week the central bank would raise rates preemptively but in small steps. The dollar firmed against the yen and Swiss franc on Wednesday, consolidating Tuesday's losses, with the major focus on minutes from the Federal Reserve's last policy meeting that could further shape US rate expectations. The Fed has voted to keep US interest rates on hold at 5.25 percent since August. The dollar was up 0.2 percent on the day against the yen. It slid 0.5 percent the previous day on data showing US core producer prices fell 0.9 percent in October and retail sales slipped 0.2 percent in the same month. The euro hit a 6-1/2-year peak against the Swiss franc after Swiss National Bank chairman Jean-Pierre Roth said the previous day that the franc looked less attractive as a safe-haven currency.

The yen inched towards a record low against the euro on Thursday after the Bank of Japan's governor sounded a neutral note on interest rates, dampening any market expectations of a rate rise by the end of the year. The euro held broadly steady against the dollar, with investors looking to US inflation data for October and speeches from a number of Federal Reserve officials later in the day for more clarity on the likely future path of US rates. The dollar was up 0.1 percent on the day against the yen, while the euro rose just three ticks short of a record high hit last week according to Reuters data.

- Standard Chartered Bank