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India begins dumping probe into chemical imported from China

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India has initiated a probe into an alleged dumping of a chemical used in dyes and pharma industries from China following a complaint from a domestic player.

Gujarat Narmada Valley Fertilizers and Chemicals Ltd has filed an application before the Directorate General of Trade Remedies (DGTR) for anti-dumping investigation on imports of Aniline originating in or exported from China.

According to a notification of the DGTR, it has found evidence of dumping of the chemical from China.

"The authority, hereby, initiates an investigation to determine the existence, degree and effect of any alleged dumping in respect of the product under consideration," it has said.

If established that dumping has caused material injury to domestic players, the directorate would recommend imposition of anti-dumping duty on imports of the chemical from the neighbouring country.

Aniline is also known as Aniline Oil. It is an essential for vital industries such as drugs, pharmaceuticals, dyes and dye intermediates.

Imposition of anti-dumping duty is permissible under the World Trade Organisation (WTO) regime.

The duty is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers vis-a- vis foreign producers and exporters.

Forex: Dollar Advance Kept in Check by Yen Amid Safe-Haven Rush

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The dollar remained on the back foot Monday, pressured by a surprise fall in new home sales data and a bid in the yen and Swiss franc as worries intensified over the spread of the deadly coronavirus.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.12% to 97.97.

The Commerce Department said new home sales fell fell 0.4% to a seasonally adjusted annual rate of 694,000 units in December, confounding expectations for a 1.5% rise to 730,000 units.

The surprise drop in new home sales did little to steady the greenback against the yen and Swiss franc following a sharp uptick in safe-haven demand on reports of more Chinese deaths from the coronavirus.

USD/JPY fell 0.28% to $109.00 and USD/CHF fell 0.13% to 0.968.

The weakness in the greenback comes just a day ahead of the Federal Open Market Committee's two-day meeting, which is expected to culminate in an unchanged interest rate decision.

EUR/USD slipped 0.02% to $1.1102 as German business confidence unexpectedly slipped in January, denting hopes that the weakness in the manufacturing sector had steadied.

With just a few days go until the Bank of England decision and Brexit, the pound remained under pressure against the greenback falling 0.21% to $1.308.

USD/CAD rose 0.28% to C$1.3180 as the loonie tracked oil prices lower amid ongoing fears that a continued spread of the virus could dent travel and tourism, keeping a lid on oil demand.

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FOREX-Yuan wobbles, yen holds firm as traders count damage from China virus

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The yuan was mired near its weakest level in a month in offshore trade on Tuesday as heightened anxiety about the economic impact of a deadly new coronavirus in China battered riskier assets.

The Japanese yen, considered a safe-haven, traded near a three-week high versus the dollar as investors nervously watched the death toll from the virus climb to more than 100. stocks and oil prices have tumbled over recent sessions on fears the virus could do further damage to China's already weakened economy, an engine of global growth. authorities have stepped up efforts to curb the spread of the virus, imposing stiff restrictions on travel and movement of people. Many of the largest Chinese cities in central Hubei province, where the flu-like virus originated late last year, are already on lockdown.

Scores of Chinese are cancelling travel plans during the Lunar New Year, normally the busiest tourism season, while businesses in many cities have shut down. still do not know the full scale of this outbreak, which is not only a public health problem but also an economic problem," said Minori Uchida, head of global market research at MUFG Bank in Tokyo.

"There are worries about the impact on tourism and China's broader economy, which affect global economic growth forecasts. The yuan is likely to be sold, and the yen is likely to rise."

In the offshore market, the yuan CNH=D3 was quoted at 6.9813 per dollar, near its weakest since Dec. 30. China's onshore markets are closed this week for Lunar New Year.

The yen JPY=EBS held steady at 109.01 per dollar, close to its strongest level since Jan. 8.

Japan's currency has risen for the past five trading sessions against the greenback due to the growing risk aversion.

The dollar index .DXY against a basket of six major currencies was little changed at 97.932 following a 0.86% increase on Monday.

The coronavirus has spread to more than 10 countries. So far no fatalities have been reported outside of China.

The outbreak has evoked memories of Severe Acute Respiratory Syndrome (SARS) in 2002-2003, another coronavirus which broke out in China and killed nearly 800 people in a global pandemic. Australian dollar AUD=D3 traded at $0.6754, close to a three-month low. The New Zealand dollar NZD=D3 was quoted at $0.6541 after falling on Monday to its lowest since mid-December.

Both countries have extensive trade ties with China, with tourism and education especially vulnerable to disruption from the virus.

The U.S. dollar was quoted at $1.1021 per euro EUR=EBS , close to its strongest since December.

Officials from the U.S. central bank are scheduled to meet on Tuesday and Wednesday. They are expected to reiterate the Federal Reserve's desire to keep rates unchanged at least through this year.

The Bank of England also announces a policy decision on Thursday that many analysts say is too close to call.

The pound GBP=D3 was little changed at $1.3064 on the dollar and at 84.37 pence per euro EURGBP=D3 .

Dovish comments from BoE policymakers have fuelled some expectations for monetary easing, but improving economic data has cast doubt on this view.

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EM ASIA FX-Most Asian currencies weaken as virus death toll rises

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 Most Asian currencies slid against the dollar on Tuesday, with the South Korean won leading the declines, as the rising death toll from the fast-spreading coronavirus battered appetite for risk.

The won KRW=KFTC slipped as much as 0.8% to its lowest level in nearly three weeks as investors returned from a Lunar New Year break.

Asian financial markets extended a global selloff on fears that the new coronavirus, which has claimed 106 lives so far in China and has spread to more than 10 countries, could hit growth in the world's second-largest economy. Korea, Malaysia, Thailand, Singapore and Taiwan are among the nations that have confirmed cases of the virus.

"Across the Asia-Pacific, the downward pressure on local currencies will continue until we see some good news emerging in the Wuhan virus fight," Jeffery Halley, senior market analyst at OANDA, said in a note.

He, however, said Asian currencies were "well placed to weather the storm for some time to come" as they had rallied before the viral outbreak.

Trading in the onshore yuan CNY=CFXS was closed for the Lunar New Year holidays, which have been extended by three days to Feb. 2 as China takes further steps to curb the spread of the virus. the offshore market, the yuan CNH=D3 was at 6.9722 versus the dollar, recovering slightly from Monday when it hit 6.9900, the lowest since Dec. 30.

Malaysia's rinngit MYR= slipped up to 0.5%, while the Indonesian rupiah IDR= declined 0.4%. The Thai baht THB=TH skidded 0.3% to its weakest since August 2019.

The Philippine peso PHP= and the Indian rupee INR=IN each firmed 0.2%. There have been no confirmed cases of the virus in the Philippines and India. a slump in oil prices also supported the rupee. India is among the world's top importers of oil and easing crude prices bode well for the country's trade deficit. O/R

Taiwan's financial markets were closed for holidays.

The following table shows rates for Asian currencies against the dollar at 0529 GMT.



Latest bid Previous day Pct Move Japan yen



-0.07 Sing dlr



+0.01 Korean won



-0.70 Baht



-0.26 Peso



+0.16 Rupiah

13650.000 13600

-0.37 Rupee



+0.15 Ringgit




Change so far in 2020


Latest bid End 2019

Pct Move Japan yen



-0.33 Sing dlr



-0.95 Taiwan dlr



+0.33 Korean won



-1.74 Baht



-2.79 Peso



-0.31 Rupiah

13650.000 13880

+1.68 Rupee



+0.07 Ringgit



+0.17 Yuan




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