UPDATE

UPDATE FOR 1 OCTOBER, 2008

Key benchmark indices are likely to extend gains for the second

straight day today, 1 October 2008 after a stupendous pullback

on previous day on speculation the Senate will approve a $700

billion bank bailout package to unlock the credit markets and

bolster the global economy. The Singapore Nifty futures (SGX)

trading at over 50 points premium. Meanwhile, India's current

account deficit jumped to $10.72 billion in Q1 June 2008 as

compared to a deficit of $6.3 billion Q1 June 2007, as oil import bill

has grown faster than income from software services exports and

remittances from the Indian diaspora. The current account in the

balance of payments measures the net position of a country's exports

and imports of goods and services. The Indian rupee dropped to a

fresh five-year low in early trade today, 1 October 2008 on worries

foreign investors would continue to sell their local investments amid

a spreading global financial crisis. The partially convertible rupee

was at 47.22/23 per dollar, its weakest since 2 June 2003 and 0.55% lower

from yesterday's close of 46.95/96. Meanwhile, the Bombay Stock

Exchange (BSE) will launch exchange-traded rupee futures today,

1 October 2008. In August 2008, the National Stock Exchange of

India (NSE) kicked off exchange-traded currency futures trading.