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* Dollar headed to second straight monthly gain vs euro

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LONDON (Thomson Financial) - The euro shrugged off a weak start to find fresh legs after news that area-wide inflation saw a resurgence in May.

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India’s foreign exchange reserves rose to a record $316.171 billion as on May 23, from $314.081 billion a week earlier, the RBI said in its weekly statistical supplement on Friday.

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KUALA LUMPUR, May 30 (Bernama) — The ringgit rebounded against the U.S. dollar Friday after five consecutive days of losses, in line with the strengthening of most Asian currencies against the greenback amid declining world oil price, dealers said.

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TOKYO (Thomson Financial) - The U.S. dollar turned slightly lower against other major currencies after touching near three-month highs against the Japanese currency overnight.

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NTPC, the country’s largest power generator, recorded a 22.8 per cent decline in net profit to Rs 1,339.5 crore for the quarter ended March 2008 as it adjusted accounting for forex variations. Net sales during the period were up 21.25 per cent to Rs 10,743.6 crore.

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Momentum players are likely raking in the dough right now, with currency markets presenting exaggerated moves. Here you’ll find some of the most exciting events happening with Forex right now - something traders won’t want to miss.

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Three area investors who poured nearly $1 million into The Forex Project expecting massive returns are among a group of creditors that has pushed the company’s president and CEO into bankruptcy.

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The chief forex dealer at a private bank said that the increase in the reserves could have been a revaluation effect since there has not been much of capital flows during the week in question.

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