Yesterday rupee depreciated by 0.22 percent as dollar index strengthened by 0.44 percent. The FY18 GDP growth estimates for India came in 6.5% which was the lowest in last 4 years. Effects of demonization and GST were cited as the reason for this slow growth. However, Indian equity market remained positive during the week with a surge of around 0.58 percent in Nifty Index. The manufacturing PMI from US came in at 59.7 for Dec’17 which was higher than market sentiments. The Non-farm employment data came in at 148,000 for Dec’17 which was below market expectations of 190,000. Non-manufacturing PMI also could not live up to market expectations of 57.6 for Dec’17 and ended up at 55.9.
USDINR is expected to move sideways in the coming session
EURUSD depreciated by 0.52 percent while EURINR appreciated by 0.38 percent during the same time frame. Angela Merkel started grand coalition talks in Germany despite poll results showing that majority people feel that she should not be at the ballot. However, ECB’s board member Benoit Coeure said that there is a reasonable chance that the bond buying stimulus may not need to be extended beyond Sep’18. Also, Services PMI and CPI inflation from the Euro area came in line with market sentiments.
EURINR is expected to appreciate in the coming session
GBP remained flat against the US dollar but GBPINR depreciated by 0.21 percent during the day. UK manufacturing PMI for Dec’17 came in at 56.3 which were below market expectations. The same story was followed by construction PMI which came in at 52.2 for Dec’17. Contradictory to other two indicators Services PMI came in at 54.2 for Dec’17 in line with market sentiments.
GBPINR is expected to depreciate in the coming session
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