Yesterday, the Indian Rupee spot strengthened by 0.23 percent tracking gains in the Asian market equities after the successful G-20 meet. Also, recent disappointing release of FOMC meeting minutes from the US added support to the Indian Rupee. In the meeting minutes, there was a lack of consensus seen amongst the Federal Reserve policymakers on when to shrink its balance sheet and how to approach policy strategy in a time of low inflation. The newly adopted tax regime in India i.e. the GST bill has revived positive sentiments on hopes that it shall lead to higher foreign direct investment inflows and boost the economy. Today, USDINR spot is likely to appreciate.
Yesterday, EURINR spot plunged by 0.27 percent after some ECB policymakers commented on having doubts about signaling a move away from an ultra-easy monetary policy stance. Moreover, France’s top central banker has pleaded with Germany to loosen its fiscal policy as part of a deal with his country to strengthen the Euro-zone. Also, strong US Dollar Index after the release of NFP employment data added to the woes. Today, EURINR spot is likely to trade lower.
Yesterday, GBPINR traded lower by 0.30 percent on account of the disappointing release of economic datasets from the nation. Manufacturing, construction and service data came lower than the expected levels. Furthermore, strong DXY in the overseas markets was another reason for the Pound’s downfall. Today, GBPINR spot is expected to trade lower.
Yesterday, JPYINR traded lower by 0.36 percent owing to fading risk concerns. The G-20 summit went better than the expectation which has prompted the traders to place risky bets. Also, Japan's core machinery orders unexpectedly fell in May’17 on persistent weakness in the services sector. Moreover, the government downgraded the outlook for orders for the first time in eight months, raising doubts about the strength of the economic recovery. Today, JPYINR spot is expected to trade lower.
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