Indian Rupee appreciated by 0.12 percent as dollar index weakened by 0.17 percent during the day mainly on account of inflows in the domestic market. Meanwhile, RBI eases overseas borrowing norms for oil firms. In the recent RBI meeting the MPC decided to keep interest rates unchanged but changed their stance to calibrated tightening.
In Jerome Powell’s latest speech he believes the US economy is growing at a good strength and sees no evidence of labour markets overheating or price pressures accelerating. The advances in greenback came in after China’s central bank eased its domestic policy to support the economy, marking the latest development in deepening in trade war between China and US. Growth concerns led PBOC to cut level of cash that bank must hold for reserves. US PPI came in line with market expectations at 0.2 percent for Sep’18.
USDINR is expected to move sideways in today’s session.
EURUSD appreciated by 0.25 percent while EURINR depreciated by 0.62 percent during the same time frame.
The Italian government decided to set a 2.4% budget deficit, defying European demands. Italy’s bond and equities suffer heavily after a sharp sell off as investors were worried about a deepening spat between Italy and EU over the country’s budget. Meanwhile, following Italy’s footsteps even French leaders started making antiEU statements.
EURINR is expected to depreciate in today’s session.
GBP appreciated against the US dollar by 0.4 percent yesterday while GBPINR depreciated by 0.28 percent.
Pound gained heavily yesterday on account of Britain and EU moving closer towards the Brexit deal. According to reports the divorce terms could be out by next Monday while agreement on future trade relationship could be done by November. Meanwhile, monthly GDP data from UK came In at 0 percent against market expectations of 0.1 percent for Sep’18. Manufacturing production from UK came in at 0.2 percent against market expectations of 0.1 percent for Sep’18.
GBPINR is expected to depreciate in today’s session.
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