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Indian Rupee appreciated by 0.14 percent yesterday while the Dollar Index declined by 0.04 percent. Slowdown in growth and inflation concerns coupled with economic concerns of the emerging markets led to second consecutive drop in the Reserve Bank of India’s Current Rate. Moreover, a possible rate cut in the coming months might put further pressure.
Majority of U.S. Federal Reserve policymakers expected interest rates to remain steady this year in the FOMC meeting minutes. Policymakers saw continued U.S. Meanwhile, PPI from US came in at 0.6 percent for Mar’19 against market expectations of 0.3 percent. Unemployment claims for the week came in at 196000 against market expectations of 210000. US Treasury Secretary Steven Mnuchin said he hoped US-China trade talks were approaching a final lap. Also, strong Chinese export data and bank loan boosted confidence in the global economy.
USDINR is expected to appreciate in today’s session.
EURUSD appreciated by 0.12 percent yesterday while EURINR appreciated by 0.14 percent the same time frame. Better than expected economic data from China improved the risk appetite amongst inventors which in turn pushed the U.S. Dollar lower.
China’s economy grew at a steady rate of 6.4 percent coupled improvement in industrial output and surge in consumer demand supported the Euro.
EURINR is expected to trade sideways in today’s session.
GBP declined against USD by 0.04 percent yesterday while GBPINR appreciated by 0.18 percent. GDP data from UK came in line with market expectations at 0.2 percent. Moreover, even the CPI remained steady at 1.9% just below the BOE target of 2.0%. GBP continues to trade steady as policy makers are satisfied with the current inflation rate.
GBPINR is expected to appreciate in today’s session.
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