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Indian Rupee appreciated by 0.3 percent yesterday while the Dollar Index ticked higher by 0.5 percent. The greenback was also supported after U.S. Commerce Secretary Wilbur Ross said on Thursday that the United States and China are "miles and miles" from resolving trade issues. Trade tensions between the world's two largest economies have kept a lid on investor risk appetite in the new year, as it did for long periods last year.
The dollar held firm against most of its peers in the face of the global economic worries, with the European Central Bank proving the latest warning about the dimming outlook, forecasting weaker-thanexpected growth in the eurozone for the near term.
USDINR is expected to trade lower in today’s session.
EURUSD depreciated by 0.7 percent yesterday while EURINR appreciated by 0.9 percent during the same time frame.
Euro dipped after reports showed that its economy was closing stagnation in early 2019. Falling demand and businesses booking the weakest rise in output for five-and-a-half years added further pressure. Even the IHS Markit Eurozone Composite Purchasing Manager’s Index declined to 50.7 in January from 51.1 in December.
As per the expectation of the market the ECB kept the monetary policy unchanged, Mr. Draghi expressed greater concern over their economic condition and signalled towards a later rate hike.
EURINR is expected to trade lower in today’s session.
GBP declined marginally against USD by 0.02 percent yesterday while GBPINR appreciated by 0.3 percent during the same time frame.
The sterling has been under pressure over recent weeks on the Brexit uncertainty, a period in which growing pessimism over the global economy pushed investors toward the safe-haven dollar. Since Prime Minister Theresa May's divorce deal with the EU was rejected by lawmakers last week in the biggest defeat in modern British history, lawmakers have been trying to plot a course out of the crisis, yet no option has the majority support of parliament.
GBPINR is expected to depreciate in today’s session.
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