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Indian Rupee depreciated by 0.17 percent yesterday while the Dollar Index remained flat. The result of the election had a significant impact on the domestic currency. Existing government formed the government again has led to the recent appreciation in Indian rupee.
US Fed in its latest meeting minutes is likely to keep interest rates constant for some time and many sided with Jerome Powell that the recent dip in inflation is temporary. Meanwhile, The U.S. Commerce Department announced Monday it had granted a 90-day license for mobile phone companies and internet broadband providers to work with Huawei to keep existing networks online and protect users from security risks. Chinese ambassador Mr. Tinkai added that China is still committed to addressing trade imbalance with the US by buying more products and services. US markets remained closed yesterday on account of Memorial Day.
USDINR is expected to move sideways in today’s session.
EURUSD depreciated by 0.05 percent yesterday while EURINR depreciated by 0.15 percent the same time frame.
EU’s consumer confidence came in at -7 for May’19 against market expectations of -8. Over the weekend, Europe went to the polls to renew its Parliament, and the result was hardly a surprise. The centrist bloc lost the majority, with greens and euro sceptics adding seats, although pro-EU parties held onto roughly two-thirds of the seats.
EURINR is expected to move sideways in today’s session.
GBP decreased against USD by 0.28 percent yesterday while GBPINR appreciated by 0.11 percent.
The Brexit withdrawal bill that PM May was supposed to present this Friday won't be published or debated until early June. The Committee met late failed to agree on a rule change which would allow to outs PM May. PM Theresa May, after failing to get support for her Brexit deal announced her resignation which might pressurize pound.
GBPINR is expected to appreciate in today’s session.
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