Last week rupee appreciated by 0.2 percent as dollar index weakened by 0.15 percent. Rupee remained strong most part of the week as there was continuous dollar selling by banks and corporates. However, services PMI for India came down to 47.8 in Feb’18 as compared to 52.5 in Jan’18. Also, Indian equity market remained negative with a decline of 1.81 percent in the nifty index during the week.
The coming week the movement in USDINR would be driven by inflation data from both US and India and building permits data from US.
USDINR is expected to depreciate in today’s session.
Euro EURUSD appreciated by 0.4 percent while EURINR depreciated by 0.19 percent during the same time frame.
In the latest ECB meeting the committee decided to keep the rates unchanged but they dropped their easing bias fuelling expectation of a normalisation in the monetary policy. Euro zone Q4 2017 GDP came in line with market expectations at 0.6%. Also, In the Italian parliamentary elections there was no clear winner.
EURINR is expected to trade sideways in today’s session
GBP appreciated against the US dollar by 0.23 percent last week while GBPINR remained flat.
Halifax HPI came in line with market expectations at 0.4% in Feb’18. Also, in an EU report they dismissed Theresa May’s Brexit speech explaining that it did not provide any sensible solutions for ongoing trade issues. Also, Bank of England to set up public panels to get understanding on the economy as mentioned by MPC member Andy Haldane. Manufacturing production data is expected today and it’s likely to come in at 0.2%.
GBPINR is expected to trade sideways in today’s session.
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