Last week rupee depreciated by 0.2 percent as dollar index strengthened by 1.3 percent. Current deficit for the fourth quarter came in at $13 billion against $2.6 billion recorded in the same period a year ago. India’s CPI for May’18 came in at 4.87% against 4.58% in Apr’18. However baring the earlier negatives IIP improved to 4.9% in Apr’18 against 4 month low it hit In Mar’18 of 4.4%. Meanwhile, WPI for May’18 came in at 4.43% against market expectations of 4%.
USDINR is expected to move sideways in today’s session.
EURUSD depreciated by 1.7 percent while EURINR fell by 1 percent during the same time frame.
In the recently concluded ECB meeting Mario Draghi decided that the central bank will shut its bond buyback program by the end of the year but in a balanced announcement reflecting the uncertainties hanging over the economy. Meanwhile German economic sentiment data came in at -16.1 for June’18 against market expectations of - 14.6.
EURINR is expected to trend lower in today’s session.
GBP depreciated against the US dollar by 1 percent last week while GBPINR depreciated by 0.9 percent. Average earnings index data from UK came in with market expectations at 2.5% for May’18. CPI from UK for May’18 came in line with market expectations at 2.4%. Retail sales data from UK came in at 1.3% for May’18 against market expectations of 0.5%. Meanwhile, strength in US dollar was seeing against major global currencies and hence pound took a beating as well during the week. The movement in GBPINR will be driven by BOE meeting and public sector borrowing data.
GBPINR is expected to trade sideways in today’s session
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