Published on 16/04/2018 10:14:31 AM | Source: Angel Broking Pvt Ltd

USDINR is expected to trade sideways in today`s session - Angel Broking

Posted in Currency Report| #Currency Tips #Angel Broking Pvt Ltd


Indian rupee

Last week rupee depreciated by 0.2 despite dollar index weakening by 0.39 percent. In the latest release of inflation data from Indian Government, CPI eased to a 5 month low of 4.28 percent in Mar’18 and IIP came in at 7.1% for Feb’18. Also, in the latest UN report they said that Indian economy is likely to grow at 7.2% in 2018. There was a surge of 1.41% in the Indian equity market in the nifty index in the past week.

Earlier during the week tensions of trade war were mildly eased by Donald Trump’s tweet in which he mentioned that a great future lies ahead for both the countries. Responding to this Xi Jinping China’s president also promised to cut import tariffs. However, later on geo political tensions had risen up as Donald Trump tweets that Russia should get ready for missiles to be fired at their ally Syria. In the latest FOMC minutes all policy makers expect that inflation would rise in the coming months. CPI came in at -0.1% against market expectations of 0% for Mar’18.

USDINR is expected to trade sideways in today’s session.


EURUSD appreciated by 0.4 percent while EURINR depreciated by 0.93 percent during the same time frame.

ECB Council member Nowotny mentioned that the bond buyback program will wound down by the down of this year. However, ECB members diverge over inflation outlook in the Euro zone according to the latest ECB meeting minutes. German CPI came in line with market expectations at 0.4% for Mar’18.

EURINR is expected to depreciate in today’s session.


GBP appreciated against the US dollar by 1.33 percent last week while GBPINR depreciated by 1.87 percent. Manufacturing production data from UK came in at -0.2% for Mar’18 against market expectations of 0.2%. Also, the Halifax HPI came in at 1.5% for Mar’18 against market expectations of 0.1%. BOE member McCafferty’s hawkish comments on future interest rate policy helped the pushed the chances of increase in interest rates for the May meeting.

GBPINR is expected to trade sideways in today’s session.

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