Indian Rupee recovered 40 paise from one month low touched in the previous session buoyed by dollar selling by banks and exporters. Also, Sensex and Nifty gained momentum and surged by 0.7 and 0.5 percent respectively. Earlier this week, Rupee was hit by global risk aversion after the US ordered to impose another round of tariffs on China, leading to heightened risks of a global trade war.
USDINR is expected to trade sideways in today’s session.
EURUSD fell 0.2 percent while EURINR declined marginally on Wednesday. Euro declined as ECB’s commitment to hike rates in the summer of 2019 has suggested that the tone is still dovish.
Trump said he would impose a further 10 percent tariff on $200 billion of Chinese goods, following levies on $50 billion, sparking concerns of further retaliatory measures from China. However, sharp losses were cushioned as German Chancellor Angela Merkel and French President Emmanuel Macron agreed on a plan to strengthen the euro area.
EURINR is expected to trade lower in today’s session.
GBP traded flat against the US dollar yesterday while GBPINR declined 0.4 percent yesterday.
Sterling Pound gained as UK Prime Minister Theresa May's government has won a crucial parliamentary vote concerning Brexit. Pound had plunged to seven month lows as pressure mounted on Prime Minister Theresa May after her government suffered another defeat over Brexit in the House of Lords.
Besides, less optimistic view of UK growth forecasts by the British Chambers of Commerce (BCC) weighed on the currency. BCC Director General Adam Marshall warned that the UK now faces another extended period of weak growth amidst a backdrop of both domestic and global uncertainty.
The movement in GBPINR will be driven by BOE meeting due tomorrow and public sector borrowing data.
GBPINR is expected to trade sideways in today’s session.
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