In the last week, the Indian Rupee appreciated by 0.35 percent on account of weak US Dollar Index which almost fell by 0.90 percent. Reason behind this could be attributed to the dovish outlook given by the US Fed Chair in her recent testimony for the US interest rates thereby giving a chance to the emerging markets to enjoy investor’s attention. Not only this, disappointing release of consumer prices and retail sales data from the US raised doubts about America’s economic growth and whether the Federal Reserve may raise rates again in 2017. On the domestic front, persistent selling of the US Dollar by exporters and banks provided strength to the currency. Today, USDINR spot is likely to strengthen.
In the last week, EURINR spot surged by 0.14 percent on account of weakness in the American currency post the release of CPI and retail sales data. Furthermore, the German Chancellor Angela Merkel stated that she was open to the creation of a finance minister and budget for the Euro-zone as proposed by French President Emmanuel Macron. Moreover, France’s top central banker has pleaded with Germany to loosen its fiscal policy as part of a deal with his country to strengthen the Euro-zone. Today, EURINR spot is likely to trade lower as traders’ book profits.
In the last week, GBPINR traded higher by 1.1 percent as robust release of employment data from the nation infused positive sentiments in to the markets thereby providing support to the Pound’s price trend. One of the BoE policymaker failed to address outlook for interest rates however, warned the markets that less trade with EU could hurt economy which capped sharp gains. Today, GBPINR spot is expected to trade higher.
In the last week, JPYINR traded rose by 0.86 percent on account of the email debacle that hit the world markets. The US President’s son released a series of emails about events that transpired during a meeting with Russian lawyer Natalia Veselnitskaya in June last year. Veselnitskaya had said she had information that could prove "helpful" to the Trump presidential campaign. Today, JPYINR spot is expected to trade higher.
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