Published on 10/01/2018 9:50:00 AM | Source: Angel Broking Pvt Ltd

Yesterday rupee depreciated by 0.31 percent as dollar index strengthened by 0.18 percent - Angel Broking

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


Indian rupee

Yesterday rupee depreciated by 0.31 percent as dollar index strengthened by 0.18 percent. Rupee had depreciated on account of steady uptick in dollar demand from importers and banks amid increasing crude oil prices. Also, the FY18 GDP growth estimates for India came in 6.5% which was the lowest in last 4 years. Effects of demonization and GST were cited as the reason for this slow growth. However, Indian equity market remained positive during the day with a surge of around 0.13 percent in Nifty Index.

The US dollar rose against major global currencies as several Federal Reserve officials made remarks about rate hikes. Also, the manufacturing PMI from US came in at 59.7 for Dec’17 which was higher than market sentiments. The Non-farm employment data came in at 148,000 for Dec’17 which was below market expectations of 190,000. Non-manufacturing PMI also could not live up to market expectations of 57.6 for Dec’17 and ended up at 55.9.

USDINR is expected to move sideways in the coming session


EURUSD depreciated by 0.25 percent while EURINR remained flat during the day.

Political uncertainties in Italy started rising before the start of elections as Former Italian Prime Minister’s Silvio Berlusconi’s coalition partner disagreed with him, when the former PM said Italy cannot afford to leave Euro. Also, Angela Merkel started grand coalition talks in Germany despite poll results showing that majority people feel that she should not be at the ballot. Also, Services PMI and CPI inflation from the Euro area came in line with market sentiments.

EURINR is expected to depreciate in the coming session

Sterling pound

GBP depreciated against the US dollar by 0.20 percent but GBPINR depreciated by 0.11 percent during the day.

The chancellor and British secretory travelled to Germany to ensure that UK’s financial industry does not get affected after UK leaves EU. Also, UK manufacturing PMI for Dec’17 came in at 56.3 which were below market expectations. The same story was followed by construction PMI which came in at 52.2 for Dec’17.

GBPINR is expected to depreciate in the coming session

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