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Published on 17/04/2018 10:08:29 AM | Source: Angel Broking Pvt Ltd

Yesterday rupee depreciated by 0.32 despite dollar index weakening by 0.42 percent - Angel Broking

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

FUNDAMENTAL OUTLOOK

Indian rupee

Yesterday rupee depreciated by 0.32 despite dollar index weakening by 0.42 percent. The US Treasury Department added India to its watch list of countries with potentially questionable foreign exchange policies, joining China and four others which impacted the sentiments of forex traders. However, India’s WPI came in at 2.47% for Mar’18 against 2.48% of Feb’18. The wholesale prices softened slightly in the month of March aided by fall in prices of food articles, mainly pulses and vegetables.

Earlier during the weekend US and its allies had launched missiles on Chemical weapons facilities in Syria rising geo political tensions but later on Donald Trump tweeted that it’s just one of strikes and mission has been accomplished. Countries supporting Syria such as Russia and Iran however, did not respond back with any air strikes. CPI came in at -0.1% against market expectations of 0% for Mar’18. Retail sales data came in at 0.6% for Mar’18 against 0.4% of market expectations

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

Euro

EURUSD appreciated by 0.4 percent while EURINR depreciated by 0.73 percent during the same time frame.

The Euro bulls had benefitted from negative sentiments on US dollar. 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

GBP appreciated against the US dollar by 0.67 percent while GBPINR depreciated by 1 percent.

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. Prime Minister Theresa May had been addressing the UK parliament after joining France and US in airstrikes against Syria on chemical weapon plant in Douma.

GBPINR is expected to depreciate in today’s session.


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