Below are Views On Currency Update by Heena Naik, Research Analyst - Currency, Angel Broking Ltd

Currency Update

-According to the RBI data, the Indian foreign exchange reserves surged to $581.21 billion from $576.87 billion in the week ended April 9.

- FPI’s have pulled out a net Rs 4,615 crore from Indian markets in April so far amid a sharp escalation in covid-19 cases and strict restrictions imposed by various states.

- Japan's exports posted their strongest growth in more than three years in Mar’21 led by a surge in China-bound shipments.

- US Dollar Index plunged towards 91.48 levels after the US Feds reiterated its view that any spike in inflation was likely to be temporary.

- Oil prices have fallen on concerns that surging caseloads of coronavirus infections in the world could disrupt economic activities and hit the global demand for the crude.

- Sensex and Nifty opened in the red after another surge in coronavirus infections over the weekend increased the risk of more broad-based lockdowns.

- Indian Rupee is likely to weaken tracking the bearish sentiments in local equities coupled with opportunistic dollar buying by the importers and banks at lower levels.

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