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Indian Rupee depreciated by 0.29 percent yesterday while the Dollar Index declined by 0.03 percent. Easing crude oil prices, sustained foreign fund inflows in the domestic equity market has helped rupee to appreciate in recent times. According to the International Monetary Fund (IMF), India is projected to grow at 7.3% in 2019 and 7.5% in 2020.
Majority of U.S. Federal Reserve policymakers expected interest rates to remain steady this year in the FOMC meeting minutes. Policymakers saw continued U.S. Meanwhile, PPI from US came in at 0.6 percent for Mar’19 against market expectations of 0.3 percent. Unemployment claims for the week came in at 196000 against market expectations of 210000. US Treasury Secretary Steven Mnuchin said he hoped US-China trade talks were approaching a final lap. Also, strong Chinese export data and bank loan boosted confidence in the global economy.
USDINR is expected to move sideways in today’s session.
EURUSD appreciated by 0.06 percent yesterday while EURINR depreciated by 0.31 percent the same time frame.
German CPI policy meeting came in line with market expectations at 0.4 percent for Mar’19. Meanwhile, German's Bundesbank monthly report indicated that the country's economy grew moderately in the first quarter of the year, adding that the underlying growth trend remains subdued.
EURINR is expected to depreciate in today’s session.
GBP rose against USD by 0.12 percent yesterday while GBPINR depreciated by 0.41 percent.
GDP data from UK came in line with market expectations at 0.2 percent. Meanwhile, PM May headed to Brussels in an attempt to convince EU leaders to get a Brexit extension up to June 30. However, EU members are ready to provide extension till 31st Oct 2019. PM May addressed Commons later in the day and said that reaching a cross-party agreement won't be easy, but that both parties need to compromise to do it.
GBPINR is expected to depreciate in today’s session.
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