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Indian Rupee appreciated by 0.03 percent yesterday while the Dollar remained flat. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 431.78 crore Thursday, as per provisional data.
Lingering tensions between the US and China added to the dollar's strength, following the latest comments from US President Trump, who said Monday that the country is not ready to make a deal with China. US and Chinese representatives exacerbated the dismal mood, as the Chinese Foreign Minister said that the US is in no position to decide who is a currency manipulator, while, later in the day, US Secretary of State Pompeo said that the country "may or may not" get a trade deal with China. Meanwhile, latest development on trade war front came with China accusing US of economic terrorism and also warned that it will stop the export of rare earth metals which are crucial for manufacturing sector.
USDINR is expected to appreciate in today’s session.
EURUSD appreciated by 0.01 percent yesterday while EURINR appreciated by 0.05 percent in the same time frame.
ECB warned of an economic downturn on account of the US-Sino trade war will affect the common currency as well. German Unemployment change came in at 60,000 against market expectations of -8000 for Apr’19. Major European markets remained closed yesterday on account of Ascension Day.
EURINR is expected to appreciate in today’s session.
GBP decreased against USD by 0.15 percent yesterday while GBPINR appreciated by 0.18 percent.
PM Theresa May, after failing to get support for her Brexit deal announced her resignation which increased the bearish sentiment for pound. Labor leader Corbyn said that his party would do 'whatever is necessary' to prevent a no-deal Brexit, including backing a second referendum.
GBPINR is expected to appreciate in today’s session.
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