Forex Market News

Rupee May Trade High

The US Dollar Index weakened by 0.3 percent yesterday as markets discount the dovish statement made by the US Federal Reserve Chair Janet Yellen who commented on the need for stabilization of foreign economies and its markets. She also stated that further appreciation of the American currency would depress inflation and exports thereby hurting the manufacturing sector of the nation.
Moreover, America’s housing sector which makes a larger contribution to the US output needs a boost. Furthermore, the US policymaker was skeptical that the recent rise in core inflation will prove durable. All of the above factors kept the American currency a bit pressurized. US Dollar Index made an intraday low of 94.56 and closed at 94.82 on Wednesday.
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Euro Likely To Appreciate

Euro strengthened by 0.4 percent yesterday as markets discount the robust release of economic data from the Euro-zone that showed growth of loans to the private sector in the euro area that picked up modestly in Feb’16. This infused optimism in the markets as borrowing is a main financing source for corporate investment which in turn should boost the euro zone’s currently weak economy.
Moreover, dovish statement made by the US Fed Chair Janet Yellen along with the disappointing release of economic data sets from the United States dented the demand for the American currency in turn acting as a positive factor for the Euro. The currency made an intraday high of 1.1364 and closed at 1.1336 on Wednesday.
Euro is expected to trade higher as weakness in the DX will be positive for shared currency. Moreover, robust release of German CPI data showed surge in the annual rate of inflation moving into positive territory at 0.3 percent from 0.0 percent previously.
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Sterling Pound Expects To Depreciate

Sterling Pound weakened by 0.03 percent against the dollar yesterday as the market discounted the news of Indian conglomerate Tata Steel looking to resolve the future of its UK business by pulling out of its UK operations. This move could endanger 15,000 jobs and an end of the UK’s steel industry.
Moreover, yesterday’s Financial Policy Committee Statement commented about UK’s economic future to be in danger if Brexit ever happens. However, sharp losses were cushioned owing to dovish statement made by the US Fed Chair Janet Yellen that weakened the American currency. The currency made an intraday low of 1.4358 and closed at 1.4376 on Wednesday.
Sterling Pound is expected to trade lower as markets discount the news of Tata Steel looking to resolve the future of its UK business by pulling out of its UK operations which could endanger 15,000 jobs and an end of the UK’s steel industry.
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Japanese Yen may Trade Positive

The Japanese Yen appreciated by 0.66 percent yesterday as markets discounted the dovish statement made by the US Federal Reserve Chair Janet Yellen who commented on the need for stabilization of foreign economies and its markets.
She also stated that further appreciation of the American currency would depress inflation and exports thereby hurting the manufacturing sector of the nation. All the above factors prompted the traders to move towards safe-haven assets i.e. Japanese Yen. The currency made an intraday high of 111.9 and closed at 112.42 on Wednesday.
Japanese Yen is expected to trade positive as markets discounted the dovish statement made by the US Federal Reserve Chair Janet Yellen who commented on the need for stabilization of foreign economies and its markets.
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Rupee Opens Higher At 66.35 Per Dollar

The Indian rupee has opened marginally higher at 66.35 per dollar on Thursday against previous close of 66.37. Mohan Shenoi of Kotak Mahindra Bank said, “USD-INR is expected to gradually drift lower on year end remittances and custodial inflows.
USD-INR trading range for today is 66.15-66.45/dollar. The US dollar hit its lowest level against the euro in nearly seven weeks following dovish comments from Janet Yellen. The dollar index slipped below the 95 mark.
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Rupee Expects To Appreciate

The US Dollar Index weakened by 0.8 percent yesterday on account of the dovish statement made by the US Federal Reserve Chair Janet Yellen who commented on the need for stabilization of foreign economies and its markets. She also stated that further appreciation of the American currency would depress inflation and exports thereby hurting the manufacturing sector of the nation.
Moreover, America’s housing sector which makes a larger contribution to the US output needs a boost. Furthermore, the US policymaker was skeptical that the recent rise in core inflation will prove durable. All of the above factors kept the American currency a bit pressurized. US Dollar Index made an intraday low of 95.08 and closed at 95.15 on Tuesday.
The Indian Rupee appreciated by 0.3 percent yesterday owing to sustained selling of the American currency by exporters and banks. Moreover, surge in capital inflows along with weakness in the US Dollar Index helped the Indian Rupee to stay supportive. Domestic markets i.e. Sensex and Nifty traded on a negative note as expiration of derivative contracts near.
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Rupee Opens Marginally Higher At 66.48 Per Dollar

The Indian rupee opened marginally higher at 66.48 per dollar on Wednesday against previous close of 66.54. NS Venkatesh of IDBI Bank said, “The rupee ended stronger versus the dollar yesterday. We saw custodial banks selling dollars and FIIs providing support to the rupee.
Dollar demand from importers due to year end will be high. The dollar index is showing signs of weakness post Yellen’s comments.” “We expect the rupee to trade in a range of 66.45-66.60/dollar today.
DBS The US dollar hit its lowest level against the euro in over a week and fell against other major currencies after Federal Reserve Chair Janet Yellen said it was appropriate for the Fed to proceed cautiously in hiking interest rates.
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