Forex Market News

USDINR Is Expected To Appreciate

The Indian Rupee depreciated by 0.1 percent in the last week as investors indulged in profit booking owing to persisting worries about the impact from the ban on higher value banknotes on the economy and corporate profits. Moreover, persistent buying of American currency by importers/banks amid higher US Dollar in the overseas market added to the woes.
In today’s trading session, USDINR is expected to appreciate as the recent budget – like address to the nation on the eve of New Year by PM Narendra Modi will most likely keep the domestic markets and its currency positive.
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