Forex Market News

USDINR Is Expected To Depreciate

Indian rupee The Indian Rupee depreciated by 0.28 percent yesterday owing to thin trading in the Asian market equities with all of Asia’s major markets closed for the New Year holiday. Moreover, persistent buying of US Dollar by importers/banks amid higher US Dollar in the overseas market added to the woes.
In today’s trading session, USDINR is expected to depreciate as markets focus their attention on the prospect of three more rate hikes in the US which will keep the DX strong and Indian rupee weak.
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