Forex Market News

USDINR Is Expected To Depreciate

Indian rupee The Indian Rupee depreciated by 0.16 percent yesterday as upbeat economic manufacturing data release from the US pushed the DX higher in turn keeping the Indian Rupee pressurized.
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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