Forex Market News

The Indian Rupee Appreciated

The Indian Rupee appreciated by 0.20 percent in yesterday’s trading session on the back of weakness in dollar and upbeat macroeconomic data. Indian Rupee tracked strength in other Asian currencies. However, sharp gain was prevented on continued FII outflows from local shares and rise in risk aversion in domestic market.
Benchmark stock index 50 shares Nifty Index decreased by 0.18 percent to 8398. Traders remained cautious ahead of UK Prime Minister Theresa May speech. In Intraday Indian Rupee touched a high of 67.9550 and closed at 67.9575 against Dollar.
Indian Rupee is expected to trade with negative bias on the back of strong dollar and lower economic growth projection from CSO, (IMF) International Monetary Fund and World Bank. Continued FII’s outflows from local shares and range bound moment in equity markets may add downside pressure on Rupee.
Market sentiments are weak on uncertainty about the impact of US President elect Donald Trump’s policies. USDINR Jan expected to trade in a range between 67.90 on lower side to 68.40 on higher side with sideways up trend.
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