Forex Market News

Indian Rupee Appreciated Slightly

Indian Rupee appreciated slightly by 0.01 percent yesterday. Reason behind this strength could be attributed to hopes for a speedy rollout of GST in the upcoming Budget session. Moreover, weakness in the American currency post President elect Trump’s comments that their strong currency was hurting their trade, boosted upside and pushed the domestic currency to two-week highs.
Even the hawkish stance by US Fed Chair could not restrict US Dollar’s fall which In turn acted as a positive factor for USDINR. In today’s trading session, USDINR is likely to depreciate tracking losses in Asian markets after Trump sparked worries with his opposition to the Trans-Pacific Partnership trade deal.
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