The Fed officials expressed their concerns on Trump’s fiscal stimulus plans which could pose as a problem for the American currency. The discussion of a rate hike “fairly soon” was tempered by other comments that indicated little concern about near-term inflation risks.
On the domestic front, foreign institutional investors have bought $1.28 billion and $580.70 million from local equity and debt markets which helped the Indian Rupee to stand strong.
This week, USDINR spot (CMP-66.71) is expected to appreciate and move towards 66.45 mark as lack of clarity over Trump’s economic plan and his issuance of new changes in immigration bill could weigh on US Dollar thereby boosting the demand for rupee.
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