Forex Market News

USDINR – Ways2Capital

USDINR spot traded on a flat note in yesterday’s trading session as traders avoided taking long positions ahead of the end of the fiscal year 2017. Domestic markets i.e. Sensex and Nifty were mostly higher after the LokSabha house passed four Bills, relating to the implementation of the Goods and Services Tax (GST) as per its proposed 1st July 2017 roll out date.
Foreign institutional investors have bought $4.86 billion and $3.09 billion from local equity and debt markets, respectively which pushed the Indian Rupee higher. Due to all the above factors, USDINR spot is likely to appreciate today.
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JPYINR – Ways2Capital

JPYINR trading range for the day is 58.46-58.88. JPY dropped as market talk grows the Bank of Japan has eyed recent strength as unwarranted. Bank of Japan board member Takehiro Sato said labor market reforms will strengthen monetary easing effects and the inflation rate will increase. Retail sales in Japan were up a seasonally adjusted 0.2 percent on month in February, the Ministry of Economy, Trade and Industry said.
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GBPINR – Ways2Capital

GBPINR trading range for the day is 80.72-81.55. GBP slipped as markets noted the U.K. faces a hard road to keep business links in place in negotiations to exit from the EU that were formally initiated.
The United Kingdom began the formal process of exiting the European Union after more than four decades of membership. UK mortgage approvals declined in February and consumer credit growth slowed from January, the Bank of England reported.
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GBPINR – Ways2Capital

GBPINR trading range for the day is 80.72-81.55. GBP slipped as markets noted the U.K. faces a hard road to keep business links in place in negotiations to exit from the EU that were formally initiated.
The United Kingdom began the formal process of exiting the European Union after more than four decades of membership. UK mortgage approvals declined in February and consumer credit growth slowed from January, the Bank of England reported.
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EURINR – Ways2Capital

EURINR trading range for the day is 69.87-70.33. Euro dropped as the European Central Bank showed no sign of stepping away from monetary easing anytime soon.
Spain’s inflation slowed more than forecast in March, flash data from the statistical office INE showed. Italy’s consumer confidence improved for the first time in three months in March, and business confidence strengthened to the strongest level in fifteen months.
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USDINR Trading Range For The Day Is 65-65.24

USDINR trading range for the day is 65-65.24. Rupee traded in range on buying by nationalized bank on behalf of the oil importers and suspected RBI intervention to prevent appreciation.
Also the greenback continued the rally against its major player tracking the weakness in the euro, pound as a reaction to the Brexit process in Europe. An indicator signaling turning points in the Indian economy increased for the third successive month in February.
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Rupee Opens On Flat Note At 64.92 Per Dollar

The Indian rupee has opened on a flat note at 64.92 against the US dollar. Ashutosh Raina of HDFC Bank says the continued year-end portfolio flows getting absorbed by the intervention bids, continue in the USD-INR pair, with the pair trading close to crucial 64.80-64.85 per dollar technical level.
He expects the pair to trade in the 64.75-65.15 per dollar range for the day.The dollar rose as a combination of technical trading and a theme of strong US economic data and potential weakness in the euro zone weighed down the continental currency.
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