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.