The Indian Rupee traded flat as India’s economic fundamentals looks strong which has prompted the foreign investors to park their funds in rupee denominated assets. 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.
Adding to the strength was the passage of four Bills relating to the implementation of the Goods and Services Tax (GST) by Lok Sabha as per its proposed 1st July 2017 roll out date. Due to all the above factors, USDINR spot is likely to appreciate today in line with optimism in the Asian markets.
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