Forex Market News

The Indian Rupee Appreciated By 0.23 Percent

The Indian Rupee appreciated by 0.23 percent in yesterday’s trading session on the back of optimistic domestic market sentiments and continued FII inflows into local shares. Benchmark stock index 50 shares Nifty Index increased by 0.30 percent to 9265.15. FII’s net bought stocks worth Rs 340.13 crores yesterday as per provisional data from NSE. Foreign banks were seen selling Dollars.
However, sharp gain was prevented on the back of strong dollar. Further, traders remained cautious ahead of RBI bi-monthly policy meeting. In Intraday Indian Rupee touched a high of 64.8725 and closed at 64.8750 against Dollar.
Indian Rupee is expected to remain under pressure as traders will remain cautious ahead of RBI bi monthly policy meeting where central bank is expected to hold rates and continue with its neutral stance in policy. Traders will even look for any sort of announcement to suck excess liquidity out of banking system.
Uncertainty in market ahead of meeting between Chinese President Xi Jinping and U.S. President Donald Trump may add downside pressure. However, sharp downside may be prevented on upbeat domestic market sentiments and continued FII inflows into local shares and debt market. USDINR April expected to trade in a range between 64.80 on lower side to 65.35 on higher side with sideways trend.
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