Forex Market News

USDINR Spot Appreciated By 0.41 Percent

USDINR spot appreciated by 0.41 percent yesterday as markets discounted the release of first Bi-Monthly Monetary Policy review where the RBI kept the borrowing rates unchanged at 6.25 percent however hiked reverse repo rate by 25 basis points to 6 percent in a bid to drain excess liquidity from the system.
The committee has pledged to bring inflation closer to 4 percent and expects economic activities to recover in the second half of 2017-18. Moreover, Rajya Sabha passed all four GST Bills which will enable the government to rollout the landmark Goods and Services Tax Bill on July 1. All the above factors played in favor of the Indian markets and its currency which will keep the USDINR spot higher in today’s trading session.
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