In yesterday’s trading session, USDJPY spot depreciated by 0.11 percent while JPYINR spot plunged by 0.50 percent mainly because of rupee appreciation. The Japanese Yen faltered against the US Dollar Friday on news that Japanese cash earnings remain subdued. Strength in the US Dollar Index owing to the robust release of unemployment claims data from the US kept the Yen pressurized.
JPYINR spot is likely to trade higher as the launch of cruise missiles by America against an air base in Syria will lead to confrontation with Syrian backers Russia and Iran thereby boosting the demand for safe-haven Yen.
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