Forex Market News

The Indian Rupee Depreciated By 0.13 Percent

The Indian Rupee depreciated by 0.13 percent in yesterday’s trading session on the back of dollar demand from state run banks. Further, FII outflows from the local shares added downside pressure. FII’s net sold stocks worth Rs 731.39 crores yesterday as per provisional data from NSE. However, sharp downside was prevented on weakness in dollar and rise in risk appetite in the domestic markets. Benchmark stock index 50 shares Nifty Index increased by 0.14 percent to 9525.75. In Intraday Indian Rupee touched a low of 64.1575 and closed at 64.1563 against Dollar.
Indian Rupee is expected to trade with negative bias on the back of rise in risk aversion in the global markets. Market sentiments are hurt over political turmoil in US. Traders are worried over deepening of turmoil after memo written by Comey showed that in February US President Donald trump asked former Federal Bureau of investigation Director James comey to drop investigation into forma National Security Advisor Michael Flynn.
If Trump may have interfered in federal investigation then this may lead to his impeachment. However, sharp downside may be prevented on upbeat macro economic data and as Traders may speculate that ease in inflation may provide room for RBI to cut interest rates. USDINR May expected to trade in a range between 64.10 on lower side to 64.60 on higher side with sideways up trend.
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