Forex Market News

USDINR Spot Appreciated By 0.31 Percent

USDINR spot appreciated by 0.31 percent in the yesterday’s trading session owing to fresh selling of the US Dollar by exporters and banks. Dovish stance in the recent FOMC meeting minutes acted in favor of Asian markets including India thereby providing support to the Indian Rupee.
Domestic markets i.e. Sensex and Nifty traded higher on account of positive fundamentals with GST Tax seen getting implemented and monsoon seen hitting Kerala before May 30. A spokesman for the Indian Army stated that military raids were launched into a Pakistan-controlled part of Kashmir to destroy camps hosting terrorists. Today, USDINR spot is likely to depreciate tracking losses in the Asian market equities.
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