Forex Market News

USDINR Spot Appreciated By 0.25 Percent

In the last week, USDINR spot appreciated by 0.25 percent as markets discounted the release of RBI Monetary Policy Statement where the key interest rates were kept unchanged and the forecast for inflation in the coming months were also reduced.
Reason behind this unchanged move could be attributed to spurt in farm loan waivers by states which have the possibility to hurt inflation along with the increased lending capacity of banks to support economic growth. Today, USDINR spot is likely to trade sideways to negative following losses in the Asian market currencies as the upcoming FOMC meeting keeps investors in a risk-off mode.
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