Forex Market News

The Indian Rupee Appreciated By 0.42 Percent

The Indian Rupee appreciated by 0.42 percent owing to a number of factors. In the July’17 FOMC policy statement, the Feds did not look very committed to raising interest rates anytime soon given the weak inflation rate.
They mentioned something about balance sheet normalization starting relatively soon. On the domestic front, markets traded mostly on the upside all thanks to the implementation of GST bill and surge in the stock prices of large caps and finance ministers expectation of increased growth forecast.
All the above factors boosted the foreign inflows which are currently standing at $ 26229.76 million from $ 22990.89 million as on 1st July’17. Today, USDINR spot is likely to trade positive.
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USDINR Trading Range For The Day Is 64.27-64.54

USDINR trading range for the day is 64.27-64.54. Rupee depreciated on likely foreign institutional investor fund outflows from local stocks amid likely selling by oil importers.
RBI is expected to cut interest rates when it meets on Aug. 2, responding to an inflation rate running well below target.
A significant moderation in retail inflation over the past three months has reinforced calls for further monetary policy easing from the central bank.
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EURINR Trading Range For The Day Is 75.25-75.67

EURINR trading range for the day is 75.25-75.67. Euro remained supported as optimism over a growing euro zone economy.
Euro zone economic sentiment rose slightly for a third consecutive month in July to a new 10-year high, against expectations of a dip from June. Sentiment among consumers was at -1.7 points in July, also well above the long-term average.
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GBPINR Trading Range For The Day Is 84.05-84.67

GBPINR trading range for the day is 84.05-84.67.GBP remained under pressure after provisional economic growth data, measured by gross domestic product (GDP), met forecast.
British finance minister Philip Hammond said there should be no immediate change to immigration or trading rules when Britain leaves the EU.
Consumer confidence in the United Kingdom continued to deteriorate in July, the latest survey from GfK revealed with an index score of -12.
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JPYINR – Ways2Capital

JPYINR trading range for the day is 57.78-58.2.JPY gained further with data on prices, and household demand supporting the currency.
In Japan, household spending jumped 2.3% in June month-on-month, compared to a 0.6% rise seen, seen while it rose 1.5% at an annual pace. In Japan, retail sales rose 2.3% increase in June on year, just below the 2.3% gain expected.
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JPYINR – Ways2Capital

JPYINR trading range for the day is 57.57-58.37. JPY remained supported as the Fed held steady and pointed to cautious moves on interest rates and policies.
Producer prices in Japan were up 0.8 percent on year in June, the Bank of Japan said – unchanged and in line with expectations. Japan’s leading index increased less than initially estimated in May, latest figures from the Cabinet Office showed.
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EURINR Trading Range For The Day Is 75.03-76.12

EURINR trading range for the day is 75.03-76.12.Euro gains as dollar dropped after Fed’s more cautious wording on the inflation outlook bolstered views it might not hike interest rates again this year.
ECB’s Nowotny: Euro-area growth has improved but inflation lagging. ECB must reconsider policy with deflation risks gone. ECB’s Nowotny sees need to discuss technical aspects of QE end.
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