Forex Market News

Indian Rupee Depreciated By 0.06 Percent

Indian Rupee depreciated by 0.06 percent in yesterday’s trading session as banks were seen buying dollars on behalf of importers ahead of US Federal Reserve monetary policy meeting minutes. Further, demand for safe haven improved on rising tension between United States and North Korea.
However, sharp downside was prevented on rise in risk appetite in the domestic markets and FII inflows into local shares. FII’s net bought stocks worth Rs 227.57 crores yesterday as per provisional data from NSE. Benchmark stock index 50 shares Nifty Index increased by 0.25 percent to 9637.60. In Intraday Indian Rupee touched a low of 64.87 and closed at 64.78 against Dollar.
Indian Rupee is expected to trade with negative bias on the back of strong Dollar after hawkish US Federal Reserve monetary policy meeting minutes. Traders will remain cautious ahead of economic data from US. US ADP Nonfarm employment change data is expected to show that less number of jobs were added in the economy in the month of June (184K) compared to previous month (253K). Additionally, rising geopolitical tensions may hurt market sentiments.
Traders are concerned about rising tension between United States and North Korea after Pyongyang said it had conducted a test of newly developed intercontinental ballistic missile that can carry a large and heavy nuclear warhead. USDINR July expected to trade in a range between 64.75 on lower side to 65.35 on higher side with upward trend.
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