The Indian Rupee appreciated marginally by 0.07 percent on account of weak US Dollar Index on strong Chinese economic data and doubts that the Federal Reserve would raise interest rates again this year.
On the domestic front, sustained selling of the US Dollar by exporters and banks acted as a positive factor. Markets are still discounting the robust release of CPI and WPI inflation rate which came better than the expected levels. Also, the current reforms introduced in the economic system like the GST bill has led to infusion of huge foreign inflows. Today, USDINR spot is likely to strengthen.
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