Forex Market News

Indian Rupee Opens Higher By 12 Paise At 68.30 Per Dollar

The Indian rupee opened higher by 12 paise at 68.30 per dollar on Thursday versus previous close 68.42.
Rupee continued to remain under pressure against the US dollar and fell to the lowest level since November 2016 following surge in global crude prices and FII fund outflows from equity and debt segment, said Motilal Oswal.
Strength in the dollar against its major crosses ahead of important FOMC meeting minutes also weighed on the rupee. Minutes showed that Federal Reserve officials expect another rate hike is on its way soon.
Most Fed officials were upbeat about the prospects for the economy and said that the next rate hike would “likely soon be appropriate.”
Probability for rate hike at its June meeting now stands over 75% thereby keeping the gains for dollar supported on lower levels. The USD-INR pair is expected to open flat and, for the day, is expected to quote in the range of 68.05 and 68.50.
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USDINR – Ways2Capital

USDINR trading range for the day is 67.56-68.46.
Rupee gained on selling by foreign banks and exporters, taking advantage of the sharp rally in the currency pair.
The Reserve Bank of India (RBI) likely intervened heavily in the foreign exchange market right from the start of trade to stem any fall in the rupee. India’s April trade deficit widens to $13.7 billion.
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EURINR – Ways2Capital

EURINR trading range for the day is 79.48-81.26.
Euro dropped as the dollar gained as a surge in the benchmark 10-year Treasury yield above 3 percent reignited a rally that had lost steam last week.
Germany’s consumer price inflation held steady in April, as previously estimated, final data from Destatis showed. Germany’s economic sentiment remained unchanged at a five-and-a-half-year low in May.
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GBPINR – Ways2Capital

GBPINR trading range for the day is 91.03-92.48.
GBP dropped sharply after a rise in U.S. Treasury yields helped the greenback resume its recent rally.
Weak economic data and a decision by the Bank of England to hold interest rates and cut its growth projections have confounded sterling bulls in the last month.
BoE’s Carney has expressed caution over the state of the UK economy but said that interest rates are still likely to rise by the end of this year.
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JPYINR – Ways2Capital

JPYINR trading range for the day is 61.38-62.06.

JPY dropped after Japan’s GDP growth for the first quarter fell 0.6% compared to the same period last year, marking the end of economic growth for nine quarters.
Japan’s economy contracted more than expected at the start of this year, breaking the longest run of growth seen for decades.
BoJ’s Kuroda: No big problems observed due to BoJ’s ETF purchase, will continue to watch impact of easing on banks.
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Indian Rupee OPpens At 68.15 Per Dollar; Down 11 Paise

The Indian rupee slipped in the early trade on Wednesday. It has opened lower by 11 paise at 68.15 per dollar versus 68.04 Tuesday.
Rupee in the last few sessions has been consolidating in a broad range of 67.80 and 68.30 despite volatility in global crude oil prices. Higher crude oil prices and outflow of fund from FIIs in equity and debt segment is keeping the rupee under pressure, said Motilal Oswal.
For this month FII fund outflows now stands at USD 3billion including equity and debt segment. The USD-INR pair is expected to open on a flat note as the dollar against its major crosses saw some bit of cool-off at higher levels.
On the domestic front, no major economic data is expected to be released and volatility for the pair could be confined to a narrow range. For the day, the USD-INR pair is expected to quote in the range of 67.80 and 68.35, it added.
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USDINR – Ways2Capital

USDINR trading range for the day is 67.88-68.27.Rupee appreciated on selling by foreign banks likely on behalf of exporters amid weak dollar.
Further subdued trading activity as market remains uncertain over OMO purchase by Reserve Bank of India.
The dollar fell from a five-month high, after a broad rally prompted by rising U.S. bond yields and relief at an easing in U.S.-China trade tensions.
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