Forex Market News

Rupee Trades Higher At 69.82 Per Dollar

The Indian rupee trading higher by 19 paise at 69.82 per dollar versus 70.01 Friday.

Rupee consolidated in a narrow range ahead of the important US GDP number and after global crude oil prices witnessed some retracement from higher levels. In the recent past, crude oil prices rallied but expectation of increased supply output from OPEC capped major gains for the commodity.

On the domestic front, market participants will be keeping an eye on fiscal number to gauge a view for the rupee. But major crosses will be taking cues from the FOMC policy statement that is scheduled tomorrow.

Expectation is that the central bank could main a status quo but what the stance will be going ahead for the Fed could trigger a move for the currency. Today, USD-INR pair is expected to quote in the range of 69.70 and 70.30-70.50, it added.

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USDINR – Ways2Capital

USDINR trading range for the day is 70.11-70.65.

Rupee ended with gains on likely overseas inflows into local stocks and debt amid sharp fall in Brent.

RBI Bought 0.15 Bln Rupees of Bonds, Sold 0.05 Bln Rupees Of Bonds Under OMO In Week To April 12

India’s government had no outstanding loans with the Reserve Bank of India (RBI) under ways and means advances.

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EURINR – Ways2Capital

EURINR trading range for the day is 78.34-78.92.

Euro dropped as the dollar climbed against the euro, as upbeat U.S. data fed demand for the greenback.

The euro, meanwhile, has been hounded by worries about the health of the euro zone economy.

Investors are scrambling to shield themselves from more weakness as Europe’s poor data contrasts with an upbeat U.S. economy that is sending the dollar surging.

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GBPINR – Ways2Capital

GBPINR trading range for the day is 90.71-91.29.

GBP dropped after reports PM May’s talks with the opposition Labour Party over Britain’s exit from the European Union, or Brexit, had run into the sand.

UK government borrowing was the lowest in 17 years in the financial year ended March 31, and exceeded the official forecast.

UK households’ availability of unsecured credit as well as demand is expected to fall in the second quarter.

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JPYINR – Ways2Capital

JPYINR trading range for the day is 62.81-63.39.

JPY traded in range as the dollar held supported by data showing strong U.S. capital goods orders.

Japan’s exports shrank for a fourth straight month in March as weakness in global demand continues to weigh on the economy.

Unwinding short funding positions appears to be offsetting the impact of a dovish BOJ statement.

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Rupee Opens Higher At 70.09 Per Dollar

The Indian rupee gained in early trade on Friday. It opened higher by 16 paise at 70.09 per dollar versus previous close 70.25.On April 25 the domestic currency ended 39 paise at 70.25 against the US currency on the back of rising crude oil prices in the international markets and sell-off in domestic equity markets.

Yesterday the rupee has registered a lowest close since March 6, while this is a biggest single session fall since April 8.Yesterday the rupee came under pressure after the dollar against its major crosses rose to the highest level since June’17.

On the other hand, global crude oil prices were weighed down on expectation that OPEC will soon raise output to make up for a decline in exports from Iran following a tightening of sanctions by the United States against Iran. For India, expectation is that the shortfall will be made from alternate supply sources available in Saudi Arabia, Kuwait, UAE and Mexico.Today, USD-INR pair is expected to quote in the range of 70.05-69.80 and 70.60-70.80, it added.

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USDINR – Ways2Capital

USDINR trading range for the day is 70.09-70.83.

Rupee broke through the psychological Rs 70/$1 mark helped by the overall dollar rally.

India’s annual retail inflation rate rose in March to 2.86 percent, from 2.57 percent in the previous month, but remained below the central bank’s target

India’s foreign exchange (forex) reserves increased by $5.23 billion during the week ended March 29, official data showed.

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