USDJPY Spot Depreciated By 0.30 Percent

Yesterday, USDJPY spot depreciated by 0.30 percent while JPYINR spot fell by 0.61 percent following comments by the BOJ governor who said that it may be difficult however not impossible to achieve the 2 percent inflation target. JPYINR spot is expected to trade lower today.

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Sterling Pound Spot Traded Lower By 0.26 Percent

Sterling pound spot traded lower by 0.26 percent (GBPUSD) and 0.57 percent (GBPINR) yesterday owing to soaring tensions post Manchester bomb-blast that has claimed the lives of 22 people which prompted Britain’s Prime Minister Theresa May to halt her campaign.

May was criticized as having a U-turn on one of her key policies, a now called "dementia tax" on elderly people. Furthermore, the disappointing release of second estimate GBP data from the nation that slumped by 0.2 percent from 0.3 percent added to the woes. GBPINR spot is expected to trade lower today.

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EURUSD Spot Traded Lower By 0.07 Percent

EURUSD spot traded lower by 0.07 percent and 0.12 percent (EURINR) yesterday after the Euro-zone finance ministers along with the IMF failed to agree on debt relief for Greece and did not release new loans to Athens, but came close enough in talks to aim for both deals at their next meeting in three weeks. 

In the recent speech, the ECB President commented that the committee would not be altering its course on monetary policy any time soon. He ended the speech on a positive note saying that recent market optimism reflected the Euro-zone’s solid economic recovery. Today, EURINR spot is likely to trade lower.

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USDINR Spot Appreciated By 0.31 Percent

USDINR spot appreciated by 0.31 percent in the yesterday’s trading session owing to fresh selling of the US Dollar by exporters and banks. Dovish stance in the recent FOMC meeting minutes acted in favor of Asian markets including India thereby providing support to the Indian Rupee. 

Domestic markets i.e. Sensex and Nifty traded higher on account of positive fundamentals with GST Tax seen getting implemented and monsoon seen hitting Kerala before May 30. A spokesman for the Indian Army stated that military raids were launched into a Pakistan-controlled part of Kashmir to destroy camps hosting terrorists. Today, USDINR spot is likely to depreciate tracking losses in the Asian market equities.

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Indian Rupee Opens Higher At 64.56 Per Dollar

The Indian rupee opened with marginal gain of 5 paise at 64.56 per dollar on Friday versus previous close 64.61. Ashutosh Raina of HDFC Bank said, “The USD-INR currency pair has been trading in the 64.50-65 range, with the cross-border tensions limiting the gains. Expect the pair to trade in the 64.40-64.90 range today.”

He further added, “The bonds are stuck in a very narrow range with 10-year bonds trading in the 6.75-6.80 percent range after their recent rally from tops. Expect the trend to continue. The dollar index fell against a basket of major currencies following Wednesday's Fed minutes dialled down some expectations of the central bank hiking interest rates soon.

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USDINR Spot Appreciated By 0.18 Percent

USDINR spot appreciated by 0.18 percent in the yesterday’s trading session owing to fresh selling of the US Dollar by exporters and banks. Domestic markets i.e. Sensex and Nifty traded higher on account of positive fundamentals with GST Tax seen getting implemented and monsoon seen hitting Kerala before May 30. 

A spokesman for the Indian Army stated that military raids were launched into a Pakistan-controlled part of Kashmir to destroy camps hosting terrorists. Gains in the equity markets further added support to the Indian Rupee. Today, USDINR spot is likely to appreciate tracking gains in the Asian market equities.

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JPYINR Spot Appreciated By 0.25 Percent

Yesterday, USDJPY spot appreciated by 0.25 percent while JPYINR spot surged by 0.07 percent amid global concerns ranging from bombing in Britain, tensions in Korean peninsula, Trump’s linkage to Russia and China’s economic slowdown which has increased the demand for safe-haven Yen. JPYINR spot is expected to trade higher today.

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