The Indian Rupee Appreciated Marginally By 0.02 percent

The Indian Rupee appreciated marginally by 0.02 percent despite strong US Dollar Index. Reason behind this strength could be attributed to the increased expectation of a rate cut by RBI in the upcoming Monetary Policy Meeting.

According to a Reuters’ poll, India will reclaim its position as the fastest growing major global economy this year, partly propelled by benefits from a new tax system and bolstered by an expected central bank interest rate cut. Today, USDINR spot is likely to weaken.

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JPYINR - Ways2Capital

JPYINR trading range for the day is 57.3-57.64. JPY seen some pressure as the BOJ to delay again its projected timing for achieving the 2 percent inflation target.

BoJ policymakers are expected to raise their economic growth forecasts but cut their rosy inflation outlook. Japan’s industrial output fell 3.6 percent on a monthly basis instead of 3.3 percent decrease estimated previously.

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GBPINR - Ways2Capital

GBPINR trading range for the day is 83.73-84.17. GBP remained in range after weak inflation data poured cold water on expectations that the Bank of England will hike rates this year.

UK inflation slowed to a three-month low and factory gate inflation skid to its weakest level in six months in June

Six-month and one-year UK interest rate swaps slipped between 2 and 3 basis points after the inflation data, unwinding a good part of a sharp rise since mid-June.

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EURINR Trading Range For The Day Is 74.1-74.43

EURINR trading range for the day is 74.1-74.43. Euro dropped as the dollar nursed losses after skidding to a 10-month low as Republican legislators' failure to pass a stalled healthcare bill.

The European Central Bank will hold a policy meeting, with participants seen likely to adjust their language as they edge the ECB towards normalizing policy.

ECB President Mario Draghi roiled markets last month when he opened the door to potential adjustments to the quantitative easing program.

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USDINR - Ways2Capital

USDINR trading range for the day is 64.31-64.48.Rupee traded in range on likely foreign institutional investor fund inflows into local stocks and likely dollar buying by RBI to curb further appreciation.

India will reclaim its position as the fastest growing major global economy this year, partly propelled by benefits from a new tax system.India's wholesale prices further eased to 0.9 percent year-on-year in June, government data showed, in line with the decline in retail inflation.

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Indian Rupee Opens Lower At 64.34 Per Dollar



The Indian rupee opened lower by 6 paise at 64.34 per dollar on Thursday against previous close 64.28. Mohan Shenoi of Kotak Mahindra Bank said, "Currency markets are keenly awaiting European Central Bank (ECB) meeting today which could hint at taper and QE unwinding. We expect the USD-INR pair to trade in a range of 64.20-64.40 for the day."

He further added, "The bond market is cautious in the backdrop of OMO sale by RBI. Market continues to expect policy rate cut of 25 bps in the forthcoming review by RBI.""We expect the 10-year benchmark bond yield to trade in a range of 6.43-6.47 percent for the day."

The US dollar recovered some losses against the euro after touching a more than one-year low in the prior session, but hit a more than three-week low against the yen as traders awaited European Central Bank and Bank Of Japan meetings.

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Dollar Plunges After Republicans Failed To Pass Their Own Healthcare Bill

US Dollar decreased by 0.55 percent in yesterday’s trading session against basket of six major currencies as Republican senator’s effort to pass their own healthcare bill failed. Traders are disappointed with the lack of progress on US fiscal stimulus and tax reforms. 

They doubt President Donald Trump’s ability to deliver on its economic agenda. Further, disappointing economic data raised the doubt about US economic growth and whether Federal Reserve will raise interest rate in 2017. In Intraday Dollar Index touched a low of 94.476 and closed at 94.604 against Dollar.

Dollar is expected to trade with the negative bias as traders doubt US president Donald Trump ability to deliver its economic reforms after Republican failed to pass their own health care bill. Further, investors fear uncertainty over the pace of Federal Reserve rate hike. Further, disappointing economic data and rising political uncertainty in US will hurt dollar.

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