USDINR opened 8 pips weak @ 69.51/52 against yesterday closed 69.43/44. The Reserve Bank of India (RBI) said it will allow banks to restructure loans to small and medium sized-companies that are in default but standard as of the beginning of the year. The dispensation is “one time”, the RBI said in a circular on Tuesday.
INTRADAY RANGE - 69.30 (69.55 - 69.68)69.83
On first day of year 2019 Indian rupee kicked off on a resounding note, building up on gains of the previous two sessions and adding another 32 pips Tuesday to close at 69.43 against greenback on increased selling of the greenback by exporters and smart gains in domestic equities. Tuesday the rupee opened on firm note at 69.63, before finally closing at 69.43.
The dollar eased against the yen on Wednesday as caution prevailed on the first trading day of the new year on wider concerns about global economic growth, the US government shutdown and a slower pace of Federal Reserve rate hikes. The safe-haven yen gained 0.1% against the dollar to 109.60 in early Asian trade. Trading volumes remain light as global markets reopened after the New Year's Day public holiday. Japanese markets remain closed on Wednesday.
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