The rupee opened 50 pips firm at 70.11/12 after previous day closed at 70.6150/6250 against greenback. Rupee firm move all credit goes to Dollar Index sharp correction on FED chairman Mr. Powell Dovish comment on FED rates. "Interest rates are still low by historical standards, and they remain just below the broad range of estimates of the level that would be neutral for the economy ‑‑ that is, neither speeding up nor slowing down growth," Powell said.
DOMESTIC FRONT
Weak farm prices are threatening to hurt Prime Minister Narendra Modi’s Hindu nationalist Bharatiya Janata Party as it faces a critical test in three state elections dominated by rural voters in the Hindi-speaking belt that is its traditional stronghold.
On a visit last week to the most crucial of the three states, Madhya Pradesh, which was voting on Wednesday, Reuters spoke to 134 rural voters along a 400 km (250 miles) corridor - 89, or about two-thirds, said they would vote for the opposition Congress party rather than the ruling BJP.
INTRADAY RANGE - (69.95 - 70.45) 70.69
コメント