USDINR start Thursday trade with weaker note, Opened @ 70.28/29 slip 12 pips from Wednesday closing at 70.16/17 . Most Asian currencies fell on shrugging off broad US dollar and worries about cooling regional and global growth. China's economy is expected to slow further in coming quarters, adding to pressure on other Asian exporters.
INTRADAY RANGE - 69.88 ( 70.05 - 70.45 ) 70.69
On Wednesday after opened firm local currency plunge 76 (-0.94%) pips against greenback. weak Goods and Services Tax (GST) collections triggered concerns on the fiscal deficit front. GST collections dropped to Rs. 94,726 crore in December 2018, lower than Rs. 97,637 crore in the previous month. Sentiment also turned sour after a private survey showed manufacturing activity in the country slowed down in December compared to the previous month.
A private survey showed manufacturing in China, the world's second-largest economy, contracted for the first time in 19 months in December as domestic and export orders continue to weaken. Factory activity also shrank in South Korea, Taiwan and Malaysia, while Singapore reported much slower fourth-quarter economic growth than expected.
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