USDINR start Monday trade with 20 pips firm @ 69.42/43 after Friday finished on 6972/73 levels. The appreciation is in line with most of the other emerging market currencies, reflecting opinions that Fed rate hikes may be nearing an end, and also the decelerating growth prospects of the US. Brent crude, the global benchmark, was trading at USD 57.67 per barrel, higher by 2.14%.
INTRADAY RANGE - 69.18 (69.33 - 69.72) 69.88
On Friday , At the Interbank Foreign Exchange , the rupee opened on a firm note at 69.95. It gained further to hit a high of 69.66 following dollar selling by exporters, before finally closing at 69.72, up 48 pips. sustained selling of the American currency by exporters and banks propped up the rupee after two successive sessions of fall. Foreign funds pulled out Rs 157.72 crore from the capital markets on a net basis Friday, while domestic institutional investors bought equities to the tune of Rs 240.60 crore, provisional data showed.
According to Goldman Sachs Group. Comments from Federal Reserve Chairman Jerome Powell on Friday boosted the chances that the central bank will pause interest-rate increases, strategists at Goldman wrote in a note on Saturday. Powell cited the events of 2016, when rates were kept unchanged through most of the year due to concerns about slowing growth in China. The potential hold presents a chance for the greenback to drop.
Comments