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Forex Market News Update-29 Feb 2016

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The Indian Rupee appreciated by 0.14 percent on Friday’s trading session on the back of rise in risk appetite in the domestic markets ahead of Union Budget. Further, foreign banks sold dollars. Benchmark stock index 50 share Nifty Index increased by 0.85 percent to 7029.75. Rupee remained in range after Economic Survey. Investors remained cautious ahead of US Economic data. However, sharp gain was prevented a month end dollar demand from importers. Investors remained worried over global economic slowdown and volatility in crude oil prices. In Intraday Indian Rupee touched a high of 68.62 and closed at 68.62 against Dollar.

Euro depreciated by 0.79 percent on Friday’s trading session on the back of strong dollar and weak economic data from Euro Zone. Spanish Flash CPI declined by 0.8 percent in February. Market participants expect hawkish tone from U.S Federal Reserve in FOMC meeting after strong economic data. Further, investors worry that Britain exit from EU may cause uncertainty for the Euro Zone economy and volatility in the markets. Dovish statements from ECB officials weigh on Euro. Weak economic data from Europe fueled the expectation of more mon etary easing by European Central Bank in its upcoming meet. US Federal Reserve is the only major central bank to raise interest rates, whereas others are easing policies. In intraday Euro touched a low of 1.0910 and closed at 1.0931 against Do

Pound depreciated by 0.60 percent on Friday’s trading session on the back of strong dollar. Pound traded near 7 years low on the worries over Britain exit from EU and weak economic data. IMF head Christine Lagarde warned that UK strong economic performance is at risk on looming referendum on Brexit. Bank of England Gov Mark Carney said bank would not hesitate to lower interest rates if economy requires it. London Mayor Boris Johnson announced his decision to back the "out" campaign on the Brexit. In intraday Pound touched a low of 1.3851 and closed at 1.3870 against Dollar.

Japanese Yen depreciated by 0.92 percent on Friday’s trading session on the back of strong dollar and divergence in monetary policy. However, sharp fall was prevented as the demand for safe haven increased on worries over global economic health and volatility in crude oil prices. Crude oil prices fell after the statement from Iran and Saudi Arabia. In intraday Yen touched a low of 114.0 and closed at 113.9750 against Dollar.

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Pooja Pariya

Pooja Pariya

1 comment:

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