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FOREX MARKET NEWS UPDATE-05 MAY 2016


USD-INR:
The Indian Rupee depreciated by 0.19 percent in yesterday’s trading session on the back of rise in risk aversion in the domestic markets and strong dollar after upbeat economic data from U.S and Hawkish statement from policymaker. Indian Rupee tracked weakness in other Asian Currencies. Market sentiments were hit after weak manufacturing data from US, China and UK led to the concern over global economic health.

EUR-INR:
Euro depreciated by 0.08 percent in yesterday’s trading session on the back of strong dollar and as EU cuts its growth forecast. EU expects economy to expand 1.6 percent in 2016 down from 1.7 percent and then accelerate to 1.8 percent in 2017, 0.1 point less than its previous forecast. European Commission anticipates consumer prices to increase by 0.2 percent below previous estimate of 0.5 percent.

GBP-INR:
Pound depreciated by 0.28 percent on yesterday’s trading session on the back of strong dollar and downbeat economic data from UK. UK construction and Manufacturing PMI data showed that the activity in the sectors slowed down. UK Manufacturing activity contracted for the first time since 3 years. Report showed that the construction firms reduced hiring. One of the polls showed Campaign for Britain exit ahead of “In” camp. In intraday Pound touched a low of 1.4459 and closed at 1.4491 against Dollar.

JPY-INR:
Japanese Yen depreciated by 0.38 percent in yesterday’s trading session on the back of strong dollar. Dollar gained strength on upbeat trade and Service data. Further, Bank of Japan governor said he is prepared to act if required to stop yen recent appreciation from hurting economy. However, sharp downside was prevented as Bank of Japan surprised market by keeping its monetary stance steady. Demand for safe haven increased on rise in risk aversion in the global markets and weak economic data from China. In intraday Yen touched a low of 107.45 and closed at 107 against Dollar.

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Alisha Singh

Alisha Singh

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