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FOREX MARKET NEWS UPDATE-12 MAY 2016

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USD-INR:
The Indian Rupee depreciated by 0.13 percent in yesterday’s trading session on the back of strong dollar. Dollar advances on hawkish statements from US Federal Reserve officials. Further, Indian Rupee tracked weakness in other Asian currencies. However, sharp fall was prevented on rise in risk appetite in the domestic markets. Benchmark stock index 50 share Nifty Index increased by 0.28 percent to 7887.8. FII’s net bought stocks worth Rs 328.59 crores yesterday as per provisional data from NSE. In Intraday Indian Rupee touched a low of 66.74 and closed at 66.67 against Dollar.

EUR-INR:
Euro depreciated by 0.11 percent in yesterday’s trading session on the back of strong dollar and rise in risk appetite in the global markets. Further, weak economic data from Euro Zone and Divergence in monetary policy added downside pressure. Concern over global economic outlook weighed on Euro. German Industrial production plunged 1.3 percent in March. In intraday Euro touched a low of 1.1357 and closed at 1.1368 against Dollar.

GBP-INR:
Pound appreciated by 0.23 percent in yesterday’s trading session on the back of rise in risk appetite in the global markets and as UK trade deficit narrowed. However, sharp gain was capped on strong dollar and worries over Britain exit from EU. Investors worry that the polls are still too close to call. As per NIESR institute if Britain votes to leave EU pound would slide 20 percent and growth would decline a full percentage point. In intraday Pound touched a low of 1.4477 and closed at 1.4440 against Dollar.

JPY-INR:
Japanese Yen depreciated by 0.86 percent in yesterday’s trading session after Japan’s finance minister Taro Aso said Tokyo was ready to intervene in the currency market if needed. Further, rise in risk appetite in the global markets ease the demand for safe haven. In intraday Yen touched a low of 109.34 and closed at 109.25 against Dollar.

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Alisha Singh

Alisha Singh

1 comment:

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