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Forex Market News Update-20 May 2016

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USD-INR:
The Indian Rupee depreciated by 0.58 percent in yesterday’s trading session on the back of strong dollar and rise in risk aversion in the global markets. Dollar gained strength after Hawkish statement from Fed officials and US Federal Reserve meeting minutes. As per Minutes Fed officials are ready to increase rates in June if the economic data improves. Further, concern over delay in monsoon and rise in CPI data dampen the expectation of rate cut by RBI. 

EUR-INR:
Euro depreciated by 0.11 percent in yesterday’s trading session on the back of strong dollar and divergence in monetary policy. Dollar gained strength after US Federal Reserve meeting minutes signaled that central bank may raise rate sooner than expected. ECB meeting minutes showed that policy makers emphasized to meet inflation target of 2 percent and central bank is more focused on implementing measures rather than getting new ones. 

GBP-INR:
Pound appreciated by 0.08 percent in yesterday’s trading session on the back of upbeat retail sales data and as polls showed that “in” camp ahead. Further, upbeat job data continued supporting sterling. However, sharp gain was capped on strong dollar and as lower than expected inflation data sparked the expectation that the interest rates will remain lower in UK. In intraday Pound touched a high of 1.4661 and closed at 1.4607 against Dollar.

JPY-INR:
Japanese Yen appreciated by 0.20 percent in yesterday’s trading as the demand for safe haven increased on rise in risk aversion in the global markets. Further, upbeat economic data from Japan supported Yen. However, sharp gain was prevented on the back of strong dollar and divergence in monetary policy. US Federal Reserve meeting minutes signaled that central bank may raise rate sooner than expected, whereas Bank of Japan is expected to continue with its loose monetary stance. In intraday Yen touched a high of 109.68 and closed at 109.95 against Dollar.

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Alisha Singh

Alisha Singh

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