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Forex Market News Update-31 May 2016

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USD-INR:
The Indian Rupee depreciated by 0.21 percent in yesterday’s trading session on the back of strong dollar after Fed Chair Yellen signaled early rate hike. Further, Indian Rupee tracked weakness in other Asian currencies. However, sharp fall was prevented on rise in risk appetite in the domestic markets. Further, FII inflows into the local shares supported Rupee. FII’s net bought stocks worth Rs 355.54 crores yesterday as per provisional data from NSE.

EUR-INR:
Euro appreciated by 0.26 percent in yesterday’s trading session on the back of upbeat inflation data from Germany. German inflation rose out of negative territory. However, sharp gain was capped on strong dollar and divergence in monetary policy. Dollar gained strength after Fed Chair Yellen signaled rate hike early in this year if economy and labor market continues to improve. In intraday Euro touched a high of 1.1146 and closed at 1.1144 against Dollar.

GBP-INR:
Pound appreciated by 0.12 percent in yesterday’s trading session on the back of rise in risk appetite in the global markets. Further, polls showed that the probability of Britain to vote to stay in EU in referendum has increased. However, sharp gain was capped on strong dollar, downbeat economic data from UK and divergence in monetary policy. Dollar gained strength after US Federal Reserve Chair Yellen signaled rate hike in coming months. In intraday Pound touched a low of 1.4640 and closed at 1.4638 against Dollar.

JPY-INR:
Japanese Yen depreciated by 0.80 percent in yesterday’s trading session on the back of strong dollar and divergence in monetary policy. Fed Chair Yellen signaled rate hike early in this year if economy and labor market continues to improve. Further, demand for safe haven eased on rise in risk appetite in the global markets.Japanese stocks rallied after Japanese Prime minister Abe said he would delay a sales tax increase scheduled for next April by two and a half years. In intraday Yen touched a low of 111.43 and closed at 111.11 against Dollar.

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Alisha Singh

Alisha Singh

1 comment:

  1. Epic Research provides Forex live updates and research based tips to help traders to deal better in stock market and securing them from big losses.

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