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FOREX MARKET NEWS UPDATE-09 JUNE 2016

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USD-INR:
The Indian Rupee appreciated by 0.29 percent in yesterday’s trading session as the RBI kept its monetary policy unchanged and assured that it would provide liquidity to prevent any interruption in the markets on the redemption of foreign currency non-resident (FCNR) deposits in September. Further rise in risk appetite in the domestic markets and dollar selling by banks and exporters supported Rupee. Weakness in dollar and continued FII inflows into local shares proved positive for Indian Rupee. Dollar showed weakness as downbeat job data faded early rate hike expectation by US Federal Reserve. FII’s net bought stocks worth Rs 499.73 crores yesterday as per provisional data from NSE. Benchmark stock index 50 share Nifty Index increased by 0.80 percent to 8266.45. In Intraday Indian Rupee touched a high of 66.7250 and closed at 66.78 against Dollar.

EUR-INR:
Euro depreciated marginally by 0.06 percent in yesterday’s trading session on the back of mixed economic data from Euro Zone. However, sharp downside was capped on the back of weakness in dollar. Dollar showed weakness after downbeat economic data from U.S. faded trader’s expectation of early rate hike by US Federal Reserve. In intraday Euro touched a low of 1.1339 and closed at 1.1356 against Dollar.

GBP-INR:
Pound appreciated by 0.59 percent in yesterday’s trading session as recent polls showed that probability of people to vote to stay in EU has increased. Data from Betfair showed 72% implied probability of Britain voting to stay in EU. Further, weakness in dollar and rise in risk appetite in the domestic market supported sterling. In intraday Pound touched a high of 1.4658 and closed at 1.4543 against Dollar.

JPY-INR:
Japanese Yen appreciated by 0.14 percent in yesterday’s trading session on the back of weakness in dollar. Traders pushed back early rate hike expectation after downbeat economic data from U.S. Further, Japanese Prime Minister Abe announced a delay in a sales tax increase of 2-1/2 years. Delay in sales tax hike for longer term raised concern about lack of Japanese monetary stimulus. In intraday Yen touched a high of 107.16 and closed at 107.30 against Dollar.

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Alisha Singh

Alisha Singh

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