USD/INR – The Indian rupee opened lower against the U.S. currency, in-line with other Asian peers after the dollar index climbed to its highest in two weeks. Investors are awaiting the Monetary Policy Committee’s decision on interest rates, due at 11.45 a.m. The rupee opened at 71.7275 versus its previous close of 71.5525. Most economists expect India’s rate-setting MPC to shift its stance to neutral from calibrated tightening. The expected change in the stance to neutral comes on the back of softening inflation expectations after retail prices in India rose at their slowest pace in 18 months in December. However, with core inflation remaining elevated and in light of an expansionary budget for the next fiscal year, most economists do not see room for a rate cut.
EUR/USD – The single currency was flat at $1.1360, having lost 0.45% of its value on Wednesday. The euro has lost around 1.3% over the last week as investors bet the European Central Bank will keep monetary policy accommodative on weaker-than-expected growth and low inflation in the common area. EUR/USD slid to its lowest level in nearly two weeks and faced the prospect of more losses as the slow drip of weak economic news kept Europe's currency under pressure. A huge downside miss to German December industrial orders highlighted risks that growth in core euro zone economies is stumbling and could be nearing a recession.
GBP/USD – Sterling was marginally lower at $1.2930. The British pound has weakened by 1.3% in February due to Brexit woes. The United Kingdom is on course to leave the European Union on March 29 without a deal unless British Prime Minister Theresa May can convince the bloc to reopen the divorce agreement she reached in November and then sell it to sceptical British lawmakers. Prime Minister Theresa May tried to persuade the European Union to modify her Brexit deal to avoid a disorderly British departure from the bloc. EU Council President Donald Tusk said on Wednesday that he would make no new offer on Brexit. The Bank of England is scheduled to meet later on Thursday and is widely expected to keep interest rates unchanged.
USD/JPY - The yen was 0.15% higher versus the greenback at 109.78. The dollar has gained around 1% versus the Japanese currency so far this month as global risk sentiment improved and led to a modest rally in global equities. Japanese demand for foreign bonds has been another reason for the strength in dollar/yen.
Currency Range for today
Important data releases today
|11:45 AM||INR||Interest Rate Decision||6.50%||6.50%|
|5:30 PM||GBP||BoE Interest Rate Decision (Feb)||0.75%||0.75%|
Date : 7-Feb-2019
20 Sep 2019 09:14 AM
USD/INR – The Indian rupee opened little changed against the dollar as investors focus on choppy crude oil prices and the Chinese yuan. The rupee opened at 71.20 compared with its the previous close of 71.3175. Brent crude ticked higher in Asia tradi
19 Sep 2019 06:48 PM
The Indian rupee fell against the dollar following an uptick in crude oil prices amid reports that Saudi Arabia had sought crude supply from
19 Sep 2019 01:48 PM
The Indian rupee edged higher against the dollar in choppy afternoon trade, on greenback sales by foreign banks, likely for corporate clients. However, weakness in local shares kept gains under check.
19 Sep 2019 09:22 AM
USD/INR – The Indian rupee opened lower against the dollar after the Federal Reserve cut rates once again but cast doubts on further easing. The rupee opened at 71.35 compared with its previous close of 71.23. Asian currencies were broadly lower on T
18 Sep 2019 05:34 PM
The Indian rupee logged its biggest single-session rise in six months against the dollar, helped by a retreat in crude oil prices following
18 Sep 2019 02:01 PM
The Indian rupee extended gains against the dollar in afternoon trade, on greenback sales by foreign banks and a retreat in crude oil prices.