USD/INR
The Indian Rupee appreciated by 0.6 percent yesterday owing to fresh selling of the American currency by exporters and banks amidst lower greenback overseas.
Domestic markets i.e. Sensex and Nifty ended on a positive note owing to value buying seen in blue-chip equities. Moreover, stabilized trading is Asian market equities governed the trend of the Indian markets.
EURO/INR
Euro rose by 0.9 percent yesterday owing to the weakness seen in the US Dollar Index after the release of disappointing employment claims data along with a dovish stance by a US Fed member acted as a positive factor for the shared currency.
However, sharp gains were restricted after the European Commission stated that the slowdown in emerging economies is posing a major threat to recovery in the euro area. The commission trimmed its 2016 growth forecast to 1.7 percent from 1.8 percent and warned inflation would be much slower than expected.
Euro is expected to trade sideways as markets will discount the European Commission’s trimmed Euro-zone’s growth forecast due to turmoil in the Chinese economy along with Euro-area’s migrant crisis.
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