Indian Rupee appreciated by 1.1 percent despite dollar index strengthening by 0.17 percent during last week mainly on account of softening crude oil prices and easing concerns over US-Sino trade war. Meanwhile, RBI and Government break the ice during the nine hour long RBI board meeting yesterday after RBI agreed to work out loan restructuring scheme for SMEs for loan exposure for up to Rs. 25 crore.
US CPI came in line with market expectations at 0.3 percent for Oct’18. Core retail sales data from US came in at 0.7 percent against market expectations of 0.5 percent for Oct’18. According to US Fed officials the central bank is nearing the end of its tightening cycle. Core durable goods orders from US came in at 0.1 percent against market expectations of 0.4 percent. Unemployment claims for the previous week came in at 224,000 against market expectations of 215,000.
USDINR is expected to move sideways in today’s session.
EURUSD depreciated by 0.2 percent last week while EURINR appreciated by 1.33 percent during the same time frame.
EU commission had rejected Italian budget and asked them to revise their spending plans. But Italy reiterated that they cannot revise their budget plans and are ready to face sanctions from EU commission. The EU released its September Current Account, which resulted at Euro 17.0B seasonally adjusted, vs. the previous Euro 24.3B.
EURINR is expected to appreciate in today’s session.
GBP depreciated against the US dollar by 0.4 percent last week while GBPINR appreciated by 1.54 percent.
UK PM May travelled to Brussels to meet EU’s Juncker and discuss the future relation of both economies in the post-Brexit era. According to news agencies, German Chancellor Angela Merkel will not travel to Brussels on Sunday unless there is an agreement ready to sign. Meanwhile, CPI from UK came in at 2.4 percent against market expectations of 2.5 percent for Oct’18.
GBPINR is expected to appreciate in today’s session.
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