The local unit had hit a high of 67.42 and a low of 67.53. The rupee remained under immense pressure, with values plummeting towards 67.60 in the offshore NDF markets.
The Indian rupee opened lower by 7 paise at 67.43/$ against US Dollar on Friday as against the previous close of 67.36/$. The rupee remained under immense pressure, with values plummeting towards 67.60 in the offshore NDF markets. Euro moved below 1.12, Yen tumbled to 110, while Yuan collapsing till 6.55 levels. The sharp retracement in the currency markets can be attributed to the minutes of US FOMC meeting in April, which has reinforced the perception of a rate hike in June. The minutes revealed that most of the Federal Reserve members concur on the possibility of a rate hike next month, provided that economic data maintains the positive momentum.
On the global front, Sterling bucked the trend amid the weakness in various currencies, underpinned by unexpected rise in British consumer spending. In this respect, April retail sales grew 1.3% on mom basis, more than double the expectations of a 0.6% rise. British Pound is also deriving cues from the shift in sentiment towards the ‘remain’ vote for the June 23rd referendum. Brexit seems unlikely; given that majority of Britons acknowledge the economic repercussions associated with it. Sanity has to prevail, as Britain cannot afford slowdown in trade and investments.
On Thursday, the Indian currency ended lower by 39 paise at 67.36/$. The local unit had hit a high of 67.42 and a low of 67.53. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.91 and for Euro stood at 75.45. The RBI’s reference rate for the Yen stood at 61.01; reference rate for the Great Britain Pound (GBP) stood at 98.0493.
On the global front, Sterling bucked the trend amid the weakness in various currencies, underpinned by unexpected rise in British consumer spending. In this respect, April retail sales grew 1.3% on mom basis, more than double the expectations of a 0.6% rise. British Pound is also deriving cues from the shift in sentiment towards the ‘remain’ vote for the June 23rd referendum. Brexit seems unlikely; given that majority of Britons acknowledge the economic repercussions associated with it. Sanity has to prevail, as Britain cannot afford slowdown in trade and investments.
On Thursday, the Indian currency ended lower by 39 paise at 67.36/$. The local unit had hit a high of 67.42 and a low of 67.53. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.91 and for Euro stood at 75.45. The RBI’s reference rate for the Yen stood at 61.01; reference rate for the Great Britain Pound (GBP) stood at 98.0493.
No comments:
Post a Comment