On the economy front, India's current account deficit narrowed to $0.30 billion, which is 0.1% of GDP in the Q4FY16 against $7.1 billion, 1.3% of GDP in Q3FY16. The local unit had hit a high of 67.25 and a low of 67.31.
The Indian rupee opened higher by eight paise at 66.20/$ against US Dollar on Friday as against the previous close of 66.27/$. On the economy front, India's current account deficit narrowed to $0.30 billion, which is 0.1% of GDP in the Q4FY16 against $7.1 billion, 1.3% of GDP in Q3FY16. The trade deficit stood at $24.8 billion compared to $31.6 billion in Q4FY15 and $34.0 billion in Q3FY16.
On the international front, Yen marched ahead towards 104 levels, as BOJ maintained status quo on the monetary policy. We reiterate that the recent surge in Yen is unfathomable to us, given that the currency yields negative rates.
British Pound fell to two month low, as BOE warned of the adverse economic consequences of Brexit.
The Indian currency ended lower by 12 paise at 67.27/$. The local unit had hit a high of 67.25 and a low of 67.31. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.20 and for Euro stood at 75.81. The RBI’s reference rate for the Yen stood at 64.55; reference rate for the Great Britain Pound (GBP) stood at 95.2388.
On the international front, Yen marched ahead towards 104 levels, as BOJ maintained status quo on the monetary policy. We reiterate that the recent surge in Yen is unfathomable to us, given that the currency yields negative rates.
British Pound fell to two month low, as BOE warned of the adverse economic consequences of Brexit.
The Indian currency ended lower by 12 paise at 67.27/$. The local unit had hit a high of 67.25 and a low of 67.31. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.20 and for Euro stood at 75.81. The RBI’s reference rate for the Yen stood at 64.55; reference rate for the Great Britain Pound (GBP) stood at 95.2388.
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