The INR saw the market open at 69.28 flat, which is also just a mere two paise higher than Tuesday’s closing point at 69.30 against per US Dollar. The Rupee rose 37 paise to reach the 69.30 mark against greenback and thus ending its losing streak in the previous session that lasted for 3 days.
According to the expert opinion of the Forex traders, the main weakness of Dollars lies in the performance of its main overseas rivals. Also over buying of the equities in the domestic market which is by default supported by the domestic currencies also adds to the woes of the Dollar.
Indian Rupee ended its four day trend of ending at a loss against the USD after some fund inflows were speculated to happen in the debt market. Gaurang Somaiya, the Research Analyst of Currency in Motilal Oswal Financial Services stated that this caused the market players to start the market cautiously as many major global events were supposed to take place today.
Later this week, the numbers related to the industrial and inflation production number are set to get released in the domestic circle. Also the growth forecast report was released by the Indian Monetary Fund on Tuesday, which has showcased the growth figures of Indian Economy along with those of some other major nations. The growth indices were seemed to have trimmed down a bit in those reports.
Gaurang Somaiya also stated that US Dollar and Indian Rupees pair are forecasted to be quoted in the bracket of 69.40 and 70.20 by today. Reuters reported that, Wednesday saw the Asian shares to slip from a eight month high position because of the tensions between USA and Europe over tariffs and the lowering of the global growth outlook of IMF.
The USD fell 0.5% this week, thus lingering at 111.14 yen. As per the reports from Reuters, oil prices remained unaffected and rose to a 5 month high than the day before as unrests in Libya affected oil supply.