INR forecast: INR opens stronger at 6863 as against yesterday close of 68.66 and may trade the day between 68.60-68.85 under two way price action.
Yesterday ECB left key lending rate unchanged at 0% as expected while hinting no rate change for rest of the year. Following the news EUR saw selling pressure. While the policymaker showed sign of positive economical growth and rising inflation. Ongoing trade war was the point of concern.
Today CNY is again above 6.8 and it would keep Asian currencies under pressure.
USD inflows related to HDFC AMC and HDFC Bank ADR sale would keep INR weakness under check.
Today later in day US will publish it’s Q2 GDP data.