INR forecast: INR opens flat 6869 as against yesterday close of 6870 and range for the day is 6854 to 6885.
Domestic market is showing signs of positivity as FII inflows have stared turning positive; bond yields have stabilized. However global uncertainty led by US China tiff continues to bother.
Yesterday there were market talk of repatriation of excess investment in HDFC AMC IPO and that added to weak global sentiment.
Yesterday there were market talk of repatriation of excess investment in HDFC AMC IPO and that added to weak global sentiment.
We also need to remember that historically Aug and Sept are the months when INR trades with weakness. Last year was exception. This year weakness has already been seen and may be a small weakness could still be there. Lets see.
Yesterday Bank of England hiked it’s key lending rate for first time this year by 25 bps to 0.75%. But instead of GBP gaining, it registered selling pressure as BOE chief showed major concern over Brexit.
China voed to retaliate with U.S if it continued to threaten China and take more step on Chinese imported. Following this CNY slipped below 6.87 levels.
Today later in the day at 6 pm U.S will publish it’s high impact labor market data. INR may likely to trade in a range ahead of this and good amount of volatile can be seen post to the data release.