INR forecast: INR opens weaker a 70.18 as against yesterday closing of 70.11 and may trade the day in a range of 69.88-70.28 under mixed manner. Technically after two days of mild consolidation, INR seems to be heading towards higher levels-71/72.
All EMs are weaker as US-China trade talk ended without any results. Today PBOC also set CNY much higher.
In another development, Trump tweeted about economic polices of South Africa and this resulted in sell off in Rand and having run off effect on EMs. Trump is driving entire world!- Shows power of US.Now the focus is on Fed annual economic symposium at Jackson Hole-a three day meeting including major central banks chief.
In another development, Trump tweeted about economic polices of South Africa and this resulted in sell off in Rand and having run off effect on EMs. Trump is driving entire world!- Shows power of US.Now the focus is on Fed annual economic symposium at Jackson Hole-a three day meeting including major central banks chief.
From sports font, India bags 18 medal in Asian games 2018 including 4 gold, 4 silver and 10 bronze. While Chinese athlete’s continued to dominate the event with 116 medals followed by Japan (86 medals) and Korea (63).
In the overseas market:
- USD held on to gains against other major and emerging currencies after news reports indicated that China failed to get any positive response from two day negotiation with U.S on trade tariff concern.
- The People’s Bank of China (PBOC) set the Yuan reference rate at 6.8710 vs. previous day’s fix of 6.8367.