The Indian rupee opened higher by 8 paise at 68.39 per dollar on Thursday versus 68.47 Wednesday. Mohan Shenoi of Kotak Mahindra Bank said, "Despite better-than expected US industrial production data, the next Fed rate hike is unlikely to be before June 16." "Given weak equity markets in India, the USD-INR is expected to trade today in a range of 68.30-68.60/dollar," he added
Australian dollar was the biggest loser on major currency markets on Thursday, as data there and revived concern about global growth sent stock markets lower and the yen higher against the dollar.China’s yuan, one source of global financial nerves in January, inched lower after data showed producer prices sank 5.3 percent last month. It remained above the level reached against the dollar when the Lunar New Year holiday began two weeks ago. A bigger-than-expected rise in Australian unemployment offered more evidence of the global weakness that caused the poorest start to a year for stock markets since the 2008 crash. Expectations are growing of further easing by central banks, in which it is difficult to pick the currency winners.Expectations that the Reserve Bank of Australia would be pushed to cut interest rates drove the Aussie 0.7 percent lower in early trade in Europe to $0.7158 AUD=D4.
ReplyDeleteThe higher crude oil prices could have negative implications on the economic growth of the country in the coming quarters.
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