EURINR Currency Strategy : 9.54Am : 04.08.2016
EURINR Trend : Down
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Debt market • Government bonds fell for a second day as investors deferred purchases, awaiting the passage of a long-pending indirect tax reform bill • The benchmark 7.59% bond maturing in 2026 ended at | 102.67 against the previous close of | 102.81 • The benchmark 7.59% 2026 bond yield en ded at 7.20%, up 2 bps from previous close.
Forex (US$/INR) • The rupee fell for the first time in seven sessions against the dollar, as banks stepped up dollar purchases and profit booking seen in equities • The dollar index against six major currencies ended at 95.56, up 0.53% from the previous close of 95.06.
USDINR US dollar index is trading at 95 . 47 ; appreciating in yesterday’s trade after marginally positive economic data was reported from the US . ADP employment change and services PMI were reported better than expected and even the US indices closed on a positive note . Focus would be on the non - farm payrolls data on Friday and a reading below expectations could drive the US dollar lower.
EURINR Euro is trading at 1 . 1150 , turning weaker in yesterday’s session as economic data reported from the EU was a tad below expectations and the pair was also reflecting the strength of the US dollar . Euro continues to remain in a range bound trade and focus would be the bank of England and the US nonfarm payrolls for the rest of the week and this would decide the fate of the Euro.
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