USDINR : Fundamental View : 09.12.2019
* Indian Rupee appreciated by 0.6 percent last week while the Dollar index decreased by 0.88 percent during the same time frame.
* RBI kept the key policy rate unchanged at 5.15 per cent and decided to continue with its accommodative stance to support the economy. The central bank also revised GDP growth downwards to 5 per cent for 2019-20 from 6.1 per cent projected in its October policy.
* ADP non-farm payroll data from US came in at 67000 against market expectations of 137000 for Nov’19. Non-manufacturing PMI from US came in at 53.9 against market expectations of 54.5 for
Nov’19. Services PMI from US came in line with market expectations at 51.6 for Nov’19. On the trade war front, U.S. President Donald Trump said on Wednesday that trade talks with China were going “very well,” sounding more positive than on Tuesday when he said a trade deal might have to wait until after the 2020 U.S. presidential election.
* USDINR is expected to move sideways in today’s session.
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* RBI kept the key policy rate unchanged at 5.15 per cent and decided to continue with its accommodative stance to support the economy. The central bank also revised GDP growth downwards to 5 per cent for 2019-20 from 6.1 per cent projected in its October policy.
* ADP non-farm payroll data from US came in at 67000 against market expectations of 137000 for Nov’19. Non-manufacturing PMI from US came in at 53.9 against market expectations of 54.5 for
Nov’19. Services PMI from US came in line with market expectations at 51.6 for Nov’19. On the trade war front, U.S. President Donald Trump said on Wednesday that trade talks with China were going “very well,” sounding more positive than on Tuesday when he said a trade deal might have to wait until after the 2020 U.S. presidential election.
* USDINR is expected to move sideways in today’s session.