Weekly

Weekly Currency Market Outlook:-


 HIGHLIGHTS: Rupee opens higher at 73.80 per dollar: USD/INR SPOT opened at 73.80 against its closing at 74.08. The rupee was higher against the US dollar in early trade on the hope that major central banks across the globe may take further steps to contain the economic damage caused by the rapidly spreading CORONAVIRUS. While the risk appetite globally remained weak, investors took some comfort from the comments by US President Donald Trump that the government would cut payroll taxes and announce very major stimulus to bolster the economy. The US Federal Reserve is widely expected to announce another 50 basis point rate cut in the interest rate at its monetary policy meeting on Mar 18. Market participants also expect the Reserve Bank of India to follow the steps by other central banks across the globe and lower interest rates to boost sentiment in the financial markets. Market participants are of the view that the RBI may keep sharp depreciation in the rupee in check through its dollar-selling intervention.

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