Thursday, 15 December 2016

USD/INR is expected to depreciate

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The Indian Rupee depreciated by 0.07 percent yesterday as the two day policy meeting in the US that ended on 14 th Dec’16 kept the markets in a watchful mode. The US Federal Reserve finally hiked its interest rates by 25 basis points. This kept the American currency higher in turn denting the demand for the Indian Rupee. However, the RBI intervene d via state - owned banks to stabilize the Indian Rupee with the help of its forex reserves. 

Markets are still discounting the move by the RBI of keeping the benchmark repo rate unchanged at 6.25 percent which boosted the foreign inflows. The RBI governor feels that India’s inflation rate has risks from volatile crude price and the unclear effects of the withdrawal of high denomination currency notes.

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