future today closed at 67.96 with loss. Rupee seen gain on account of RBI intervention as well as some positive inflows. Expect stronger rupee ahead. The rupee is likely to trade in the range of 67.60/USD-68.40/USD this week. Global Risk Environment to be Key Driver of Rupee. Crisis said Indian companies will be impacted through demand weakness.
Euro rupee future closed at 74.86 with loss. Euro tried to recover but closed with losses. The euro trades lower at 1.0988, failing to sustain above the 1.1000 level against a backdrop of increasing turbulence in the financial markets.
Pound rupee future closed at 89.83 at fresh low. Suggesting very bearish nature of pound and downtrend may continue ahead. GBP fell to its lowest level against USD since 1985. Shares of large UK banks lost nearly a fifth of their value. The EURO STOXX 50 had its biggest one-day loss.
Brexit is unlikely to have a notable impact on India’s GDP and currency impact on account of the potential depreciation of the rupee.
Yen rupee future closed at 66.82 with loss on some profit booking in yen. Though above 66 expect strong yen trend for upside levels. The Japanese yen strengthened, benefiting from safe-haven flows and fading expectations of an imminent Fed rate-hike during 2016. Followed media reports that Tokyo would step in, if necessary, to stabilize the yen (Exchange: JPY) which has gained from the safe-haven bid.
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