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Reliance Securities Report
The Indian rupee depreciated against the U.S. dollar this Thursday as the markets deemed the Federal Reserve’s guidance as less dovish than expected prompting risk aversion in the region.
The rupee ended at 73.65 to the dollar compared with 73.52 on Wednesday.
Asian currencies weakened after the Fed’s new forward guidance and weighed on the domestic unit.
The dollar Index climbed in the morning session and tested a high of 93.59, while the Chinese yuan, the Malaysian ringgit and the Thai baht depreciated at least 0.3% each this Thursday
The one-year forward premium was at 3.12 rupees, against 3.17 rupees at previous close.
The benchmark S&P BSE Sensex and the broader Nifty 50 index snapped a two-day gaining streak to end 0.82% and 0.74% lower, respectively on Thursday.
The U.S. dollar index fell on Thursday amid a batch of generally weak U.S. data and overall uncertainty about the economic outlook.
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