The Indian rupee gained in the opening trade on Thursday. It has opened higher by 10 paise at 67.54 per dollar versus 67.64 yesterday.
The Fed dropped its pledge to keep rates low enough to stimulate the economy “for some time” and signaled it would tolerate inflation above its 2% target at least through 2020.
The USD-INR pair after opening higher came under pressure in the latter half of the session as the dollar fell against its major crosses. Volatility for the dollar was confined to a narrow range ahead of the FOMC policy statement that was released last evening. The Fed chairman, in line with expectation, raised rates by 25bps and officials projected to raise rates twice more this year.
Benchmark indices trade lower after US Federal Reserve raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening for the rest of the year, while concerns about US-China trade frictions also might keep investors on edge.
Back home, India's current account deficit (CAD) rose to $13 billion (Rs 878 billion and 1.9 per cent of gross domestic product, or GDP) in the fourth and final quarter (Q4 of 2017-18), compared to $2.6 billion (Rs 176 billion and 0.4 per cent of GDP) in the same period of 2016 -17.
The Fed has raised rates seven times since late 2015 on the back of the economy's continuing expansion and solid job growth, rendering the language of its previous policy statements outdated.
Visit: Forex trading tips stock market tips Share Tips Expert
The Fed dropped its pledge to keep rates low enough to stimulate the economy “for some time” and signaled it would tolerate inflation above its 2% target at least through 2020.
The USD-INR pair after opening higher came under pressure in the latter half of the session as the dollar fell against its major crosses. Volatility for the dollar was confined to a narrow range ahead of the FOMC policy statement that was released last evening. The Fed chairman, in line with expectation, raised rates by 25bps and officials projected to raise rates twice more this year.
Benchmark indices trade lower after US Federal Reserve raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening for the rest of the year, while concerns about US-China trade frictions also might keep investors on edge.
Back home, India's current account deficit (CAD) rose to $13 billion (Rs 878 billion and 1.9 per cent of gross domestic product, or GDP) in the fourth and final quarter (Q4 of 2017-18), compared to $2.6 billion (Rs 176 billion and 0.4 per cent of GDP) in the same period of 2016 -17.
The Fed has raised rates seven times since late 2015 on the back of the economy's continuing expansion and solid job growth, rendering the language of its previous policy statements outdated.
Visit: Forex trading tips stock market tips Share Tips Expert
No comments:
Post a Comment