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2017-03-24 FRIDAY

The dollar recouped a little lost ground in opening trades today amid signs a delayed vote on President Donald Trump\'s healthcare bill would go ahead later in the day, though it remained unclear whether it would pass. Investors regard the vote as test for the Trump presidency that could show whether it can muster the backing needed to push through fiscal measures central to its economic agenda. Asian share markets edged higher as investors dipped a toe back into risk trades after a week of wild swings in sentiment. Trump will get a second chance to try to close the deal with Republican lawmakers on dismantling Obamacare in a high-stakes vote on a new healthcare bill later in the day. The dollar did gain 0.4 percent on the yen to 111.35, having hit a four-month low of 110.62 the day before. Against a basket of currencies, it was up 0.15 percent at 99.911 having shed 1.3 percent in the past two weeks. The dollar is likely to struggle as global investors gradually realize that the U.S, can still produce policy gridlock even with one party holding the White House, Senate and House. Moreover, the euro is looking more appealing, with the growth gap with the U.S. not as wide as previously thought and the euro having lost some of its political risk premium as European voters edge away from local Trump wannabes. In commodity markets, safe-haven Gold spot eased a touch to $1,243.30 an ounce after hitting three-week high of $1,253.12. Oil prices idled near four-month lows on investor concerns that OPEC-led supply cuts were not yet reducing record U.S. crude inventories.  The Indian rupee opened marginally stronger at 65.48 against its previous sessionís close of 65.52 and is expected to trade in 65.30 - 65.70 ranges today.
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Dollar Rupee

 
Midday Report

2017-03-24-FRIDAY

The Indian rupee opened marginally stronger at 65.48 after closing yesterdayís session at 65.52, and rose against the dollar in early trade, as local shares gained, fueling optimism about continued foreign fund inflows. Markets are closely tracking a vote on U.S. President Donald Trumpís healthcare bill later today, which, if passed, could allay concerns about his ability to press ahead with his growth-boosting reforms agenda. The rupee is higher tracking shares. We believe exporters may keep off owing to the long spot date but importersí month-end bids should drag the rupee lower. Success of Trumpís healthcare bill will attest the presidentís ability to deliver on economic reforms, which include the proposed tax cuts, which caused a market rally when first announced. Traders will watch for what happens at the second vote attempt today. Indian Exporters continue to look at selling into rallies and overall momentum in the rupee remains on the downside. We think that unless the rupee closes above 66.00, importers will be slow to hedge and interbank will prefer to be on the short side. Intraday, the rupee is expected to trade in the range of 65.35- 65.65 today.
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INR Rates

Symbol   Bid  ASK
USD66.955 66.9675
GBP83.28532 83.31211
EUR70.27597 70.29605
JPY0.5921 0.59236
CHF66.05663 66.06967
AUD51.42144 51.45492
SGD47.19129 47.19794
CAD50.83903 50.85447
NZD47.99334 48.02013
*Closing Rates on : 2017-02-22

Stock Indices

IndexPointsChange
BSE Sensex29421.489.24
S&P CNX Nifty910821.7
NASDAQ5363.9958.852
HangSeng24358.2730.57
DJ IA20596.72-59.86
DAX12064.2724.59
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