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2017-06-28 WEDNESDAY

Asian shares slumped in opening trades today after Wall Street was knocked hard in the wake of a delay to a U.S. healthcare reform vote, while the euro rallied after European Central Bank President Mario Draghi hinted that the ECB could trim its stimulus this year. The euro stood tall near a 10-month high today after the European Central Bank chief hinted the days of the ECB\'s aggressive stimulus are numbered, and as the dollar was pressured after a vote on U.S. healthcare legislation was delayed. The euro was fetching $1.1338, after surging 1.4 percent on Tuesday and scaling a high of around $1.1349, its strongest level since late August 2016. That rally came after ECB President Mario Draghi said at a conference in Portugal that deflationary forces had been replaced by reflationary ones. But any change in the ECB\'s stance should be gradual as \"considerable\" monetary support is still needed and the rebound in inflation will also depend on favourable global financing conditions, These weren\'t very hawkish comments, as he suggested some changes to policy although the overall stance did not change, it seems the change in policy will not be very substantial, so we think in the coming days, ECB officials will try to water down Draghi\'s comments. The dollar index, which measures the greenback against a basket of six major currencies, was little changed at 96.443, after shedding about 1 percent yesterday. Against the yen, the dollar eased 0.1 percent to 112.18 yen and the sterling is trading at 1.2817 after its bounce from 1.2755 versus the dollars  The Indian Rupee opened almost flat at 64.55/56 against its previous sessionís closing of 64.53/54 and is expected to trade in 64.40 - 64.70 ranges today.
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Dollar Rupee

 
Midday Report

2017-06-28- WEDNESDAY

The Indian rupee opened marginally flat at 64.55 against its previous sessionís close of 64.53 and after moving slightly lower against the dollar amid risk-aversion after a U.S. Senate vote on a healthcare bill was put off until next month for want of adequate legislative support has turned the tide and was trading stronger on inflows. A delay in passing of U.S. healthcare reform has raised concerns over passage of other business-friendly measures and fiscal reforms promised by President Trump. Month-end dollar bids by oil importers are also hurting the rupee. However, gains in the euro and dollar inflows limited the losses. The resilience of short dollar positions will be tested today in the face of higher U.S. yields and risk off in domestic markets. Plus, there is month-end dollar demand to contend with. Trading offers will be scant in todayís trading and shorts will be keeping a close eye on equity markets. Intraday, we expect the rupee to trade in the range of 64.40-64.60 band today.
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INR Rates

Symbol   Bid  ASK
USD64.44 64.45
GBP82.45098 82.4832
EUR72.05681 72.09547
JPY0.57856 0.57892
CHF66.11943 66.13979
AUD47.98202 47.99491
SGD46.6382 46.67198
CAD47.89298 47.91078
NZD45.4882 45.52042
*Closing Rates on : 2017-05-27

Stock Indices

IndexPointsChange
BSE Sensex30954.06-4.19
S&P CNX Nifty9517.856.45
NASDAQ5671.598-105.99
HangSeng25710.62-129.37
DJ IA21310.66-98.89
DAX12704.02-66.81
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