NEWS / Foreign Exchange

The Dollar depreciated against the majors ahead of the Q1 annualized GDP advance estimate

??? The Rupee depreciated today as market saw interbank buying, along with corporates who also bought the Dollar. The USD/INR pair ended at 41.09 from 40.90 earlier.

??? The 6-month and 1-year forward premium was at 6.80% and 5.12% as compared to 6.55% and 5.00% previously.

??? The Dollar depreciated against the majors ahead of the Q1 annualized GDP advance estimate that is likely build market expectations of a rate cut. USD/JPY was at 119.32 from 119.37 yesterday. EUR/USD was at 1.3645 from 1. 3609 yesterday and GBP/USD was at 2.00 from 1.9943 yesterday. *

*These levels are taken at 17.30 IST.