USD/INR closed at 74.20 against its open at 74.15.Dollar ended down Wednesday on selling by foreign banks and exporters tracking the weakness in the greenback amid sharp rise in local stocks The greenback reversed its gains after US Treasury yields retreated amid a lack of US economic data.While, rise in major peer euro and pound on hopes of a possible Brexit deal further weighed on the dollar index.
The greenback reversed its gains on lack of US economic data as investors on the sidelines.Investors will focus on the release of the producer price index and wholesale trade data.
However, investors will focus on the release of the producer price index and wholesale trade data.
On Tuesday, the International Monetary Fund slashed the global growth forecast for this year and next, citing an increase in the likelihood of further negative shocks, such as a full-blown trade war.
In its latest World Economic Outlook, released in Bali, Indonesia, the Washington-based lender forecast 3.7% growth for the world economy for this year and next. That is less than the 3.9% predicted in the April report and in a July update.
However, the US growth forecast for this year was retained at 2.4%, while the projection for next year was trimmed to 2.1% from 2.2% seen in July, citing the recently enacted trade tariffs.
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