USD/INR closed at Rs 69.26/$1 Thursday compared to its opening of Rs 69.40/$1. USD/INR ends down after RBI slashed Interest rate in its june policy.
Two new cabinet committees were announced on Thursday to find ways to spur job creation and investment.New Finance Minister Nirmala Sitharaman could propose tax cuts to boost demand when she presents her maiden budget on July 5.
Foreign banks sold dollars likely on behalf of foreign investors who are injecting funds into local debt market after the RBI policy. Foreign banks were on selling mode. FPI flows are there in local debt market after RBI cut rates and changed policy stance to accomodative.
Spot opened higher tracking the strong dollar. Dollar is strong after the upbeat US Fed Beige Book and strong US data.The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 97.28 late Thursday compared to 97.11 at close of Indian market on Tuesday.
The greenback traded higher against major counterparts, after the release of Fed's upbeat Beige book and a survey showing that US services sector activity expanded at a brisk pace in May.Fed's Beige book showed that the US economy expanded at a "modest pace" overall from April to mid-May.
Sensex shrugs off rate cut, plunges 554 points on growth concerns; Nifty below 11,850.