RESEARCH BHASKAR :-
Maintaining its good form for the third day, Indian rupee ended higher against dollar on Friday due to sustained selling of the US currency by exporters and banks. Sentiments remained upbeat with private weather forecaster Skymet’s statement that the increase in pre-monsoon showers across India is hinting at the arrival of monsoon 2017, which is not very far away. The weather forecasting agency predicted that monsoon will make an onset over Kerala by May 29, with a margin of error of three days. Some support also came with a private report stating that India maintained its number one position of being world’s top most Greenfield FDI investment destination for the second year in a row, attracting $62.3 billion in 2016. The rupee got additional support with increased foreign fund inflows along with higher domestic equity market, which zoomed to new highs. On the global front, British pound fell sharply against major crosses on Friday, after a poll showed a further narrowing of the Conservative Party’s lead before the U.K.’s general election.
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| RESEARCH BHASKAR |
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