President Donald Trump proposed a $4.4 trillion federal budget for 2019 contacting Medicare spending over military and immigration enforcement. The Yen gained toward 106.00/$ on safe-haven demand countering higher US yields plus the Bank of Japan's (BoJ) re-emphasis on ultra-easy policy. The rupee peaked at 63.45 (January 25) after the Economic Survey indicated that the Reer-based appreciation had made India’s exports less competitive. Global dollar weakness helped the rupee gain to 63.80/$ while India’s FX reserves swelled to an all-time high of $421.91 billion. But, a $ 1.8 billion foreign trade-credit related, banking fraud in a PSU-bank caused the rupee to weaken dramatically to 65.10/$.

Source: dna February 27, 2018 00:19 UTC