The Indian
rupee gained in the early trade on Monday. It has opened higher by 9 paisa at
67.23 per dollar versus 67.32 Friday.
"Trading range for the day will be 67-67.50/dollar," he said. Dollar fell against the euro on Friday due to reduced expectations of a US interest-rate hike this year.
US DOLLAR INDEX (USD)
"Trading range for the day will be 67-67.50/dollar," he said. Dollar fell against the euro on Friday due to reduced expectations of a US interest-rate hike this year.
US DOLLAR INDEX (USD)
Last week’s trading session for the American currency was
pretty volatile owing to mixed events. I t rose by 0.1 percent in the last
week. Economic data releases such as the GDP, consumer and manufacturing data
from the nation came on a good note. This calmed the jittery markets which
shredded around $3 trillion in value post Britain’s vote out. Moreover, Bank of
England governor, Mark Carney on 1st July’16 sent strong hints that the bank
will likely cut interest rates by Aug’16 and even expand the quantitative
easing programme. However, sharp upside
was restricted after Federal Reserve Bank of St. Lou is President James Bullard
re - emphasized on a single rate hike for the foreseeable future. Bullard said
he expects to see annual GDP and inflation growth of 2%, along with slight
interest rate increases through 2018.
OUTLOOK
From the
intra - day perspective, Rupee is likely to appreciate as positive trading in
the Asian market equities will govern the trend of the Indian markets and its
currency.
Read More - Currency Market
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