The Indian rupee opened marginally lower by 8 paise at 67.47 per dollar on Friday versus previous close of 67.39.
Dollar gained against major currencies with investors awaiting the US non-farms payroll report due later today.
US DOLLAR INDEX (USD)
The American currency rose by 0.3 percent in yesterday ’ s trading session on account of robust release of economic data s e ts from the nation which has infused some hopes in the markets with respect to the strength of the economy. ADP Non - Farm Employment for the month of Jun ’ 16 increased to 172K from 168K and jobless claims dropped unexpectedly last week which mean t that labour market was back on track. H owever , markets are still discounting the outcome of US Fed s meeting minutes that showed Brexit issue will be the key going ahead for any further c lues on rate hike. M oreover , many Fed policymakers believed that slowdown in the hiring process could be statistical noise, and most argued the economy would be ready for rate increases u nless a financial or economic shock knocks America off course.
OUTLOOK
Rupee is likely to trade negative owing to strength seen in the American currency after the robust release of ADP employment data from the US. Moreover, weak trading in Asian equ ities will also govern the trend of the Indian markets and its currency.
Dollar gained against major currencies with investors awaiting the US non-farms payroll report due later today.
US DOLLAR INDEX (USD)
The American currency rose by 0.3 percent in yesterday ’ s trading session on account of robust release of economic data s e ts from the nation which has infused some hopes in the markets with respect to the strength of the economy. ADP Non - Farm Employment for the month of Jun ’ 16 increased to 172K from 168K and jobless claims dropped unexpectedly last week which mean t that labour market was back on track. H owever , markets are still discounting the outcome of US Fed s meeting minutes that showed Brexit issue will be the key going ahead for any further c lues on rate hike. M oreover , many Fed policymakers believed that slowdown in the hiring process could be statistical noise, and most argued the economy would be ready for rate increases u nless a financial or economic shock knocks America off course.
OUTLOOK
Rupee is likely to trade negative owing to strength seen in the American currency after the robust release of ADP employment data from the US. Moreover, weak trading in Asian equ ities will also govern the trend of the Indian markets and its currency.
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