Rupee, consequently, is likely to trade with a weakening bias, in a range of 66.40-67.10/dollar this week, says Bansi Madhavani of India Ratings.
The Indian rupee opened at 2 months low at 66.95 per dollar on Wednesday. It has opened lower by 8 paise against previous close of 66.87.
Bansi Madhavani of India Ratings said, "An uptick in US retail inflation along with firming up of oil prices have rekindled rate hike fears across markets." "The underlying data being more supportive for a Fed rate hike.
The near-term prospect of a hike is reflected in the rising dollar index and higher short-term US treasury yields."
"Rupee, consequently, is likely to trade with a weakening bias, in a range of 66.40-67.10/dollar this week," .
The US dollar dipped against a basket of major currencies after US Inflation data failed to convince currency traders that the Federal Reserve was moving closer to another interest rate hike.
Bansi Madhavani of India Ratings said, "An uptick in US retail inflation along with firming up of oil prices have rekindled rate hike fears across markets." "The underlying data being more supportive for a Fed rate hike.
The near-term prospect of a hike is reflected in the rising dollar index and higher short-term US treasury yields."
"Rupee, consequently, is likely to trade with a weakening bias, in a range of 66.40-67.10/dollar this week," .
The US dollar dipped against a basket of major currencies after US Inflation data failed to convince currency traders that the Federal Reserve was moving closer to another interest rate hike.
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