According to Angel Broking, Rupee is likely to Appreciate as delay in sales tax increase by the Japanese PM will keep the Asian markets positive thereby keep the Indian rupee supportive in the process.
US Dollar Index : The American currency surged by 0.1 percent yesterday as the markets discounted the robust release of economic data sets from the nation. ADP National Employment Report showed the addition of 173,000 jobs to pr ivate payrolls as against the expectation of 174,000 in May’16. However, the addition was higher than the previous month which played with the markets sentiment thereby boosting the demand for the American currency. Moreover, the European Central Bank Pres ident Mario Draghi warned that inflation is likely to remain low for some time which further acted as a positive factor for the currency due to its safe - haven attributes. US Dollar Index made an intraday low of 95.58 and closed at 95.57 on Thursday.
Outlook : From the intra - day perspective, Rupee is likely to appreciate as delay in sales tax increase by the Japanese PM will keep the Asian markets positive thereby keep the Indian rupee supportive in the process.
US Dollar Index : The American currency surged by 0.1 percent yesterday as the markets discounted the robust release of economic data sets from the nation. ADP National Employment Report showed the addition of 173,000 jobs to pr ivate payrolls as against the expectation of 174,000 in May’16. However, the addition was higher than the previous month which played with the markets sentiment thereby boosting the demand for the American currency. Moreover, the European Central Bank Pres ident Mario Draghi warned that inflation is likely to remain low for some time which further acted as a positive factor for the currency due to its safe - haven attributes. US Dollar Index made an intraday low of 95.58 and closed at 95.57 on Thursday.
Outlook : From the intra - day perspective, Rupee is likely to appreciate as delay in sales tax increase by the Japanese PM will keep the Asian markets positive thereby keep the Indian rupee supportive in the process.
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