The Indian rupee fell further in early trade Friday. The currency has opened at 66.80 a dollar, down 9 paise compared with 66.71 a dollar in previous session. Pramit Brahmbhatt, Veracity Financial Services said continuous inflow from FIIs will help rupee to appreciate. A decisive break below Rs 66.50/USD will extend its gain towards Rs 66.20/USD, he added.
According to Pramit Brahmbhatt, trading range for the day will be Rs 66.20-67/USD. The dollar climbed the most this month versus the euro, and strengthened for the first time in three days against the yen.
US Dollar Index
The American currency trade higher by 0.4 percent owing to robust release of unemployment cla ims data from the nation that came better than the expected levels. This has infused some hopes in the market with respect to interest rate hike possibility in the coming sessions. Moreover, markets discount the Federal Reserve Chairwoman’s speech where sh e hinted that recent weak US jobs data and uncertainty surrounding Britain’s referendum on EU membership will keep the central bank from raising interest rates next week. This kept the American currency pressurized. US Dollar Index made an intraday high of 94.11 and closed at 93.95 on Thursday.
Outlook
The American currency trade higher by 0.4 percent owing to robust release of unemployment cla ims data from the nation that came better than the expected levels. This has infused some hopes in the market with respect to interest rate hike possibility in the coming sessions. Moreover, markets discount the Federal Reserve Chairwoman’s speech where sh e hinted that recent weak US jobs data and uncertainty surrounding Britain’s referendum on EU membership will keep the central bank from raising interest rates next week. This kept the American currency pressurized. US Dollar Index made an intraday high of 94.11 and closed at 93.95 on Thursday.
Outlook
From the intra - day perspective, Rupee is likely to trade negative as recent lows in the DX will boost its demand which in turn will keep the Indian Rupee a bit pressurized today.
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