The Rupee is likely to continue taking cues from the shifts in global risk preference and stay relatively stable ahead of the Fed policy outcome, says Bansi Madhvani of India Ratings.
The Indian rupee opened flat at 66.78 per dollar on Wednesday versus previous close of 66.77. Bansi Madhvani of India Ratings said, "The rupee is likely to continue taking cues from the shifts in global risk preference and stay relatively stable ahead of the Fed policy outcome."
The Dollar fell to a one-month low on speculation that the Federal Reserve isn't going to raise rates any time soon. Meanwhile the Australian dollar strengthened after the Reserve Bank of Australia kept interest rates on hold and hinted it was in no hurry to ease monetary policy further on signs of reasonably strong economic growth.
US Dollar Index
The American currency declined by 0.1 percent yesterday as the market is still discounting the Federal Reserve Chairwoman’s speech whe re she 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.
Outlook
From the intra - day perspective, Rupee is likely to trade positive as recent weakness in the DX after the dovish speech by the US Federal Reserve Chairwoman who hinted that recent weak US jobs data and uncertainty surrounding Brexit will keep the central bank from raising interest rates next week. This will keep the Indian rupee supportive.
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