The Indian
rupee gained in the early trade on Tuesday. It has opened higher by 18 paise at
67.77 per dollar against 67.95 Monday.
The pound arrested its drop versus the dollar amid signs the market may be taking a breather following the UK's shock vote to leave the european union. All eyes on the two-day EU leaders summit commencing later today. The US dollar index above 96 levels.
US DOLLAR INDEX (USD)
The pound arrested its drop versus the dollar amid signs the market may be taking a breather following the UK's shock vote to leave the european union. All eyes on the two-day EU leaders summit commencing later today. The US dollar index above 96 levels.
US DOLLAR INDEX (USD)
The
American currency saw a rise of 1.2 percent in yesterday’s trading session as
Investors parked their funds in safe - haven DX after Britain voted to leave
the European Union in the recent EU Referendum. Markets in the last week traded
in a volatile manner as investors kept speculating whether or not Britain will
leave EU. All the polls and initial vote count showed a major lead in ‘remain’
camp. Howeve r, the tables turned on Friday when the ‘Leave’ camp won by 51.9
percent. Since then the demand for US Dollar Index rose. However, investors
believe that given the latest event that has caused jitters and uncertainty in
the markets, the US Feds ambitions for two rate rises this year may be placed
on hold.
OUTLOOK
From the intra - day perspective, Rupee is
likely to trade lower owing to strength seen in the American currency as
markets are playing safe after the shocking vote out of Britain from the
European Union which has created uncertainty in the markets.
Read more - Currency Updates
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