Expect Rupee to appreciate marginally due to increase in capital flows and trade in the range of 66.50- 66.75/Dollar, says Ashutosh Khajuria of Federal Bank.
The Indian rupee opened higher by 7 paise at 66.58 per dollar on Thursday versus 66.65 Wednesday. Ashutosh Khajuria of Federal Bank said,
"Expect rupee to appreciate marginally due to increase in capital flows and trade in the range of 66.50- 66.75/dollar."
The Dollar at a five-week low against a basket of currencies as traders reduced bets of an imminent US interest rate increase.
US Dollar
Index The American currency made a five week low against the major currencies and declined by 0. 3 percent yesterday as the market discount ed the Federal Res erve Chairwoman’s speech where 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. US Dollar Index made an intraday low of 93. 41 and closed at 93. 58 on Wednesday.
Outlook
From the intra - day perspective, Rupee is likely to trade positive as recent weakness in the DX af ter 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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The Indian rupee opened higher by 7 paise at 66.58 per dollar on Thursday versus 66.65 Wednesday. Ashutosh Khajuria of Federal Bank said,
"Expect rupee to appreciate marginally due to increase in capital flows and trade in the range of 66.50- 66.75/dollar."
The Dollar at a five-week low against a basket of currencies as traders reduced bets of an imminent US interest rate increase.
US Dollar
Index The American currency made a five week low against the major currencies and declined by 0. 3 percent yesterday as the market discount ed the Federal Res erve Chairwoman’s speech where 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. US Dollar Index made an intraday low of 93. 41 and closed at 93. 58 on Wednesday.
Outlook
From the intra - day perspective, Rupee is likely to trade positive as recent weakness in the DX af ter 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.
Read More - Currency Updates
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