We expect the USD-INR pair to trade in the range of 67-67.50/dollar in the short term, says Ashutosh Raina of HDFC Bank.
The Indian rupee opened lower by 6 paise at 67.19 per dollar on Tuesday versus previous close of 67.13. Ashutosh Raina of HDFC Bank said, "The risk-off sentiment is quite evident owing to the uncertainty about Brexit referendum. Also, the June FOMC meeting, starting today, is expected to keep policy rates unchanged, but the markets will be looking for cues about the timing of hikes."
"The USD-INR pair is back above 67/dollar on the back of global risk-off sentiment. We expect the USD-INR pair to trade in the range of 67-67.50/dollar in the short term,"
The safe-haven yen held firm after hitting a three-year peak against the euro and sterling and a six-week high versus the dollar yesterday on concerns Britain could vote to leave the European Union in a referendum two weeks from now. The pound resumed losses as new polls indicated support for the UK leaving the European Union.
INDIAN RUPEE (USD INR)
The Indian Rupee depreciated by 0.4 percent yesterday owing to persistent buying of the American currency by importers and banks amid sharp fall in the domestic markets. Domestic markets i.e. Sensex and Nifty traded in red as markets remain in a risk - off mode prior to important events such as the FOMC meet and Euro - UK Referendum. This will cause some severe speculation in the market which could lead to volatile trade. For the month of June 2016, FII inflows in equities totaled at Rs. 3990.18 crores ($594.80 million) as on 21st May, 2016. Year to date basis, net capital outflows stood at Rs. 19443.89 crores ($2942.79 million) as on 21st May, 2016. Indian Rupee made an intraday low of 67.21 and clos ed at 67.18 on Monday.
Outlook
From the intra - day perspective, Rupee is likely to trade negative as markets remain in speculative mode ahead of FOMC meeting that is scheduled to be held today and tomorrow. This will keep the Indian Rupee a bit pressurized today.
The Indian rupee opened lower by 6 paise at 67.19 per dollar on Tuesday versus previous close of 67.13. Ashutosh Raina of HDFC Bank said, "The risk-off sentiment is quite evident owing to the uncertainty about Brexit referendum. Also, the June FOMC meeting, starting today, is expected to keep policy rates unchanged, but the markets will be looking for cues about the timing of hikes."
"The USD-INR pair is back above 67/dollar on the back of global risk-off sentiment. We expect the USD-INR pair to trade in the range of 67-67.50/dollar in the short term,"
The safe-haven yen held firm after hitting a three-year peak against the euro and sterling and a six-week high versus the dollar yesterday on concerns Britain could vote to leave the European Union in a referendum two weeks from now. The pound resumed losses as new polls indicated support for the UK leaving the European Union.
INDIAN RUPEE (USD INR)
The Indian Rupee depreciated by 0.4 percent yesterday owing to persistent buying of the American currency by importers and banks amid sharp fall in the domestic markets. Domestic markets i.e. Sensex and Nifty traded in red as markets remain in a risk - off mode prior to important events such as the FOMC meet and Euro - UK Referendum. This will cause some severe speculation in the market which could lead to volatile trade. For the month of June 2016, FII inflows in equities totaled at Rs. 3990.18 crores ($594.80 million) as on 21st May, 2016. Year to date basis, net capital outflows stood at Rs. 19443.89 crores ($2942.79 million) as on 21st May, 2016. Indian Rupee made an intraday low of 67.21 and clos ed at 67.18 on Monday.
Outlook
From the intra - day perspective, Rupee is likely to trade negative as markets remain in speculative mode ahead of FOMC meeting that is scheduled to be held today and tomorrow. This will keep the Indian Rupee a bit pressurized today.
Written by Unknown
We are Creative Blogger Theme Wavers which provides user friendly, effective and easy to use themes. Each support has free and providing HD support screen casting.
0 comments:
Post a Comment