We expect the rupee to rebound to 67/dollar levels, and trade in the 66.80-67.20/dollar range in the near term. The Indian rupee opened marginally higher at 67.12 per dollar on Thursday versus previous close of 67.15. Tirthankar Patnaik of Mizuho Bank said,
"Asian currencies are incrementally likely to benefit from the expected stimulus package from the Bank of Japan.
"We expect the rupee to rebound to 67/dollar levels, and trade in the 66.80-67.20/dollar range in the near term,"
Dollar added to losses after the Federal Reserve left interest rates unchanged, as was widely expected. The greenback trades near its weakest level since October 2014 versus Japan's currency.
US DOLLAR INDEX (USD)
The American currency traded lower by 0.4 percent yesterday as markets discounted the outcome of FOMC meeting where the central bank kept the key interest rates unchanged and cited the EU Referendum as one of the factors to keep interest rates on hold. In spite of the recent disappointing release of economic datasets from the nation along with uncertainties in the global economy, Federal Reserve still hints a two gradual rate hikes in 2016. However, majority of members now see just one rate hike a s the latest jobs data has dented perceptions about the strength in the labour market and long - term economic growth. US Dollar Index made an intraday low of 94.42 and closed at 94.68 on Wednesday.
OUTLOOK
From the intra - day perspective, Rupee is likely to trade lower owing to weakness in the DX that will provide some support to the Indian Rupee. US Federal Reserve kept the key interest rates unchanged and cited the EU Referendum as one of the factors to keep interest rates on hold.
From the intra - day perspective, Rupee is likely to trade lower owing to weakness in the DX that will provide some support to the Indian Rupee. US Federal Reserve kept the key interest rates unchanged and cited the EU Referendum as one of the factors to keep interest rates on hold.
Read More - Forex Tips
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