The Indian rupee opened lower by 5
paise at 67.15 per dollar on Wednesday versus previous close of 67.10.
The dollar at four-month high
against a basket of major currencies after data showed US housing starts rose
more than expected in June, underpinning a theme of strength in the US economy.
US DOLLAR INDEX (USD)
US DOLLAR INDEX (USD)
The American currency traded higher
by 0.5 percent yesterday and closed at 97.11 levels owing to the robust release
of building permits and house starts data from the nation. Construction of
newly made home rose mor e than the forecast ed levels in Jun ’16, thereby
indicating the fact that residential real estate has finally gained momentum
near the end of its busy selling season. Moreover, last week’s robust release
of economic data from the nation like unemployment cl aims, producer price
data, retail sales and industrial production data has boosted the confidence of
the people in the economy. All the above factors have led to DX strengthening.
OUTLOOK
Rupee is likely to trade negative
owing to mixed trend seen in the emerging market equities. Recent rally seen in
the equities has prompted the traders to book profits which will keep the
Indian Rupee pressurized.
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