The Indian rupee opened higher by 14 paise at 66.85 per
dollar on Thursday versus 66.99 Wednesday.
The dollar gained, recovered from six-week lows, as investors squared positions ahead of Friday's US non-farm payrolls report.
US DOLLAR INDEX (USD)
The dollar gained, recovered from six-week lows, as investors squared positions ahead of Friday's US non-farm payrolls report.
US DOLLAR INDEX (USD)
The Ame rican currency rose by 0.6 percent in yesterday’s
trading session owing to the robust release of ADP employment data that came
far better than the expected levels in July’16 . Amid uncertain global
conditions, there has been a decent demand for workers whic h clearly indicates
that the labour markets have finally found some stability. Moreover, Japan's
stimulus measures did not meet expectations when its Cabinet on Tuesday adopted
a US$273 billion stimulus package to help revive growth in that country's listl
ess economy. The measures included infrastructure spending and efforts to raise
the birthrate. Investors fear the measures are not strong enough to stave off
deflation due to which there was a slight demand seen in the safe - haven
greenback.
OUTLOOK
OUTLOOK
Rupee is likely to trade positive as Rajya Sabha has finally
passed the GST bill which will lead to FII inflow thereby boosting the demand
for rupee.
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