The Indian
rupee opened marginally higher at 67.02 per dollar on Friday versus previous
close of 67.05.
Dollar slipped marginally as some investors squared positions before the annual global central bankers' gathering in Jackson Hole, wyoming, where Federal Reserve Chair Janet Yellen may offer new guidance on US monetary policy.
US DOLLAR INDEX (USD)
Dollar slipped marginally as some investors squared positions before the annual global central bankers' gathering in Jackson Hole, wyoming, where Federal Reserve Chair Janet Yellen may offer new guidance on US monetary policy.
US DOLLAR INDEX (USD)
In spite of the robust release of
core durable goods and unemployment claims data from the nation, the American
currency traded on a flat note yesterday. Reason for the same could be
attributed to the investors focus on the Jackson Hole meeting which is
scheduled to start today. Officials of other central banks and other senior
financial officials will indulge into discussion about the world economy.
Moreover, the m arkets will be looking for hints from Federal Reserve chair
Janet Yellen regarding the Fed’s monetary plans, particularly the timing of a
rate hike. FOMC members are expected to express their views in the days leading
to the crucial meeting. The American currency made an intraday low of 94.56 and
closed at 94.74 on Thursday.
OUTLOOK
Rupee is likely to trade higher as
dollar movements in the overseas markets remain weak owing to the annual
conference in Jackson Hole, Wyoming where the where the US Fed Chair Janet
Yellen will speak today giving some light on interest rate hike timings.
Read more - Currency Updates
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