The Indian rupee appreciated further on Wednesday, hitting more than four-month high. The currency has opened at 66.36 a dollar, up 16 paise compared with previous day's closing value of 66.52 a dollar.The USD-INR pair is expected to trade within a narrow range of 66.43-66.60 a dollar,
US DOLLAR INDEX (USD)
US Dollar Index traded lower by more than 1 percent in yesterday’s trading session. Reason behind this weak ness could be attributed to the disappointing release of non - manufacturing data from the nation that grew lesser than the forecasted levels in Aug’16. The pace of growth was at its slowest in more than six years . Moreover, last week’s employment data from the nation also came on a weak note. NFP employment data plunged to 151K from previous month’s 275K in Aug’16. Even average earnings and unemployment data came on a bitter note which has fueled speculation in the economy with respect to the strength of th e labor market of the US. All the above factors have raised caution in the market with respect to delay in rate hike timing. The American currency made a n intraday low of 94.76 and closed at 94.82 on Tues day.
OUTLOOK
US DOLLAR INDEX (USD)
US Dollar Index traded lower by more than 1 percent in yesterday’s trading session. Reason behind this weak ness could be attributed to the disappointing release of non - manufacturing data from the nation that grew lesser than the forecasted levels in Aug’16. The pace of growth was at its slowest in more than six years . Moreover, last week’s employment data from the nation also came on a weak note. NFP employment data plunged to 151K from previous month’s 275K in Aug’16. Even average earnings and unemployment data came on a bitter note which has fueled speculation in the economy with respect to the strength of th e labor market of the US. All the above factors have raised caution in the market with respect to delay in rate hike timing. The American currency made a n intraday low of 94.76 and closed at 94.82 on Tues day.
OUTLOOK
Rupee is likely to appreciate in today ’s trading session as disappointing release of non - manufact ur ing data form A m erica will keep the DX pressurized in turn acting as a positive factor for the Indian currency. Moreover, heavy influx of capital into the domestic markets will further act as a positive factor.
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