Rupee is likely to sideways : 11.56 Am : 02.08.2016
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Rupee is likely to trade sideways owing to strength seen in the DX. Moreover negative trading in the Asian markets will govern the trend of the Indian markets and its currency.
Currencies US DOLLAR INDEX (USD) After plunging by more than 1 percent, the American currency has finall y got some breather and increased by 0.2 percent in yesterday’s trading session. The strength could be mainly attributed to the recent weakness that has prompted the traders to place fresh bets. However, sharp gains were restricted owing to the recent disa ppointing release of economic datasets form the nation. Advance GDP and manufacturing PMI came lower than the ex pected levels which has reduced the expectation of a US rate hike in the next few months.
According to a recent funds futures data, the odds of a Sep’16 rate hike dropped to 12 percent from 18 percent.
OUTLOOK Rupee is likely to trade sideways owing to strength seen in the DX. Moreover negative trading in the Asian markets will govern the trend of the Indian markets and its currency. However, recent funds futures data showed the odds of a Sep’16 rate hike fall to 12 percent from 18 percent which will act as a positive factor for the Indian Rupee.
| Currency Market Update | ||||
| 02-08-2016 11.56 | ||||
| USDINR | : | Trend | - | Down |
| EURINR | : | Trend | - | Up |
| GBPINR | : | Trend | - | UP |
| JPYINR | : | Trend | - | UP |
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Rupee is likely to trade sideways owing to strength seen in the DX. Moreover negative trading in the Asian markets will govern the trend of the Indian markets and its currency.
Currencies US DOLLAR INDEX (USD) After plunging by more than 1 percent, the American currency has finall y got some breather and increased by 0.2 percent in yesterday’s trading session. The strength could be mainly attributed to the recent weakness that has prompted the traders to place fresh bets. However, sharp gains were restricted owing to the recent disa ppointing release of economic datasets form the nation. Advance GDP and manufacturing PMI came lower than the ex pected levels which has reduced the expectation of a US rate hike in the next few months.
According to a recent funds futures data, the odds of a Sep’16 rate hike dropped to 12 percent from 18 percent.
OUTLOOK Rupee is likely to trade sideways owing to strength seen in the DX. Moreover negative trading in the Asian markets will govern the trend of the Indian markets and its currency. However, recent funds futures data showed the odds of a Sep’16 rate hike fall to 12 percent from 18 percent which will act as a positive factor for the Indian Rupee.