Today Rupee Opens Marginally Higher At 67.43 per Dollar in Currency Market
The Indian rupee opened marginally higher at 67.43 per dollar on Thursday versus previous close 67.48.
"Global currency markets are expected to stay flat in a tight range a day prior to Brexit referendum. Markets are currently expecting UK to vote for 'remain in EU'.
"Global currency markets are expected to stay flat in a tight range a day prior to Brexit referendum. Markets are currently expecting UK to vote for 'remain in EU'.
However, a Brexit vote can cause volatility in currency markets particularly in EM currencies." "The USD-INR trading range for the day is seen between 67.20-67.50/dollar,"
The pound climbed to a 2016 high, bringing higher-yielding currencies up with it as confidence mounted that the UK will vote to remain a member of the european union in Thursday's referendum.
The pound climbed to a 2016 high, bringing higher-yielding currencies up with it as confidence mounted that the UK will vote to remain a member of the european union in Thursday's referendum.
US DOLLAR INDEX (USD)
The American currency traded lower by 0.3 percent yesterday as markets are discounting the recent two - day semiannual monetary policy testimony made by the US Fed Chairwoman Janet Yel len. She cautioned the markets that a possible ‘Brexit’ could leave the Euro - zone’s economy in trotters. Moreover, one of the final polls before the EU referendum showed large lead for "Remain" campaign. This prompted the traders to make risky bets thereby denting the demand for safe - haven DX. US Dollar Index made an intraday low of 93.50 and closed at 93.76 on Wednesday
OUTLOOK
From the intra - day perspective, Rupee is likely to tra de sideways to higher owing to optimism in the market after the latest polls showed larger lead for ‘ remain ’ campaign. This has led to positive trading in emerging markets which in turn will lend some support to Indian markets and its currency.
The American currency traded lower by 0.3 percent yesterday as markets are discounting the recent two - day semiannual monetary policy testimony made by the US Fed Chairwoman Janet Yel len. She cautioned the markets that a possible ‘Brexit’ could leave the Euro - zone’s economy in trotters. Moreover, one of the final polls before the EU referendum showed large lead for "Remain" campaign. This prompted the traders to make risky bets thereby denting the demand for safe - haven DX. US Dollar Index made an intraday low of 93.50 and closed at 93.76 on Wednesday
OUTLOOK
From the intra - day perspective, Rupee is likely to tra de sideways to higher owing to optimism in the market after the latest polls showed larger lead for ‘ remain ’ campaign. This has led to positive trading in emerging markets which in turn will lend some support to Indian markets and its currency.
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