Today Rupee rises 17 paise , opens at 67.78 per dollar At Currency market
The Indian rupee opened higher by 17 paise at 67.78 per dollar on Wednesday versus previous close 67.95. The pound was little changed at USD 1.33 versus the dollar after gaining 0.9 percent last session, halting a two-day selloff.
US DOLLAR INDEX (USD)
In spite of the robust release of GDP data and consumer confidence data from the nation, the American currency traded lower by 0.4 percent in yester day’s trading session. The reason for this could be attributed to the recent strength in the currency that prompted the traders to book profits. Moreover, the robust release of economic data sets from the nations calmed the markets and prompted the trader s’ to place risky assets thereby denting the demand for safe haven DX. Furthermore, investors believe that given the latest event that has caused jitters and uncertainty in the markets, the US Feds ambitions for two rate rises this year may be placed on hold.
OUTLOOK
US DOLLAR INDEX (USD)
In spite of the robust release of GDP data and consumer confidence data from the nation, the American currency traded lower by 0.4 percent in yester day’s trading session. The reason for this could be attributed to the recent strength in the currency that prompted the traders to book profits. Moreover, the robust release of economic data sets from the nations calmed the markets and prompted the trader s’ to place risky assets thereby denting the demand for safe haven DX. Furthermore, investors believe that given the latest event that has caused jitters and uncertainty in the markets, the US Feds ambitions for two rate rises this year may be placed on hold.
OUTLOOK
From the intra - day perspe ctive, Rupee is likely to trade sideways to positive as yesterday’s robust release of GDP and consumer confidence data from the US will keep the DX supported. However, positive trading in the Asian market equities will govern the trend of the Indian markets and its currency.
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