Today Rupee slips 57 paise ; Opens at 67.65 per dollar At currency market
We expect the rupee to depreciate to 67.70/dollar in three months and 71/dollar in 12 months,
The Indian rupee slipped in the early trade on Monday. It has opened lower by 57 paise at 67.65 per dollar versus 67.08 Friday. Credit Suisse says that the RBI governor Raghuram Rajan's unexpected departure is negative for the currency as it raises uncertainty over the new monetary policy framework and managing potential volatility around events like FCNR redemption in Sep-Nov 2016. It expects the Indian currency to depreciate to 67.70 in three months and 71.0 in 12 months.
US DOLLAR IN DEX (USD)
The American currency traded on a flat note yesterday as markets discounted the outcome of FOMC meeting along with the disappointing release of economic datasets like CPI and unemployment claims from the nation. in the recent FOMC meeting, the central bank kept the key interest rates unchanged and cited the EU Referendum as one of the factors to keep interest rates on hold. In spite of the recent disappointing release of economic datasets from the nation along wi th uncertainties in the global economy, Federal Reserve still hints a two gradual rate hikes in 2016. However, the number of officials that expect the Fed to raise rates only once this year has gone up significantly. The committee also cut its 2016 econom ic growth forecast to 2 percent from 2.2 percent. Projection for economic growth in 2017 was also slightly decreased . US Dollar Index made an intraday low of 94.26 and closed at 94.71 on Thursday
Outlook
From the intra - day perspective, Rupee is likely to trade lower owing to weakness in the DX that will provide some support to the Indian Rupee. US Federal Reserve kept the key interest rates unchanged and cited the EU Referendum as one of the factors to keep interest rates on hold.
The Indian rupee slipped in the early trade on Monday. It has opened lower by 57 paise at 67.65 per dollar versus 67.08 Friday. Credit Suisse says that the RBI governor Raghuram Rajan's unexpected departure is negative for the currency as it raises uncertainty over the new monetary policy framework and managing potential volatility around events like FCNR redemption in Sep-Nov 2016. It expects the Indian currency to depreciate to 67.70 in three months and 71.0 in 12 months.
US DOLLAR IN DEX (USD)
The American currency traded on a flat note yesterday as markets discounted the outcome of FOMC meeting along with the disappointing release of economic datasets like CPI and unemployment claims from the nation. in the recent FOMC meeting, the central bank kept the key interest rates unchanged and cited the EU Referendum as one of the factors to keep interest rates on hold. In spite of the recent disappointing release of economic datasets from the nation along wi th uncertainties in the global economy, Federal Reserve still hints a two gradual rate hikes in 2016. However, the number of officials that expect the Fed to raise rates only once this year has gone up significantly. The committee also cut its 2016 econom ic growth forecast to 2 percent from 2.2 percent. Projection for economic growth in 2017 was also slightly decreased . US Dollar Index made an intraday low of 94.26 and closed at 94.71 on Thursday
Outlook
From the intra - day perspective, Rupee is likely to trade lower owing to weakness in the DX that will provide some support to the Indian Rupee. US Federal Reserve kept the key interest rates unchanged and cited the EU Referendum as one of the factors to keep interest rates on hold.
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