Today Rupee opens higher at 67.06 per dollar at the Currency Market
The Indian rupee opened higher by 8 paise at 67.06 per dollar on Thursday versus 67.14 Wednesday.The USD lost ground marginally against most currencies. Passage of GST in this session will be a positive for the rupee."
"We expect the USD-INR pair to trade in a range of 66.85-67.15/dollar today,". The dollar slipped against the euro and the yen after Fed stays pat.
US DOLLAR INDEX (USD)
In spite of the robust release of consumer confidence and n ew home sales data from the nation that came better than the forecasted levels, the American currency plunged by 0.2 percent in yesterday’s trading session. This weakness could be attributed to the increased speculation and caution in the market ahead of the FOMC monetar y policy review that is to be held today in the later part of the day. I nv estors will anxiously vouch for this meeting so as to gauge the timing of the interest rate hike which in turn has kept the DX pretty volatile. The American currency made an intraday low of 96.90 and closed at 97.17.
OUTLOOK
Rupee is likely to depreciate today as increased speculation with regards to US rate hike in today ’s FOMC meeting will keep the DX volatile in turn acting as a negative factor for the Rupee. However, state ministers agreed to implement GST bill on the principle that the tax rate will be lower t han the current levels . T his will provide some support.
In spite of the robust release of consumer confidence and n ew home sales data from the nation that came better than the forecasted levels, the American currency plunged by 0.2 percent in yesterday’s trading session. This weakness could be attributed to the increased speculation and caution in the market ahead of the FOMC monetar y policy review that is to be held today in the later part of the day. I nv estors will anxiously vouch for this meeting so as to gauge the timing of the interest rate hike which in turn has kept the DX pretty volatile. The American currency made an intraday low of 96.90 and closed at 97.17.
OUTLOOK
Rupee is likely to depreciate today as increased speculation with regards to US rate hike in today ’s FOMC meeting will keep the DX volatile in turn acting as a negative factor for the Rupee. However, state ministers agreed to implement GST bill on the principle that the tax rate will be lower t han the current levels . T his will provide some support.
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