Today Rupee opens higher at 66.85 per dollar at Currency market
The Indian rupee opened marginally higher at 66.85 per dollar on Tuesday versus 66.89 Friday.
The dollar fell against a basket of currencies, undermined by recent soft US economic data that tempered expectations of a Federal Reserve interest rate hike this year.
US DOLLAR INDEX (USD)
The American currency declined 0.5 percent last week mainly due to the recent strength in the currency that prompted the traders to book profits. However, sharp losses were capped owing to the robust release of economic data sets from the nation. Number of Americans filing applications for unemployment benefits fell in the last week. Moreover, year on year import prices are still clawing back from the negative. Amid uncertain global conditions, there has been a decent demand for workers which clearly indicates that the labour markets have finally found some stability. US Dollar Index made a weekly low of 95.38 and closed at 95.68 levels on Friday.
OUTLOOK
The dollar fell against a basket of currencies, undermined by recent soft US economic data that tempered expectations of a Federal Reserve interest rate hike this year.
US DOLLAR INDEX (USD)
The American currency declined 0.5 percent last week mainly due to the recent strength in the currency that prompted the traders to book profits. However, sharp losses were capped owing to the robust release of economic data sets from the nation. Number of Americans filing applications for unemployment benefits fell in the last week. Moreover, year on year import prices are still clawing back from the negative. Amid uncertain global conditions, there has been a decent demand for workers which clearly indicates that the labour markets have finally found some stability. US Dollar Index made a weekly low of 95.38 and closed at 95.68 levels on Friday.
OUTLOOK
Rupee is likely to appreciate as optimism in the Asian market equities will govern the trend of the Indian markets and its currency. However , investors will keenly watch FOMC Minutes due tomorrow.
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