Today Rupee opens lower at 67.04 per dollar at the currency Market
The Indian rupee opened lower at 67.04 per dollar on Thursday against previous close 66.96. The us dollar rose to three-week highs against a basket of currencies after data showed that jobs gains in August were roughly in line with expectations, before paring gains on weak manufacturing data.
US DOLLAR INDEX (USD)
US Dollar Index traded on a flat note yesterday owing to the mixed release of economic datasets from the nation that prompted the traders to refrain from placing any risky bets. ADP Non - Farm Employment data came better than the expected levels in August’16. This clearly shows that the labor market of America is on track despite weakness in manufacturing and construction sector. Moreover, demand for previously owned houses surged in July’16 suggesting the housing market remains on solid ground despite last month's drop in home re - sales. The American currency made an intraday high of 96.25 and closed at 96.01 on Wednesday.
OUTLOOK
Rupee is likely to depreciate as yesterday’s robust release of pending home sales and ADP employment data from the US will boost the demand for the American currency in turn kee ping the Indian rupee pressurized. Moreover, disappointing release of India’s GDP data will further add to the woes.
US DOLLAR INDEX (USD)
US Dollar Index traded on a flat note yesterday owing to the mixed release of economic datasets from the nation that prompted the traders to refrain from placing any risky bets. ADP Non - Farm Employment data came better than the expected levels in August’16. This clearly shows that the labor market of America is on track despite weakness in manufacturing and construction sector. Moreover, demand for previously owned houses surged in July’16 suggesting the housing market remains on solid ground despite last month's drop in home re - sales. The American currency made an intraday high of 96.25 and closed at 96.01 on Wednesday.
OUTLOOK
Rupee is likely to depreciate as yesterday’s robust release of pending home sales and ADP employment data from the US will boost the demand for the American currency in turn kee ping the Indian rupee pressurized. Moreover, disappointing release of India’s GDP data will further add to the woes.
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