At Todays Market Rupee opens higher at 66.44 per dollar
The Indian rupee opened higher by 4 paise at 66.44 per dollar on Wednesday versus previous close of 66.48.
The 10-year US Treasury note yield hovered near a three-week low of 1.546 percent touched overnight amid speculation that Europe's banking woes could delay the Fed's next interest rate hike.
The 10-year US Treasury note yield hovered near a three-week low of 1.546 percent touched overnight amid speculation that Europe's banking woes could delay the Fed's next interest rate hike.
US DOLLAR INDEX (USD)
US Dollar Index traded higher by 0.1 percent yesterday as recent weakness in the DX prompted the traders to place fresh bets. Moreover, robust release of CB Consumer Confidence data from the nation added to the strength. It increased to 104.1 in Sep’1 6 from previous month’s 101.8 thereby boosting optimism over the strength of the economy. Moreover, in yesterday’s US Presidential debate , markets considered that Hillary Clinton did better than her rival Donald Trump which added to the strength of the greenback. The Presidential debates are very important as half of America's likely voters rely on them to make their likely Presidential choice in the November 8 election. All the above factors boosted the demand for US Dollar which made an intraday high of 9 5. 58 and closed at 95.3 1 levels on Tuesday.
OUTLOOK
Rupee is likely to sideways to positive as sustained selling of the US Dollar by exporters and banks will keep the INR positive. However, weakness in t h e Asian market equities as markets remain cautious ahead of the Yellen speech will likely keep the Indian markets and its currency a bit pressurized.
US Dollar Index traded higher by 0.1 percent yesterday as recent weakness in the DX prompted the traders to place fresh bets. Moreover, robust release of CB Consumer Confidence data from the nation added to the strength. It increased to 104.1 in Sep’1 6 from previous month’s 101.8 thereby boosting optimism over the strength of the economy. Moreover, in yesterday’s US Presidential debate , markets considered that Hillary Clinton did better than her rival Donald Trump which added to the strength of the greenback. The Presidential debates are very important as half of America's likely voters rely on them to make their likely Presidential choice in the November 8 election. All the above factors boosted the demand for US Dollar which made an intraday high of 9 5. 58 and closed at 95.3 1 levels on Tuesday.
OUTLOOK
Rupee is likely to sideways to positive as sustained selling of the US Dollar by exporters and banks will keep the INR positive. However, weakness in t h e Asian market equities as markets remain cautious ahead of the Yellen speech will likely keep the Indian markets and its currency a bit pressurized.
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