Today Rupee consolidates, opens flat at 66.88 per dollar
The Indian rupee has opened at 66.88 a dollar on Thursday compared with 66.89 a dollar in previous session. Mohan Shenoi of Kotak Mahindra Bank says global currency markets are rangebound ahead of the September FOMC rate setting decision. According to him, the rupee is likely to trade in a range of 66.70-67 per dollar today. The currency closed marginally higher at 66.89 a dollar yesterday compared with 66.92 a dollar on Monday.
US DOLLAR INDEX (USD)
US Dollar Index fell by 0.3 percent in yesterday’s trading session as latest comments by Fed Governor Lael Brainard on Monday that the Federal Reserve should avoid removing support for the U.S. economy too quickly, adding to bets the central bank would leave interest rates unchanged next week, has added to confusion regarding the timing of the rate hike. Earlier last week, Fed member Eric Rosengren on Friday warned that inaction on the part of rate hike could cost the US economy dearly. US Dollar Index made an intraday low of 95.2 and ended at 95.32 levels on Wednesday.
OUTLOOK
Rupee is likely to depreciate tracking losses in the Asian market equities ahead of crucial monetary policy decisions in the US and Japan. Also, a string of important data releases from the US in the evening session will restrict the risk appetite.
US DOLLAR INDEX (USD)
US Dollar Index fell by 0.3 percent in yesterday’s trading session as latest comments by Fed Governor Lael Brainard on Monday that the Federal Reserve should avoid removing support for the U.S. economy too quickly, adding to bets the central bank would leave interest rates unchanged next week, has added to confusion regarding the timing of the rate hike. Earlier last week, Fed member Eric Rosengren on Friday warned that inaction on the part of rate hike could cost the US economy dearly. US Dollar Index made an intraday low of 95.2 and ended at 95.32 levels on Wednesday.
OUTLOOK
Rupee is likely to depreciate tracking losses in the Asian market equities ahead of crucial monetary policy decisions in the US and Japan. Also, a string of important data releases from the US in the evening session will restrict the risk appetite.
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