Today Rupee marginal gains at 66.55 per dollar vs USD in Market
The Indian rupee opened with marginal gains at 66.55 per dollar on Tuesday versus 66.59 Monday.
The dollar extended gains against the yen to the longest streak since August as a report showed US manufacturing expanded in September after unexpectedly shrinking a month earlier.
The dollar extended gains against the yen to the longest streak since August as a report showed US manufacturing expanded in September after unexpectedly shrinking a month earlier.
US DOLLAR INDEX (USD)
US Dollar Index traded higher by 0.08 percent yesterday. Reason behind the strength could be attributed to the upbeat economic data release from the nation. Manufacturing PMI surged more than the expected levels at 51.5 in Sep’16. It rebounded from 49.4 in Aug’16 which was the first slip since Feb’16. However, sharp gains were restricted as markets are still discounting events such as the US Presidential debate and speech by the Federal Reserve Chairwoman which has kept them on a cautious mode. US Dollar Index made an intraday high of 95.74 and closed at 95.59 levels on Monday.
US Dollar Index traded higher by 0.08 percent yesterday. Reason behind the strength could be attributed to the upbeat economic data release from the nation. Manufacturing PMI surged more than the expected levels at 51.5 in Sep’16. It rebounded from 49.4 in Aug’16 which was the first slip since Feb’16. However, sharp gains were restricted as markets are still discounting events such as the US Presidential debate and speech by the Federal Reserve Chairwoman which has kept them on a cautious mode. US Dollar Index made an intraday high of 95.74 and closed at 95.59 levels on Monday.
OUTLOOK
Rupee is likely to trade sideways to lower as markets remain cautious ahead of the RBI monetary policy meeting that is to be held today. Moreover, weakness in the DX will add to the support of INR.
Rupee is likely to trade sideways to lower as markets remain cautious ahead of the RBI monetary policy meeting that is to be held today. Moreover, weakness in the DX will add to the support of INR.
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