Today Rupee opens lower at 66.56 per dollar In the Currency Market
The Indian rupee opened marginally lower at 66.56 per dollar on Thursday versus 66.50 Wednesday.
The dollar held steady against a basket of currencies as upbeat data on US services sector offset a weaker-than-expected report on private job growth, while the euro was broadly higher in step with a rise in higher euro zone bond yields.
US DOLLAR INDEX (USD)
In spite of the robust release of manufacturing and non - manufacturing data from the nation, US Dollar Index traded lower by 0.01 percent in yesterday’s trading session. Recent comments by the Federal Reserve Bank of Cleveland President Loretta Mester, has strengthened the case for a Dec’16 rate hike which prompted the traders to place bets in other currencies ap art from DX. Loretta Mester mentioned that gradual rate hike doesn't mean moving rates up in every monetary policy meeting. Even Chicago Fed President Charles Evans said that one rate increase by year - end is likely if data continues to improve . US Dollar Index made an intraday low of 95.94 and closed at 96.1 1 levels on Wednesday.
OUTLOOK
The dollar held steady against a basket of currencies as upbeat data on US services sector offset a weaker-than-expected report on private job growth, while the euro was broadly higher in step with a rise in higher euro zone bond yields.
US DOLLAR INDEX (USD)
In spite of the robust release of manufacturing and non - manufacturing data from the nation, US Dollar Index traded lower by 0.01 percent in yesterday’s trading session. Recent comments by the Federal Reserve Bank of Cleveland President Loretta Mester, has strengthened the case for a Dec’16 rate hike which prompted the traders to place bets in other currencies ap art from DX. Loretta Mester mentioned that gradual rate hike doesn't mean moving rates up in every monetary policy meeting. Even Chicago Fed President Charles Evans said that one rate increase by year - end is likely if data continues to improve . US Dollar Index made an intraday low of 95.94 and closed at 96.1 1 levels on Wednesday.
OUTLOOK
Rupee is likely to trade higher as markets discount the outcome of the RBI monetary policy meeting where all six members of the monetary policy committee voted in favor of cutting repo rate. This will likely boost the foreign inflows in turn keeping the INR supportive.
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