Moneycontrol
Oct 19, 2016 11:24 AM IST | Source: Moneycontrol.com

Rupee is likely to trade positive: Angel Broking

According to Angel Broking, Rupee is likely to trade a bit positive tracking gains in Asian market equities as the upcoming US Presidential debate will likely keep the DX pressurized in turn boosting the demand for the INR.

Angel Broking's report on Currencies

US DOLLAR INDEX (USD)

The US Dollar Index started off on a weak note however ended  higher by mere 0.02 percent in yesterday’s trading session . Reason behind this volatile trend could be attributed to the  cautiousness in the market prior to the upcoming US Presidential  debate which is likely to happen today. The Presidential debates  are very important as half of America's likely voters rely on them  to make their likely Presidential choice. Robust release of inflation data from the nation provided further  support to the DX. Cost of living rose by 0.3 percent from 0.2  percent in Sep’16 on account of surge in energy and shelter  prices. It is a clear sign that inflation is getting closer to the  Federal Reserve’s 2 percent goal.  US Dollar Index made an intraday  high of 97. 97 and closed at  97. 97 levels on  Tuesday.


OUTLOOK

Rupee is likely to trade a bit positive tracking gains in Asian  market equities  as the upcoming US  Presidential debate will  likely keep  the DX  pressurized in turn boosting  the demand for the INR.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Sections
Follow us on
Available On