Moneycontrol
Oct 18, 2016 10:14 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 owing to rebound seen in crude oil prices moreover.

Angel Broking's report on Currencies

US DOLLAR INDEX (USD)

The US Dollar Index traded lower  by 0.12 percent yesterday as  recent strength in the currency prompted the trader to book  profits. Moreover,  disappointing release of capacity utilization  rate and industrial production data from the nation dented the  demand for the US Dollar Index. Further more, the campaign for  the US presidential elections enters its last home stretch which  has prompted the traders to play safe thereby acting as a  negative factor for the DX. Markets are still discounting the US Fed Chairwoman Janet  Yellen’s speech  where she said that  both actual and expected  inflation rate  were important for monetary policy. Moreover,  labor market’s influence on inflation lately seemed to be weaker. Long - term damage caused to the economy from the Great  Depression Crisis need to be countered by  preparing more  aggressive and faster action in future downturn.  She also said that  high pressure policy  would be needed for full recovery from crisis.  All the above factors kept US Dollar Index pressurized which  made an intraday low of 97.80 and closed at 97.88 levels on Monday.


OUTLOOK

Rupee is likely to trade a bit positive  tracking gains in Asian market equities  owing to rebound seen in crude oil prices  moreover , weak DX in the overseas markets will  further act as a positive factor.

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.
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