Oct 18, 2016 10:14 AM IST 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.
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.
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.
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