Rupee may depreciate: Karvy

Karvy Stock Broking has come out with a research report on currencies. The research firm says, expectation of positive economic data from US along with lower equity markets might send rupee depreciating.

The report says, "US equity markets ended mixed with Dow Jones ending higher by 0.18% while NASDAQ and S&P 500 ended modestly lower. Economic data in the form of factory orders came in positive. Most of the Asian equity markets are currently trading lower though with modest losses. Dollar index is also trading higher by 0.1 percent at 79.55 ahead of data releases. Euro-zone industrial orders are expected to come in higher. ISM non-manufacturing composite from US is expected to grow at an accelerated pace and thereby dollar index might remain on the higher side. Overall, expectation of positive economic data from US along with lower equity markets might send rupee depreciating."

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