Rupee expected to open on positive note: Karvy Stock Broking

Karvy Stock Broking report on CurrencyGlobal Currency Markets US dollar index is trading at 97.41, depreciating despite better than expected economic data on the back of comments from Dudley, who said the global economy is likely to be a concern.Euro is trading at 1.1080, appreciating on an expectation of a delayed rate hike from the US.British Pound is trading at 1.4583, appreciating in yesterday’s trade after better than expected services PMI data but is likely to remain volatile before the Bank of England rate policy and meeting minutes.Yen is trading at 118.10, continuing to appreciate as US dollar remained under pressure and equity markets remained uncertain.Fundamental OutlookAsian markets are trading on a mixed to positive note after the bounce in Crude and US equities.US dollar remained weak as comments from FOMC member Dudley indicated FED’s worries’ about global market turmoil. Key focus would be on EURO and POUND where the central bankers are scheduled to speak.Indian rupee is expected to open on a positive note and is likely to remain volatile and we recommend buying from lower levels.

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