Rupee is likely to appreciate: Angel Broking

Angel Broking's report on CurrenciesCurrenciesUS Dollar IndexThe American currency declined by more than 1 percent in the last  week owing to a number of factors. ADP report showed addition of  173K jobs to private payrolls. However, the NFP report showed  additions of only 38K jobs. This major decline in NFP was due to an  expected slowdown in hiring at big chain stores and the temporary impact of the Verizon strike.  Moreover, official statement made by Japan’s PM with respect delay  in sales tax hike led to strength in Japanese Yen against the DX. All the  above factors acted as a negative factor for the American currency. US Dollar Index made a weekly low of 96.86 and closed at 94.03 on  Friday. Outlook From the intra - day perspective, Rupee is likely to appreciate owing to weak ness seen in the DX after the  disappointing release of ADP and  NFP employment report from the US . This  will keep the Indian rupee  supportive.  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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