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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