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Last Updated : Jun 02, 2016 09:43 AM IST | Source: Moneycontrol.com

Rupee is likely to trade appreciate: Angel Broking

According to Angel Broking, Rupee is likely to appreciate as delay in sales tax increase by the Japanese PM will keep the Yen strong against DX. This will keep the Indian rupee positive.

Angel Broking's report on Currencies

Currencies


US Dollar Index

In spite of robust release of manufacturing data from the nation, the  American currency traded lower by 0.4 percent yesterday. Reason for  the same could be attributed to the official statement made by Japan’s PM with respect delay in sales tax hike. The Japanese currency  straightened against the DX.

Moreover, recent surge in the American currency prompted the  traders to book pro fits which dragged the currency further lower.  Markets are still discounting the speech made by St. Louis Federal  Reserve President James Bullard who commented on how the global  markets appeared to be “well - prepared” for a summer interest rate  hike from th e Fed.

US Dollar Index made an intraday low of 95.34 and closed at 95.46 on  Wednesday.


Outlook

From the intra - day perspective, Rupee is likely to appreciate as delay in sales tax increase by the Japanese PM will keep the Yen strong against DX. This will keep  the Indian rupee positive.

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First Published on Jun 2, 2016 09:43 am
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