Rupee is likely to trade higher: Angel Broking

Angel Broking's report on CurrenciesUS DOLLAR INDEX (USD) US Dollar Index traded higher by 0.56 percent yesterday after  Federal Reserve Bank of Cleveland President Loretta Mester said  that  t he  case for a  rate hike in Nov’16 is on the cards provided the  economic datasets of the US comes as per expectations. She  mentioned that gradual rate hike doesn't mean moving rates up  in every monetary policy meeting.  Moreover, recent upbeat  manufacturing PMI  data release from  the nation has infused hopes of a rate hike in coming session. Manufacturing PMI surged more than the expected levels at 51.5  in Sep’16. It rebounded from 49.4 in Aug’16 which was the first  slip since Feb’16. US Dollar Index made an intraday high of 96.39 and closed at  96.13 levels on Tuesday. OUTLOOK Rupee is likely to trade higher after all six members of the monetary policy committee of India voted in favor of cutting repo rate. This  will likely boost the foreign inflows in turn keeping the INR 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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