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Last Updated : Aug 24, 2016 09:44 AM IST | Source: Moneycontrol.com

Rupee is likely to trade negative: Angel Broking

According to Angel Broking, Rupee is likely to trade negative as investors play safe ahead of the annual conference in Jackson Hole, Wyoming which is scheduled to be held tomorrow which has kept Asian markets pressurized.


Angel Broking's report on Currencies

US DOLLAR INDEX (USD)

The American currency traded on a flat note percent yesterday as  investors now shift their attention towards the Jackson Hole  meeting where the US Fed chairwoman will give a statement.  Markets await more clarity on wh en the policymakers might raise  interest rates. Moreover, markets are discounting the FOMC meeting minutes  where the members of the committee were divided over when  the next rate rise should come. As per federal funds future rates,  only 12 percent traders  saw a chance of rate hike in Sep'16 from  24 percent.  The American currency made an intraday low of 94.20 and closed  at 94.49 on Tuesday.

OUTLOOK

Rupee is likely to trade negative as  investors play safe ahead of  the annual conference in Jackson Hole, Wyoming which is  scheduled to be held tomorrow which has kept Asian markets  pressurized. Moreover,  markets believe t hat the newly elected  RBI governor Urjit Patel being an inflation hawk will not rush in  cutting interest rates soon unless and until he is fully satisfied  with the inflation rate.

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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First Published on Aug 24, 2016 09:44 am
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