Rupee is likely to trade negative: Angel Broking

Angel Broking's report on CurrenciesCurrenciesUS Dollar IndexThe American currency surged by 0.4 percent yesterday as markets  discount the speech by St. Louis Federal Reserve President James  Bullard. He commented on how the global markets appeared to be  “well - prepared” for a summer in terest rate hike from the Fed.Moreover, hawkish statement by Federal Reserve Chair Janet Yellen  further boosted the sentiment with regards to mid - June rate hike. She  said that an interest rate hike is "probably" appropriate in the coming  months if econom ic data improve.US Dollar Index made an intraday high of 95.89 and closed at 95.88 on  Tuesday.Outlook From the intra - day perspective, Rupee is likely to depreciate owing to negative trend seen in the Asian markets as slump in crude oil prices has dampened the investors' appetite for riskier assets. Moreover ,  hawkish statement by Federal Reserve Chair Janet Yellen and St. Lou is  Federal Reserve President James Bullard  has led to huge selling across  the  emerging markets including India.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.

Read More