Angel Broking's report on CurrenciesCurrenciesUS Dollar IndexThe US Dollar Index fell by 0.1 percent yesterday as markets discounted the disappointing release of new orders data from the nation that declined more than the expected levels. This has hit the manufacturing sector of the nation thereby denting the demand for the American currency. However, sharp losses were capped after St. Louis Federal Reserve President James Bullard commented that a relatively tight labor market in the United States may put upward pressure on inflation thereby raising the case for higher interest rates. US Dollar Index made an intraday low of 95. 1 1 and closed at 95. 22 on Monday.Outlook From the intra - day perspective, Rupee is likely to depreciate owing to negative trend seen in the Asian markets. Moreover, hawkish tone in the recent FOMC meeting minutes along with other US policymakers has revived rate hike expectations in the forth coming June FOMC meeting.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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