According to Angel Broking, Rupee is likely to trade a bit positive tracking gains in Asian market equities as the upcoming US Presidential debate will likely keep the DX pressurized in turn boosting the demand for the INR.
Angel Broking's report on Currencies
US DOLLAR INDEX (USD)
The US Dollar Index started off on a weak note however ended higher by mere 0.02 percent in yesterday’s trading session . Reason behind this volatile trend could be attributed to the cautiousness in the market prior to the upcoming US Presidential debate which is likely to happen today. The Presidential debates are very important as half of America's likely voters rely on them to make their likely Presidential choice. Robust release of inflation data from the nation provided further support to the DX. Cost of living rose by 0.3 percent from 0.2 percent in Sep’16 on account of surge in energy and shelter prices. It is a clear sign that inflation is getting closer to the Federal Reserve’s 2 percent goal. US Dollar Index made an intraday high of 97. 97 and closed at 97. 97 levels on Tuesday.
Rupee is likely to trade a bit positive tracking gains in Asian market equities as the upcoming US Presidential debate will likely keep the DX pressurized in turn boosting the demand for the INR.
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First Published on Oct 19, 2016 11:24 am