Rupee is likely to trade positive: Angel Broking

Angel Broking's report on CurrenciesCurrenciesUS Dollar IndexThe American currency declined by 0.1 percent yesterday as the  market is still discounting the Federal Reserve Chairwoman’s speech  whe re she hinted that recent weak US jobs data and uncertainty  surrounding Britain’s referendum on EU membership will keep the  central bank from raising interest rates next week. This kept the  American currency pressurized. Moreover, ADP report showed additio n of 173K jobs to private  payrolls. However, the NFP report showed additions of only 38K jobs. This major decline in NFP was due to an expected slowdown in hiring  at big chain stores and the temporary impact of the Verizon strike. This acted as a negative factor too.US Dollar Index made an intraday low of 93.75 and closed at 93.83 on Tuesday Outlook From the intra - day perspective, Rupee is likely to trade positive as recent weakness in the DX after the dovish speech by the US Federal Reserve Chairwoman  who hinted that recent weak US jobs data and  uncertainty surrounding  Brexit will keep the central bank from raising interest rates next week. This will keep the Indian rupee 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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