According to Angel Broking, Indian Rupee is expected to trade sideways to higher as markets will indulge in speculation prior to the RBI Monetary Policy meeting that is to be held today later in the day
Angel Broking's report on Currency
INDIAN RUPEE (USDINR)
The Indian Rupee appreciated by 0.4 percent yesterday ahead of the bi - monthly policy of the Reserve Bank of India that is to be released today. There is a rising speculation that the Reserve Bank of India will lower its repo rate by 25 basis points to 6 percent; all thanks to lower inflation rate. Moreover, sustained selling of the US Dollar Index amid lower D X in the overseas markets added to the strength of Indian Rupee. Domestic markets i.e. Sensex and Nifty ended in green tracking gains in the Asian market equities as risk appetite returns post Italian Constitutional Referendum.
Indian Rupee is expected to trade sideways to higher as markets will indulge in speculation prior to the RBI Monetary Policy meeting that is to be held today later in the day. Markets believe that the RBI governor might cut repo rate cut by 25 basis points; all thanks to low inflation rate.
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First Published on Dec 7, 2016 10:51 am