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Last Updated : Dec 07, 2016 10:51 AM IST | Source: Moneycontrol.com

Rupee is likely to trade sideways to higher: Angel Broking

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.

OUTLOOK

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
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