Forex Market News

Rupee Is Likely To Trade Sideways To Positive

US Dollar Index traded higher by 0.1 percent yesterday as recent weakness in the DX prompted the traders to place fresh bets. Moreover, robust release of CB Consumer Confidence data from the nation added to the strength. It increased to 104.1 in Sep’1 6 from previous month’s 101.8 thereby boosting optimism over the strength of the economy.
Moreover, in yesterday’s US Presidential debate , markets considered that Hillary Clinton did better than her rival Donald Trump which added to the strength of the greenback. The Presidential debates are very important as half of America’s likely voters rely on them to make their likely Presidential choice in the November 8 election. All the above factors boosted the demand for US Dollar which made an intraday high of 9 5. 58 and closed at 95.3 1 levels on Tuesday.
Rupee is likely to sideways to positive as sustained selling of the US Dollar by exporters and banks will keep the INR positive. However, weakness in t h e Asian market equities as markets remain cautious ahead of the Yellen speech will likely keep the Indian markets and its currency a bit pressurized.
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