Forex Market News

Rupee Is Likely To Depreciate

US Dollar Index traded higher by 0.14 percent yesterday as the robust release of GDP data from the nation boosted sentiment. The US economy expanded by 1.4 percent in the second quarter of 2016, higher than previously estimated.
Robust hiring and wage gains have prompted the consumers to spend more thereby helping the economy to expand. Moreover, a report said that trading clients have withdrawn excess cash and positions held with Deutsche Bank.
This prompted the investors to stay away from risky assets thereby boosting the demand for safe – haven DX. US Dollar made an intraday high o f 95.63 and closed at 95.47 levels on Thursday.
Rupee is likely to depreciate tracking losses in Asian market equities after a report said that Deutsche Bank’s trading clients have withdrawn excess cash and positions held with the bank. This will keep the Indian markets and its currency pressurized.
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