Forex Market News

Rupee Is Likely To Trade Higher

US Dollar Index traded higher by 0.56 percent yesterday after Federal Reserve Bank of Cleveland President Loretta Mester said that t he case for a rate hike in Nov’16 is on the cards provided the economic datasets of the US comes as per expectations.
She mentioned that gradual rate hike doesn’t mean moving rates up in every monetary policy meeting. Moreover, recent upbeat manufacturing PMI data release from the nation has infused hopes of a rate hike in coming session.
Manufacturing PMI surged more than the expected levels at 51.5 in Sep’16. It rebounded from 49.4 in Aug’16 which was the first slip since Feb’16. US Dollar Index made an intraday high of 96.39 and closed at 96.13 levels on Tuesday.
Rupee is likely to trade higher after all six members of the monetary policy committee of India voted in favor of cutting repo rate. This will likely boost the foreign inflows in turn keeping the INR supportive.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ – 0731-6626222 | Toll Free – 1800-3010-2007
Give a Missed Call for Free Trial – 09699997717
Advertisements
Standard

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s