Forex Market News

Rupee Is Likely To Trade Negative

US Dollar Index traded higher by 0.28 percent yesterday after the FOMC Meeting Minutes indicated at the possibility of a rate hike in the near future. The policy members were divided in their views over the labor market ultimately agreeing to US Fed Chairwoman’s argument for holding the interest rates at its present levels for now.
Markets also discounted the statement made by US Fed vice chair Mr. Fischer and the Federal Reserve Bank of Cleveland President Loretta Mester. According to them, the case for a rate hike in Nov’16 was on the cards provided the economic datasets of the US comes as per expectations. All the above factors boosted the demand for the DX which made an intraday high of 98.05 and closed at 97.96 levels on Wednesday.
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