Forex Market News

Rupee Is Likely To Depreciate

In spite of the prospect of a December ’16 rate hike indication from the Federal Reserve in yesterday’s policy meet , the American currency traded lower by 0.29 percent. Reason behind this unexpected fall could be attributed to the upcoming US Presidential Elections which has kept investors wary.
This was mainly due to the latest revelations that FBI is planning to reopen investigations into Hillary Clinton email debacle. World markets are expecting a Clinton victory at the polls next week hence this news has sent shock waves across the markets.
Furthermore, disappointing release of manufacturing and ADP non – farm employment data from the nation added to the woes. All the above factors dented the demand for the DX which made an intraday low of 97.18 and closed at 97.41 levels on Wednesday.
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