Forex Market News

Rupee Is Likely To Trade Sideways To Positive

The American currency traded higher by 0.13 percent yesterday as post election rally continues. Markets are still discounting the statement given by America’s future president i.e. Donald Trump where he has promised to increase government spending, cut taxes and ease financial regulations.
This has infused optimism in the market that his m ix of policies could spur a still – fragile global economic recovery. Moreover, recent statement made by the President of the Federal Reserve Bank of Richmond and President of the Federal Reserve Bank of Dallas has also infused hopes of a sooner – than – later r ate hike.
Both the policymakers believe that the Trump government will not change independence of Fed policy. They are hopeful that Fed will raise interest rates in near future. All the above factors boosted the demand for the DX which made an intraday high of 100.2 8 and closed at 100. 25 levels on Tuesday.
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