Forex Market News

Rupee Is Likely To Depreciate

The American currency traded higher by 0.5 1 percent in yesterday’s trading session. Reason behind the strength could be attributed to the hawkish statement made by the US Federal reserve Chairwoman, Janet Yellen.
She stated that America would get a rate hike pretty soon which boosted the demand for DX. She believes that delaying rate hike might force the Fed’s hand in the future and cause economic and market disruptions.
Keeping in mind the recent statement made by some of the US Fed policymakers, it is quite evident that there is a hawkish minority on the Federal Open Market Committee. This along with continuation in post election rally has acted as a positive factor for the DX which made an intraday high of 101.01 and closed at 100.95 levels on Thursday.
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