Friday, 5 August 2016

Rupee opens higher at 66.85 per dollar

The USD-INR pair has been trading in 66.50-67/dollar range, with strong FII flows coupled with intervention at lower levels capping the gains, says Ashutosh Raina of HDFC Bank. 

The Indian rupee opened higher by 6 paise at 66.85 per dollar on Friday against previous close 66.91.

Ashutosh Raina of HDFC Bank said, "The Bank Of England (BoE) finally cut rates coupled with a QE package, in-line with market expectations. The markets will be keenly awaiting the crucial non-farm payroll numbers today, after a weak recent GDP number."

"The USD-INR pair has been trading in 66.50-67/dollar range, with strong FII flows coupled with intervention at lower levels capping the gains. We expect the pair to continue trading this range in the near term," he added.

The pound held near a one-week low following the Bank Of England's first interest-rate cut in more than seven years.

The dollar, meanwhile, gained against a basket of currencies as investors continue to balance positions ahead of today's crucial US nonfarm payrolls report for July.
www.Bigprofitbuzz.com



1 comment:

Neha Agrawal said...

Although NSE and BSE create diversified portfolio, but need expert advice to perform stock market investment. Epic Research helps stock market investors by recommending NSE BSE tips in order to generate high return with less risk.