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Today Rupee opens lower at 67.08 per dollar at Market

Rupee

The Indian rupee opened marginally lower at 67.08 per dollar on Wednesday versus 62.02 Tuesday. The yen traded near its weakest level in a month versus the dollar. The dollar index held strong around the 96 mark.

US DOLLAR INDEX (USD)

The American currency traded higher by 0.5 percent yesterday owing to stronger that expected release of consumer confidenc e data from the nation. US consumer confidence to the higheest level in 11 months thereby indicat i ng the fact that economic growth c ould pick up in the second half of the year. M oreover, Fed Chair Janet Yellen in her recent speech stated that the case for a rate increase was strengthening, but provid ed little detail on when the Fed would next move. A ll the above factors has infused expectation of a r ate hike possibility in the coming months which inturn boosted the demand for the American currency. The American currency made an intraday high of 96.13 and closed at 9 6.0 4 on Tues day.

OUTLOOK

Rupee is likely to appreciated after the RBI governor in his foreword to the central bank’s annual report for 2015 – 16 stated that t he economy’s prospects for the current financial year looked brighter than the previo us fiscal year.

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