Published on 9/07/2020 11:31:24 AM | Source: ICICI Direct

Rupee: US$INR has immediate hurdle at 75.30 - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Rupee: US$INR has immediate hurdle at 75.30…

* The rupee remained in appreciation trend. US$INR may continue to see selling pressure. The major contributors for rupee appreciation have been dollar weakness and expected inflows from Reliance Jio equity deals

* The US dollar remained subdued due to another stimulus expected from US. In addition, the US Fed outlook has remained broadly dovish. However, the US jobs data has come better of late from 13.3% to 11.1%. It may lead to some pullback in dollar but upsides seem to be capped there in the short-term. Otherwise, the higher stimulus given in global economies is still pushing the risk-on sentiment higher

* The forex reserves are expected to increase due to these equity deals. It should move beyond $510 billion now



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