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Published on 30/05/2020 9:37:42 AM | Source: ICICI Direct

Rupee appreciation on the cards considering weakness seeping in dollar by ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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* The rupee has remained resilient and is responding positively to the weakening dollar. The dollar declined from 10.5 to 98, which seems to be bringing back the positivity in emerging market currencies. Dollar’s pace of weakness has increased post the US Fed outcome, which highlighted the sluggish economy for a prolonged period

* Euro has gained strength post the weakness in the dollar. The safe haven buying would trigger buying in dollar again. However, for that to happen the US-China statements would play the lead role

* FII flows have not become positive yet on a consistent basis but last week they turned out to be positive. Reducing volatility of equity markets can attract some flows in the coming days

* The major outflow was seen from debts market from year till date. This segment could be a little attractive at some point of time as yields across the developed markets have come down

 

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