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Published on 22/09/2020 11:04:35 AM | Source: ICICI Direct

Rupee expected to appreciate further towards 72.70 level - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Rupee expected to appreciate further towards 72.70 level

* US$INR futures remained in the flat to negative territory during the week as dollar weakening kept selling pressure on the pair along with positive domestic equities that contributed to appreciation in the rupee

* The dollar index extended overnight losses on Friday after data on Thursday pointed to a slowdown in the US economic recovery while riskier currencies gained

* Crude prices have recovered in the week as Opec+ nations have complied with the production cuts along with Hurricane Sally in the US Gulf of Mexico that disrupted some crude production

* We expect the rupee appreciation trend to continue in the term as a weaker dollar index along with positive domestic equities will keep selling pressure on the pair

 

 

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