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Published on 17/08/2022 11:09:44 AM | Source: ICICI Direct

Rupee future maturing on August 26 depreciated by 0.14% on Friday - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Rupee Outlook and Strategy

* The US dollar edged higher by 0.56% on Friday after a new batch of disappointing Chinese data raised global recession worries. Further, strong Michigan consumer sentiment (August) data supported dollar. The University of Michigan consumer sentiment for the US increased to 55.1 in August of 2022 from 51.5 in July, the highest in three months and beating market forecasts of 52.5. However, sharp upside was capped by drop in US 10 years bond yields

* Rupee future maturing on August 26 depreciated by 0.14% on Friday amid expectations of weak economic data from the India

* The rupee is expected to depreciate today amid weak inflation data in India. Annual inflation rate in the country edged lower to a five-month low of 6.71% in July of 2022 from 7.01% in June, compared to market forecasts of 6.78%. US$INR (August) is likely to trade in a range of 79.80-80.10

 

Dollar Index vs US$INR

 

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