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Published on 3/12/2021 10:41:07 AM | Source: ICICI Direct

Rupee future maturing on December 29 depreciated by 0.07% yesterday - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Rupee Outlook and Strategy

US dollar increase by 0.10% yesterday as US treasury yields edged up. Further, dollar gained strength on better than expected economic data and on expectation of early rate hike. Additionally, hawkish statements from Fed officials supported dollar. Officials have been talking up a quicker end to massive bond purchases

.Rupee future maturing on December 29 depreciated by 0.07% yesterday amid FII outflows and firm dollar. Further, rupee slipped on concern over impact of new variant on global economic recovery

Rupee is expected to depreciate on strong dollar and continuous FII outflows. Further, investors will remain cautious ahead of job data from US. However, sharp fall may be prevented on robust economic data from country, rise in risk appetite in the global markets and softening of crude oil prices. USDINR(Dec) expected to trade in a range of 75.00-75.40

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