Rupee future maturing on September 28 depreciated by 0.17% - ICICI Direct
Rupee Outlook and Strategy
US dollar increased by 0.18% yesterday on a decline in the equities and improved Jolts jobs data. However, sharp upside was capped on dovish statement from New York Fed President John Williams. Additionally, Beige book showed US economic recovery slowed over summer
Rupee future maturing on September 28 depreciated by 0.17% in yesterday’s trading session on a strong dollar and weak equities
The rupee is expected to depreciate further amid strong dollar and risk averse mood globally. Market sentiments are hurt on concerns that rising Covid-19 cases may hurt economic growth. Further, the rupee may slipped on a surge in crude oil prices. Additionally, market participants are awaiting fresh cues from major central bank about how signs of slowing economic recovery and high inflation levels may influence their tapering plans
US$INR Strategy
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory