Rupee is expected to appreciate today amid weakness in dollar and ease in crude oil prices - ICICI Direct
Rupee Outlook and Strategy
* US dollar edged higher on Friday as demand for safe haven assets increased amid decline in appetite for riskier assets. Further, data showed US business activity shrank for the first time in nearly 2 years in July
* Rupee future maturing on July 27 depreciated marginally by 0.02% yesterday as investors remained vigilant ahead of Manufacturing and Services PMI data from major countries across globe. Meanwhile, rise in risk appetite in the domestic markets and softening of crude oil prices prevented further depreciation in rupee
* Rupee is expected to appreciate today amid weakness in dollar and ease in crude oil prices. Further, RBI governor Das said Indian economy is relatively better placed amid grim global scenario and has zero tolerance for volatile and bumpy movement of rupee. However, sharp gains may be prevented on pessimistic global market sentiments. US$INR (July) is expected to trade in a range of 79.70- 80.15.
Dollar Index Vs US$INR
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