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Rupee Outlook and Strategy

US dollar declined by 0.26% amid a rise in risk appetite in the global markets and decline in US treasury yields. Market sentiments improved after US jobless claims fell to a new pandemic low signalling strength in the labour market

Rupee future maturing on September 28 appreciated by 0.09% in yesterday’s trading session on weakness in dollar, positive domestic markets and consistent FII inflows. However, sharp gains were prevented on a surge in crude oil prices

The rupee is expected to gain strength on weakness in the dollar, rise in risk appetite in global markets and persistent FII inflows. However, sharp gains may be prevented on a surge in crude oil prices and concern over uptick in daily Covid-19 cases in India. Further, traders will remain vigilant ahead of jobs data from the US for insight into the possible path of US Fed monetary policy. US$INR (September) is likely to trade between 73.10 and 73.40

EURINR Strategy

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