US dollar increased by 0.11% on Friday - ICICI Direct
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Rupee Outlook and Strategy
US dollar increased by 0.11% on Friday on a surge in US treasury yields and decline in stock markets. Yields rose after PPI data indicated high inflation could persist for some time. Additionally, Cleveland Fed President Loretta Mester signalled possible tapering of asset purchases this year
Rupee future maturing on September 28 appreciated by 0.005% in Thursday’s trading session on weakness in dollar and rise in stock indices
The rupee is expected to depreciate amid strong dollar and surge in crude oil prices. Market sentiments are hurt on concerns that rising Covid-19 cases may derail global economic growth and as Democrats in the US House expect to propose raising corporate tax to 26.5% from 21%. Additionally, market participants will remain vigilant ahead of inflation data from India. CPI data is likely to show that inflation remained steady at 5.6% in August 2021
US$INR Strategy
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
