The U.S. dollar index gained for a second straight session on Monday - ICICI Direct
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Rupee Outlook and Strategy
• The U.S. dollar index gained for a second straight session on Monday, bolstered by the rise in Treasury yields ahead of a slew of Federal Reserve speakers this week who could reinforce expectations of the start of asset purchase tapering before the end of the year.
• Rupee future maturing on October 27 depreciated by 0.09% on Monday’s trading session on surge in crude oil prices and uptick in dollar index.
• Rupee is expected to depreciate further on strength in dollar index along with rising crude prices which are likely to put further pressure on the rupee. However, persistent FII inflows will be supportive for rupee and sharp losses may be prevented. Furthermore, Central bank speakers will be in focus this week, with Fed Chair Jerome Powell joining Treasury Secretary Janet Yellen in speaking to Congress.
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