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Rupee Outlook and Strategy

The dollar index declined by 0.30% on Tuesday due to disappointing macroeconomic data from the US. The US trade deficit widened to a record high in January amid an increase in imports. However, a sharp rise in US treasury yields prevented a further decline in the dollar

Rupee March futures appreciated by 0.10% amid optimistic sentiments in the domestic markets and retreat in dollar. However, sharp upsides were capped on elevated crude oil prices

The rupee is expected to appreciate today due to a softer dollar. Moreover, expectations of RBI intervention in forex markets may continue to support the domestic currency. However, higher FII funds outflows from domestic markets may weigh on the rupee. US$INR (March) is expected to move towards 76.75

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