Rupee March futures depreciated by 0.29% amid strong dollar and continued FII outflows from domestic markets - ICICI Direct
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Rupee Outlook and Strategy
Dollar index rallied by 0.72% on Friday on the back of pessimistic sentiments in the global markets and fears over geopolitical tensions in Ukraine. Further, the dollar remained firm amid stronger than expected jobs data from US. US unemployment rate slipped to 3.8% in February 2002 from 3.9%, lowest since 2020
Rupee March futures depreciated by 0.29% amid strong dollar and continued FII outflows from domestic markets
The rupee is expected to depreciate today due to risk aversion in global markets and uptick in dollar. Moreover, rising crude oil prices will continue to put pressure on the rupee. However, expectations of RBI intervention in forex markets may prevent further decline in the rupee. US$INR (March) is likely to rise further towards 76.70 for the day
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
