Rupee future maturing on December 29 depreciated by 0.08% - ICICI Direct
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Rupee Outlook and Strategy
US dollar decline by 0.51% yesterday amid rise in US stock markets. Market sentiments improved on hopes that Omicron variant would be less harmful to economy than feared and vaccine developers Pfizer and BioNTech said preliminary results showed their vaccines neutralizes new variant after 3 doses. However, sharp downside was cushioned on upbeat job data
Rupee future maturing on December 29 depreciated by 0.08% as RBI kept its benchmark interest rates unchanged and maintained its accommodative policy stance
Rupee is expected to appreciate on weakness in dollar and rise in risk appetite in the global markets. Market sentiments improved as concern about economic hit from new variant eased. However, sharp gains may be prevented on persistent FII outflows and surge in crude oil prices. Additionally, RBI kept its monetary policy unchanged and maintained its accommodative policy stance
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