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Rupee Outlook and Strategy

* US dollar rose yesterday amid surge in US treasury yields. Further, demand for safe haven increased ahead of major events like ECB monetary policy and reopening of Nord Stream 1 conduit. However, sharp upside was capped on disappointing housing data. US housing market is cooling rapidly as record prices and rising mortgage rates weigh on home sales

* Rupee future maturing on July 27 depreciated by 0.08% yesterday amid strong dollar and surge in crude oil prices

* Rupee is expected to depreciate today amid strong dollar, rise in crude oil prices and risk aversion in the global markets. Additionally, investors will remain vigilant ahead of major central bank monetary policy meetings. Investors fear that monetary tightening across major countries to tame stubbornly high inflation may lead economies into recession. US$INR (July) is expected to trade in a range of 79.85- 80.30

Dollar Index Vs US$INR

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