A Drop in Crude Oil Prices Supported The Rupee - ICICI Direct
Daily Currency Snapshot
• Rupee future maturing on October 27 appreciated on Friday after RBI raised key interest rates by 50 basis points to 5.90%. Further, a drop in crude oil prices supported the rupee
• The US dollar appreciated on Friday amid stronger than expected economic data from the US. Core PCE prices in the US, which exclude food and energy, went up by 0.6% MoM in August 2022, slightly above market expectations of a 0.5% uptick
• The Euro fell almost 0.70% on Friday amid a strong US dollar. However, stronger-than-expected economic data from the Euro area restricted further downside in the Euro
• The pound depreciated on Friday amid strong US dollar. However, sharp downside was prevented by stronger-than-expected GDP Q2 data. The British GDP grew 4.4% YoY in the second quarter of 2022, higher than an initial 2.9% rise
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