Rupee future maturing on October 27 fell to a record low on Friday - ICICI Direct
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Daily Currency Snapshot
• Rupee future maturing on October 27 fell to a record low on Friday amid a sharp rise in crude oil prices. Further, a continuous drop in India forex reserves pressurised the rupee
• The US dollar appreciated on Friday after US data showed employers hired more workers than expected in September, suggesting the Federal Reserve will likely stick to its aggressive tightening policy for now
• The Euro depreciated on Friday amid weaker than expected economic data from the Euro area. Retail sales in Germany shrank 1.3% MoM in August 2022, compared to market forecasts of a 1.1% decline. It continued to point to a squeeze in consumer spending as price increases weigh on affordability
• The pound dropped more than 0.60% on Friday amid a strong US dollar. Furthermore, the pound was pressurised as concerns about the budget plan kept weighing on UK assets
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
