IGI Logo

Rupee Outlook and Strategy

US dollar declined 0.40% on Friday after US Federal Reserve Chairman Jerome Powell at the Jackson Hole meeting indicated the central bank may start tapering its bond buying programme by year end but will continue to hold interest rates at current level

Rupee future maturing on September 28 appreciated by 0.76% on Friday’s trading session on positive domestic markets. Further, traders remained cautious ahead of US Fed Chair Powell’s speech

The rupee is likely to continue its strength amid weakness in dollar, FII inflows and rise in risk appetite in the global markets. Market sentiments improved as the US Federal Reserve failed to offer exact timing of tapering beyond saying it could be this year. However, concerns over an uptick in daily Covid-19 cases in India and surge in crude oil prices may hurt the rupee. US$INR (September) is likely to trade at 73.50-73.90

US$INR Strategy

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer