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Rupee Outlook and Strategy

* US dollar tumbled by 0.57% on Wednesday as investors bet that the Federal Reserve would slow interest rate hikes soon after it announced an interest rate hike of 75 basis point. Further, dollar was pressurized by weak macro economic data from the US. Pending home sales in the US sank 8.6% MoM in June of 2022, much below than market forecasts of a 1.5% drop and after increasing 0.4% in May, as escalating mortgage rates and housing prices impacted potential buyers

* USDINR futures maturing on Aug 26 appreciated by 0.12% on Wednesday amid rise in crude oil prices

* Rupee is expected to appreciate today amid weakness in US dollar. Further, investors will remain vigilant ahead of GDP (Q2) and Initial jobless claims data from the US. Initial jobless claims data is expected to rise from 251K to 253K. USDINR (Aug) is expected to trade in a range of 80.20-79.90.

Dollar Index Vs US$INR

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