Rupee is expected to depreciate on strong dollar - ICICI Direct
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Rupee Outlook and Strategy
* US dollar increase by 0.17% yesterday amid rise in US treasury yields. Yields recovered on news that initial observations suggested Omicron patients had only mild symptoms. Further, expectation of early rate hike remained intact as unemployment rate fell to 21 month low
* Rupee future maturing on December 29 depreciated by 0.37% yesterday amid strong dollar and weak domestic markets. Further, rupee slipped on FII outflows and rise in crude oil prices
* Rupee is expected to depreciate on strong dollar, rise in crude oil prices and persistent FII outflows. Further, investors will remain vigilant ahead of outcome of RBI monetary policy. However, sharp fall may be prevented on rise in risk appetite in the Asian markets. USDINR(Dec) expected to trade in a range of 75.35-75.75
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