Rupee is expected to depreciate today amid pessimistic global market sentiments - ICICI Direct
Rupee Outlook and Strategy
• US dollar continued with its upward trend on weak global market sentiments. Further, demand for dollar climbed on concern that major central banks action to combat high inflation would hurt global economic growth. Additionally, new applications for unemployment benefits rose by 1K to 203K last week but remained near historic lows in a sign of tight labour market
• Rupee future maturing on May 27 depreciated by 0.16% amid strong dollar, risk aversion in global markets and persistent FII outflows. Further, investors remained vigilant ahead of CPI data from country
• Rupee is expected to depreciate today amid pessimistic global market sentiments, strong dollar and disappointing economic data. CPI data showed inflation surged to 7.79% in April and remained above RBI comfort zone for 4 th consecutive month. Market sentiments are hurt on fears that central banks across globe will tighten their monetary policy aggressively and hamper economic growth. US$INR (May) is expected to trade in a range of 77.25-77.75
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