The US dollar advanced 0.06% yesterday amid a surge in US treasury yields and decline in US stocks - ICICI Direct
Rupee Outlook
• The US dollar advanced 0.06% yesterday amid a surge in US treasury yields and decline in US stocks. Further, Minneapolis Federal Reserve Bank President Kashkari said he expects the central bank to need to raise interest rates twice this year to address high inflation. However, sharp upside was capped on disappointing economic data from the US
• Rupee future maturing on January 27 depreciated by 0.33% on strong dollar, disappointing economic data from country and surge in crude oil prices. However, further fall was prevented on rise in risk appetite in the domestic markets and FII inflows
• The rupee is expected to depreciate on a strong dollar, expectation of disappointing economic data from the country and surge in crude oil prices. Further, investors are worried that monetary tightening across major countries to address stubbornly high inflation may prompt foreign investors to pump out liquidity from emerging markets
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory