The US dollar advanced amid risk aversion in global markets and hawkish - ICICI Direct
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Rupee Outlook and Strategy
• The US dollar advanced amid risk aversion in global markets and hawkish statements from Fed officials. Market sentiments were hurt as investors fear that high inflation is threatening to eat into corporate profits and rein in consumer spending. Additionally, the outlook for the global economy is looking gloomy amid supply chain disruption, lockdown in China and Russia’s war against Ukraine
• Rupee future maturing on May 27 depreciated by 0.76% amid strong dollar, sell-off in domestic markets and persistent FII outflows
• The rupee is expected to depreciate today amid risk aversion in the global markets and firm dollar. Market sentiments were hurt as supply disruption due to Covid-19 lockdown and war between Russia and Ukraine have heightened fears about how growth will hold up around the globe and on top of this major central banks are ending easy money era. Moreover, persistent FII outflows will hurt the rupee. US$INR (May) is expected to trade in a range of 77.45-77.90
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
