The US dollar advanced amid risk aversion in global markets and rise in US treasury yields - ICICI Direct
Rupee Outlook and Strategy
* The US dollar advanced amid risk aversion in global markets and rise in US treasury yields. Additionally, investors also analysed fresh inflation reading showing producer prices picked up in June. However, some gains were pared after two Fed officials indicated at a 75 bps hike, reducing the odds of a more aggressive move
* Rupee future maturing on July 27 depreciated by 0.48% yesterday. It ended at an all-time low amid strong dollar, risk aversion in global markets and persistent FII outflows. Further, red hot inflation reading from the US stoked bets that the US Fed may have to raise interest rates much more than expected
* The rupee is expected to depreciate today amid strong dollar and pessimistic global market sentiments. Additionally, consistent FII outflows and concerns on looming recession may hurt the rupee. Further, investors are expected to remain vigilant ahead of crucial economic data from the US and statements from Fed officials. US$INR (July) is expected to trade in a range of 79.60-80.20
Dollar Index Vs US$INR
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory