The US dollar advanced by 0.12% yesterday on a decline in US stocks and improved economic data from the US - ICICI Direct
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Rupee Outlook and Strategy
• The US dollar advanced by 0.12% yesterday on a decline in US stocks and improved economic data from the US. US Richmond Manufacturing Index improved to 16 in December 2021 from 11 in November 2021. Further, US two year treasury yields hit almost two year high on expectation of early rate hike from Fed
• Rupee future maturing on December 29 appreciated by 0.36% on optimistic domestic market sentiments and FII inflows. However, further gains were prevented on a surge in crude oil prices
• The rupee is expected to depreciate on a firm dollar and mixed global market sentiments. Further, the rupee may slip on a surge in crude oil prices and consistent FII outflows. However, a sharp fall may be prevented on ebbing concerns over severity of Omicron variant and its impact on global economic recovery. US$INR (January) is expected to trade in a range of 74.80-75.25
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