The US dollar declined 0.06% yesterday amid a rise in risk appetite in the global markets - ICICI Direct
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Rupee Outlook and Strategy
• The US dollar declined 0.06% yesterday amid a rise in risk appetite in the global markets. Further, US Senator Joe Manchin had said he would not support the $1.75 trillion domestic investment bill known as Build Back Better. However, a sharp fall was cushioned on a surge in US treasury yields
• Rupee future maturing on December 29 appreciated by 0.40% on a soft dollar, corporate inflows and rise in risk appetite in the domestic markets
• The rupee is expected to depreciate amid a firm dollar and surge in crude oil prices. Further, investors fear that new series of restrictions to slow down the spread of the new variant will hurt the global economic recovery while rise in Omicron cases could prolong global supply-chain disruptions adding to inflation. However, a sharp fall may be prevented on a rise in risk appetite in the global markets. US$INR (December) is expected to trade in a range of 75.50-76.00
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