The US dollar declined 0.29% yesterday on a rise in US stocks and disappointing pending home sales data - ICICI Direct
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Rupee Outlook
• The US dollar declined 0.29% yesterday on a rise in US stocks and disappointing pending home sales data. Market sentiments improved on fading concerns over severity of Omicron variant. However, further downside was cushioned on rise in US treasury yields
• Rupee future maturing on January 27 appreciated by 0.03% despite a firm dollar and muted domestic markets. Furthermore, persistent FII outflows, surge in crude oil prices and month end dollar demand prevented further gains in rupee
• The rupee is expected to appreciate on a weak dollar and as concerns over severity of Omicron variant eased. Many countries are trying to limit the economic damage by relaxing rules on isolation. However, sharp gains may be prevented on persistent FII outflows, surge in crude oil prices and month end dollar demand from importers. US$INR (January) is expected to trade in a range of 74.55-75.05
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