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01-01-1970 12:00 AM | Source: ICICI Direct
The US dollar declined 0.55% yesterday amid a decline in US treasury yields and disappointing economic data from the US - ICICI Direct
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Rupee Outlook and Strategy

• The US dollar declined 0.55% yesterday amid a decline in US treasury yields and disappointing economic data from the US. Data showed number of people filling for jobless claims rose to 206,000 for week ending December 12. However, a sharp fall was cushioned as the US Fed said they would accelerate pace of monetary tightening and signalled three rate hikes next year

• Rupee future maturing on December 29 appreciated by 0.29% on weakness in dollar and rise in domestic markets. However, sharp gains were prevented on FII outflows and surge in crude oil prices

• The rupee is expected to appreciate on weakness in the dollar. However, sharp gains may be prevented on persistent FII outflows, risk aversion in the global markets and surge in crude oil prices. Further, investors fear that new series of restrictions to slow down the spread of new variant will hurt the global economic recovery

 

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