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Rupee Outlook and Strategy

The US dollar declined by 0.41% on Wednesday amid a rise in risk appetite in the global markets and on disappointing macroeconomic data from the US. However, US Federal Reserve raised its key benchmark interest rate to 0.50% from 0.25%, first increase in Fed funds rate since 2018 to tame the elevated inflation

Rupee March futures appreciated by 0.49% due to optimistic sentiments in the domestic markets and on softer crude oil prices

The rupee is expected to appreciate today on the back of weakness in the dollar. Additionally, positive sentiments in the global markets may boost the rupee. However, expectations of improved macroeconomic data from the US will continue to support the dollar. US$INR (March) is expected to move towards 75.90 for the day

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