The US dollar declined marginally by 0.01% yesterday - ICICI Direct
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Rupee Outlook and Strategy
The US dollar declined marginally by 0.01% yesterday on a decline in US treasury yields. Yields fell after US CPI data showed inflation cooled down in August easing worries over runaway inflation. Soft inflation data pushed back market expectations of sooner tapering of bond purchases
Rupee future maturing on September 28 appreciated by 0.07% in yesterday’s trade on weakness in dollar and continued FII inflows
The rupee is expected to appreciate amid weakness in the dollar and persistent FII inflows. Further, improved macroeconomic data will continue to support the rupee. However, sharp gains may be prevented on risk aversion in the global markets and surge in crude oil prices. Market sentiments were hurt on concerns over economic uncertainties and possibility of a corporate tax rate hike in the US
US$INR Strategy
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
