The US dollar fell 0.61% on Friday as US non-farm payrolls data showed the US added 199,000 jobs - ICICI Direct
Rupee Outlook
• The US dollar fell 0.61% on Friday as US non-farm payrolls data showed the US added 199,000 jobs in December below the estimate of 400,000. However, further downside was cushioned on a surge in US treasury yields and decline in US stocks. Yields remained elevated as recent job data was seen solid enough to keep Federal Reserve tightening path intact
• Rupee future maturing on January 27 appreciated by 0.18% on rise in risk appetite in domestic market and FII inflows. However, further gain was prevented on elevated crude oil prices
• The rupee is expected to depreciate on muted Asian market and elevated crude oil prices. Further, the market expects the US Federal Reserve to remain intact on its path of monetary tightening as recent economic data was seen supportive. US$INR (January) is expected to trade in a range of 74.30-74.60
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