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01-04-2022 09:28 AM | Source: ICICI Direct
The US dollar increased 0.61% yesterday amid a surge in US treasury yields - ICICI Direct
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Rupee Outlook

• The US dollar increased 0.61% yesterday amid a surge in US treasury yields. Yields were up on expectation that US Federal Reserve will stay on its path of interest rate hike this year despite surge in Covid-19 cases. Additionally, manufacturing PMI data showed activity in sector expanded

• Rupee future maturing on January 27 appreciated by 0.03% on rise in risk appetite in the domestic markets and FII inflows. Additionally, manufacturing PMI data showed activity in sector expanded for a sixth consecutive month

• The rupee is expected to depreciate on strong dollar, disappointing economic data from the country and surge in crude oil prices. Further, the rupee may slip on persistent FII outflows. Additionally, investors will remain vigilant ahead of major economic data from US and Opec+ meeting, where the organisation is likely to stick to its plan of adding 400,000 barrels per day of supply in February

 

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