The US dollar retreated from its high amid easing of US treasury yields - ICICI Direct
Rupee Outlook and Strategy
• The US dollar retreated from its high amid easing of US treasury yields and disappointing economic data from the country. Data showed factory activity in New York state slumped in May due to decline in new orders and shipments. However, sharp downside was cushioned as disappointing economic data from China raised the concerns over global economic slowdown
• Rupee future maturing on May 27 depreciated marginally by 0.01% on Friday amid strong dollar and rise in crude oil prices. Further, the rupee slipped on weak domestic market sentiments
• The rupee is expected to depreciate today on consistent FII outflows and elevated crude oil prices. Additionally, investors will remain vigilant ahead of major economic data from US and US Fed Chair Powell speech to get clues on future policy stance. However, further fall may be prevented amid retreat in dollar and rise in risk appetite in the global markets. US$INR (May) is expected to trade in a range of 77.50-78.00
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