The dollar depreciated by 0.16% on Monday despite hawkish comments from Christopher Waller - ICICI Direct
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Rupee Outlook and Strategy
* The dollar depreciated by 0.16% on Monday despite hawkish comments from Christopher Waller. FOMC member Christopher Waller on Friday explicitly backed a 75 bps hike in July, mentioning that inflation needs to be reduced regardless of what is causing it
* US$INR futures maturing on June 28 slipped by 0.14% on Monday amid retreat in crude oil prices
* The rupee is expected to appreciate today amid weakness in dollar. Further, investors will focus on existing home sales data as it is expected to decline from 5.61 million (mn) to 5.39 mn. However, unabated foreign fund outflows may restrict the appreciation bias in the rupee. US$INR is expected to break its immediate support level of 77.90 and continue its downward move towards the level of 77.75.
Dollar Index Vs US$INR
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
