The dollar edged higher by 0.25% on Tuesday as traders braced for an aggressive rate hike - ICICI Direct
Rupee Outlook and Strategy
• The dollar edged higher by 0.25% on Tuesday as traders braced for an aggressive rate hike from the US Federal Reserve this week. Further, the dollar was supported by rising US treasury bond yields. Moreover, the greenback was supported by increase in producer price index. Producer prices in the US increased 0.8% MoM in May, following a 0.4% rise in April
• US$INR futures maturing on June 28 fell by 0.03% on Tuesday amid decline in crude oil prices
• The rupee is expected to depreciate today amid strong dollar. Further, investors will remain vigilant ahead of Fed interest rate decision. US$INR retraced from its key resistance level at 78.17 to touch key support level at 78.02. Today it is expected to break its key resistance level to touch 78.45 level
Dollar Index Vs US$INR
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