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Rupee Outlook and Strategy

* The dollar edged higher by 0.82% on Friday amid a pullback in US treasury bond yields. However, upsides were restricted by weak US industrial production data. Industrial production in the US rose 0.2% from a month earlier in May against market expectations of 0.4%. It was following an upwardly revised 1.4% growth in April

* US$INR futures maturing on June 28 slipped by 0.03% on Friday amid easing crude oil prices

* The rupee is expected to appreciate today amid weakness in crude oil prices and expectations on fast recovery in Indian economy. In a report, RBI has said India is better placed than many other countries to avoid the risks of potential stagflation with recovery broadly on track. US$INR is expected to break its key support level at 78.00. If US$INR breaks this key support level it is likely to touch 77.75 level.

Dollar Index Vs US$INR

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