IGI Logo

Rupee Outlook and Strategy

* The dollar fell 0.23% on Wednesday as US treasury bond yields fell. Further, the dollar was pressurised by fears that the US economy could slide into recession. Federal Reserve Chair Jerome Powell said, higher rates are painful but are the means the US central bank has to slow inflation. Further he added, the Fed is not trying to engineer a recession to heel inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn

* US$INR futures maturing on June 28 gained 0.27% on Wednesday amid unabated foreign fund outflows and a weak Indian stock market

* The rupee is expected to appreciate today amid weakness in dollar. Further, the rupee may be supported by falling crude oil prices. However, investors will closely watch US initial jobless claims data as it is expected to fall from 229,000 to 227,000. US$INR is expected to break the hurdle of 78.25 to move towards the level of 78.00

Dollar Index Vs US$INR

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631

Above views are of the author and not of the website kindly read disclaimer