The dollar strengthened by 0.85% on Friday as global equity markets slumped - ICICI Direct
Rupee Outlook and Strategy
• The dollar strengthened by 0.85% on Friday as global equity markets slumped. Further, the dollar was supported by higher-than-expected US inflation readings. The consumer price index in the US increased by 0.3% bringing the annual inflation rate to 8.6% in May, the highest since December 1981 compared to market forecasts of 8.3%
• US$INR futures maturing on June 28 ended higher on Friday amid a strong dollar
• The rupee may continue to be in depreciation mode amid strong dollar and persistent foreign funds outflows. Further, the rupee may be pressurised on concerns over slower economic growth as the RBI has lowered its growth forecast for FY23. As long as US$INR (June) sustains above 77.85 it may rise further till 78.15 level. However, investors will remain vigilant ahead of India CPI data
Dollar Index Vs US$INR
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory