The rupee future maturing on June 27 appreciated by 0.06% - ICICI Direct
Rupee Outlook and Strategy
• The US dollar index edged up by 0.31% on Thursday amid rise in US treasury yields. Further, dollar was supported after Federal Reserve Chair Jerome Powell suggested more US interest rate hikes may be needed to curb inflation. However, further upside was restricted as the number of Americans filing for unemployment benefits were at 264,000, unchanged from the prior week's upwardly revised level, which is the highest level of initial claims activity since October 2021.
• The rupee future maturing on June 27 appreciated by 0.06% on Thursday amid soft dollar and decline in crude oil prices
• The rupee is likely to depreciate today amid recovery in US dollar and weak global market sentiments. Additionally, investors will keep an close eye on manufacturing and services pmi data from major countries across the globe to gauge the economic health. US$INR is likely to take support near 81.85 levels and move north towards 82.05 levels
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory