The rupee is expected to appreciate today amid a rise in risk appetite in domestic markets - ICICI Direct
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Rupee Outlook and Strategy
• The US dollar index advanced to 100 for the first time in nearly two years and made a high of 100.20 supported by prospects of more aggressive pace of monetary tightening to combat high inflation. However, it closed below the 100 mark to 99.75
• Rupee future maturing on April 27 appreciated by 0.20% as the RBI left its repo rate unchanged while introducing SDF at 3.75% to absorb excess liquidity from the system. Additionally, softening of crude oil prices supported the rupee
• The rupee is expected to appreciate today amid a rise in risk appetite in domestic markets and easing of crude oil prices. Further, the RBI maintained its benchmark lending rate unchanged at 4% but hinted at gradually moving away from its loose monetary policy to combat high inflation. RBI restored the width of liquidity adjustment facility corridor to 50 bps. Additionally, the RBI Governor said the Indian economy has large forex reserve and is ready to defend the economy
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
