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Rupee Outlook and Strategy

* The dollar slid by 0.34% on Thursday amid weak economic data. Core PCE prices in the US increased by 0.3% MoM in May, the same as in the previous month and slightly below market expectations of 0.4 percent. Further, dollar was pressurised by weak initial jobless claims data. The number of Americans filing new claims for unemployment benefits increased by 2K to 231K in the week that ended June 25th, compared with market forecasts of 228K

* US$INR futures maturing on July 27 dropped by 0.05% on Thursday amid weak dollar

* The rupee is expected to appreciate today amid weak dollar and fall in crude oil prices. Further, investors will closely watch ISM manufacturing PMI data, which is expected to drop from 56.1 to 54.9. US$INR is expected to trade in the range of 79.20 to 78.90.

Dollar Index Vs US$INR

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