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Rupee Outlook and Strategy

• The US dollar depreciated on Thursday amid a rise in risk appetite in global markets

• Further, the dollar was pressurised by weak ADP Nonfarm Employment Change data. Private businesses in the US hired 128,000 workers in May, the least since the job losses in 2020 and well below forecasts of 300,000

• US$INR futures maturing on June 28 ended higher on Thursday amid rise in crude oil prices

• The rupee is expected to appreciate today amid weakness in dollar. However, investors will remain vigilant ahead of US nonfarm payrolls and unemployment rate data. US$INR futures are likely to continue their trading band of 77.70 to 77.90

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