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Rupee Outlook and Strategy

* The US dollar slipped yesterday on falling expectations of an aggressive 100 bps hike from US Fed this month. Further, the dollar skidded amid a rise in risk appetite in global markets. Additionally, housing starts in June fell to their lowest since September 2021 after sliding in May as demand eased off from the pandemic boom

* Rupee future maturing on July 27 appreciated marginally by 0.02% yesterday amid weakness in dollar, FII inflows and rise in risk appetite in global markets. However, sharp gains were prevented on a surge in crude oil prices

* The rupee is expected to appreciate today amid weakness in dollar and rise in risk appetite in the global markets. However, sharp gains may be prevented on surge in crude oil prices and concerns over economic uncertainty. Additionally, investors will remain vigilant ahead of housing data from US and major central bank monetary policy. US$INR (July) is expected to trade in a range of 79.70-80.15

Dollar Index Vs US$INR

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