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Rupee Outlook and Strategy

* Rupee future maturing on October 27 depreciated by 0.17% in Wednesday’s trading session on an uptick in the dollar index and correction in domestic equities

* The dollar index was flying high on Wednesday and hit a 2021 peak against rival currencies even though arguing in Washington over the US debt ceiling threatened to plunge the government into a shutdown

* US Senate Republicans blocked a bid by President Joe Biden’s Democrats to head off a potentially crippling US credit default, with federal funding due to expire on Thursday and borrowing authority on around October 18

* The rupee is expected to depreciate further on strength in the dollar index along with higher crude prices, which are likely to put further pressure on the rupee

Dollar Index vs US$INR

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