The rupee is expected to depreciate further today amid strong dollar and risk aversion in the global markets - ICICI Direct
Rupee Outlook and Strategy
* The US dollar surged 1.29% yesterday amid risk aversion in global markets. Market sentiments were hurt as economic data across major countries ranging from factory output to retail spending have aggravated concerns that economies may tumble into recession
* Rupee future maturing on July 27 depreciated by 0.51% yesterday amid strong dollar and risk aversion in the global markets. Meanwhile, decline in crude oil prices prevented further depreciation in the rupee
* The rupee is expected to depreciate further today amid strong dollar and risk aversion in the global markets. Market sentiments were hurt on fears that major central banks attempt to combat soaring inflation by raising interest rates may lead economies into recession. Additionally, persistent FII outflows and widening of current account deficit will hurt rupee. Market participants will keep an eye on FOMC meeting minutes to get the detailed records of FOMC most recent meeting. US$INR (July) is expected to trade in a range of 79.20-79.65.
Dollar Index Vs US$INR
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory