IGI Logo

Rupee Outlook and Strategy

• The US dollar tumbled almost 0.10% on Thursday amid disappointing macroeconomic data from the US. Producer prices in the US unexpectedly fell 0.5% MoM in July 2022, following a downwardly revised 1% rise in June and beating market forecasts of a 0.2% increase. It is the first decline in PPI in over two years, mostly due to a 16.7% drop in gasoline prices. However, sharp downside was cushioned by uptick in US 10 years bond yields

• Rupee future maturing on August 26 depreciated by 0.11% on Thursday amid rise in crude oil prices

• The rupee is expected to depreciate today amid expectations of weak macroeconomic data from India. CPI YoY is expected to drop from 7.01% to 6.78%. Additionally, industrial production is expected to drop from 19.6% to 10.7% US$INR (August) is likely to trade in a range of 79.70-79.90

Dollar Index vs US$INR

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631

Above views are of the author and not of the website kindly read disclaimer