The rupee is expected to depreciate today amid firm dollar, pessimistic global market sentiments - ICICI Direct
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Rupee Outlook and Strategy
The US dollar rose amid a surge in US treasury yields and as many policymakers lined up to signal that the Fed is ready to take strong action to combat high inflation. Further, the dollar rallied after crude oil prices reversed earlier weakness, as it sparked concerns over high inflation
Rupee future maturing on March 29 appreciated by 0.15% amid softening of crude oil prices. However, sharp gains were prevented on consistent FII outflows and weak domestic market
The rupee is expected to depreciate today amid firm dollar, pessimistic global market sentiments and consistent FII outflows. Market participants fear that rise in commodity prices will add upward pressure to already high inflation, prompting major central banks across the globe to tighten their monetary policy aggressively. Higher borrowing cost will dent economic recovery. US$INR (March) is expected to trade in a range of 76.40-76.00
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