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Rupee Outlook and Strategy

* The dollar climbed by 0.52% on Tuesday as policymakers promised further rapid interest rate hikes to bring down high inflation but pushed back against growing fears among investors and economists that sharply higher borrowing costs will trigger a steep downturn. However, sharp upside was capped on weak consumer confidence data. Consumer confidence Index dropped to 98.7 in June from 106.4 in May and weaker than estimate of 100.00

* US$INR futures maturing on July 27 rose by 0.59% on Tuesday amid strong dollar and rise in crude oil prices

* The rupee is expected to depreciate today amid rising crude oil prices and strong US dollar. However, investors will closely watch US GDP QoQ (Q1) data as it is expected to drop by 1.5%. US$INR is expected to surpass the hurdle of 78.06 to continue its upward trend towards the level of 78.20.

Dollar Index Vs US$INR

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