The rupee is expected to depreciate today amid strong dollar - ICICI Direct
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Rupee Outlook and Strategy
* The US dollar appreciated on Wednesday amid a rise in US treasury bond yields. Further, the dollar was supported by strong US manufacturing PMI data. Manufacturing PMI for the US unexpectedly rose to 56.1 in May from 55.4 in April and beat market forecasts of 54.5. Faster increases were seen for new orders, production and inventories
* US$INR futures maturing on June 28 ended lower on Wednesday amid stronger-than-expected Indian GDP data
* The rupee is expected to depreciate today amid strong dollar. However, investors will closely watch key economic data like ADP nonfarm employment change and initial jobless claims. US$INR futures retreated yesterday from its key resistance level at 77.90. It is likely to break this level soon to reach all-time low level at 78.00. Today US$INR is expected to trade in the range of 77.70 to 77.90
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