The rupee is expected to depreciate today amid strong dollar and rising crude oil prices - ICICI Direct
Rupee Outlook and Strategy
* The US dollar edged higher on Tuesday amid hawkish comments from Federal Reserve governor Christopher Waller. The Fed governor said the Fed should be prepared to raise interest rates by a half percentage point at every meeting from now on until inflation is decisively curbed. Further, the dollar was supported by rise in US treasury yields
* US$INR futures maturing on June 28 ended higher on Tuesday amid a strong greenback and weak local stock indices
* The rupee is expected to depreciate today amid strong dollar and rising crude oil prices. However, dollar may be pressurised by US manufacturing PMI data, which is likely to show slowdown in production. US$INR futures closed near its key resistance level at 77.90. It is likely to break this level to reach an all-time high at 78.00. Today US$INR is expected to trade in the range of 77.85 to 78.00.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory