IGI Logo

Rupee Outlook and Strategy

* The dollar rose by 0.60% on Wednesday amid hawkish comments from Jerome Powell. US Federal Reserve Chairman Jerome Powell said the biggest risk to the US economy is persistent inflation and not that interest rate hikes will slow the economy too much. However, sharp upside was capped on weak GDP data. The US economy contracted an annualised 1.6% on quarter in Q1 2022, slightly worse than a 1.5% drop in the second estimate

* US$INR futures maturing on July 27 gained by 0.12% on Wednesday amid strong dollar and persistent foreign capital outflows

* The rupee is expected to depreciate today amid strong dollar and worries about elevated crude oil prices. Moreover, investors will closely watch initial jobless claims data as it is expected to drop from 229,000 to 228,000. US$INR is expected to trade in the range of 79.00 to 79.30

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