The rupee is expected to depreciate today on weak global market sentiments - ICICI Direct
Rupee Outlook and Strategy
* The US dollar declined 0.33% yesterday amid easing of US treasury yields and dovish statement from Atlanta Fed President Bostic, who backed the idea of a Fed pause later this year. Additionally, disappointing economic data from the US further weakened greenback. US business activity slowed in May as higher prices cooled demand for services while renewed supply disruption hampered production at factories
* Rupee future maturing on May 27 depreciated marginally by 0.05% amid sell-off in domestic markets and persistent FII outflows
* The rupee is expected to depreciate today on weak global market sentiments, consistent FII outflows and elevated crude oil prices. Market sentiments were hurt on concerns over slowing economic growth and surging inflation across globe. Additionally, traders will remain vigilant ahead of FOMC meeting minutes and major central banks policymakers statements. US$INR (May) is expected to trade in a range of 77.45-77.75
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory