The rupee may appreciate today on weakness in the dollar - ICICI Direct
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Rupee Outlook and Strategy
US dollar fell 0.07% on Friday and slipped from its nine and a half month high on a rise in risk appetite in the global markets. However, a sharp fall was cushioned as FOMC meeting minutes had signalled possibility of monetary tapering this year
Rupee future maturing on August 27 depreciated by 0.13% on Friday’s trading session on strong dollar and weak domestic markets. However, a sharp fall was prevented on softening of crude oil prices
The rupee may appreciate today on weakness in the dollar and rise in risk appetite in the global markets. Further, softening of crude oil prices may support the rupee. However, sharp gains may be prevented as market participants are worried that spread of highly infectious delta variant may derail global economic recovery. Additionally, the market will remain vigilant ahead of Manufacturing and Services PMI data from major countries across the globe
US$INR Strategy
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