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Rupee Outlook and Strategy

* The dollar slipped by 0.27% on Friday as traders pared back bets on the interest rate hike cycle and brought forward their outlook on the timing of rate cuts to counter a possible recession. However, further downside was cushioned by strong economic data. New home sales in the US rose 696,000 in May, above market expectations of 588,000

* US$INR futures maturing on June 28 dropped by 0.04% on Friday amid an uptick in Indian equities

* The rupee may continue in its depreciation mode amid strong dollar. Further, the rupee may be pressurised by persistent foreign funds outflows. Moreover, investors will closely watch core durable goods orders as it is expected to rise from 0.4% to 0.6%. However, sharp downside may be prevented by falling crude oil prices. As long as US$INR (June) sustains above 78.10 level it may rise further till 78.50 level

Dollar Index Vs US$INR

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