US dollar fell 0.20% yesterday amid a rise in risk appetite in the global markets - ICICI Direct
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Rupee Outlook and Strategy
* US dollar fell 0.20% yesterday amid a rise in risk appetite in the global markets. Further, a statement by Fed officials played down the possibility of an imminent rate hike. However, sharp downside in dollar was cushioned on surge in US treasury yields
* Rupee future maturing on October 27 appreciated by 0.61% in yesterday’s trading session on weakness in dollar and improved risk appetite in global markets. However, further gains were prevented on FII outflows and proliferated crude oil prices
* The rupee is expected to appreciate on weakness in dollar and FII inflows. However, sharp gains may be prevented on a surge in crude oil prices and mixed Asian markets. Market sentiments are hurt on worries over elevated inflation and risk from China’s property sector. Additionally, investors bet that major central banks across the globe may need to start tapering stimulus to address stubbornly high inflation
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