US dollar increased 0.12% yesterday on risk aversion in the global markets - ICICI Direct
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Rupee Outlook and Strategy
* US dollar increased 0.12% yesterday on risk aversion in the global markets. Market sentiments were hurt on concerns over the spreading Delta variant, disappointing economic data from China that sparked worries over a slowdown in the economy and escalating geopolitical tensions
* Rupee future maturing on August 27 depreciated marginally by 0.01% on Friday’s trading session on strong dollar. However, a sharp fall was prevented on a rise in risk appetite in the domestic markets and softening of crude oil prices
* The rupee may depreciate today on strong dollar and as market sentiments are hurt on concern over spread of highly infectious delta variant and rising geopolitical tensions. Additionally, market participants will remain cautious ahead of US Federal Reserve monetary policy meeting minutes to get hint on tapering and major economic data’s like retail sales and industrial production
US$INR Strategy
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