US dollar increased by 0.35% yesterday amid risk aversion in the global markets - ICICI Direct
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Rupee Outlook and Strategy
US dollar increased by 0.35% yesterday amid risk aversion in the global markets and upbeat job data. US unemployment claims fell to the lowest since 1969 to 184,000. Markets sentiments were hurt on concerns that restrictions in some parts of the world to curb spread of Omicron variant may hurt global economic recovery
Rupee future maturing on December 29 depreciated by 0.10% on persistent FII outflows and firm dollar. Further, investors await clarity on Omicron threat to economy
Rupee is expected to depreciate on strong dollar and risk aversion in the global markets. Further, IMF chief economist statement may hurt currency. She said pandemic could turn out far more costly than estimated and central banks do not have scope to continue with lose money policy as inflationary pressure builds. Additionally, investors will remain vigilant ahead of inflation data from US. USDINR(Dec) expected to trade in a range of 75.50-75.90
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