Dollar retreated amid concerns about strength of the US economy - ICICI Direct
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Currency Outlook:
Rupee Outlook:
• Rupee on Friday hovered in a tight range and ended little changed as dollar demand from importers worn the impact of supportive global cues.
• Dollar retreated amid concerns about strength of the US economy. While, US treasury yields moved higher after economic data showed producer prices increased more than expected in January, reinforcing expectations that the Federal Reserve will abstain from cutting interest rates until at least the middle of the year
• Indian currency market will remain closed today on account of holiday
Euro and Pound Outlook:
• Euro gained by 0.02% on Friday. Euro recovered from early looses and posted marginal gain amid weak dollar and hawkish comments from ECB official. ECB Executive Board member Schnabel said the ECB must take its time before cutting interest rates.
• Pound recovered all its early looses on Friday amid soft dollar and as data showed UK retail sales grew at their fastest pace in nearly three years in January. UK Retail sales surged by 3.4% in January betting market expectations and marking largest increase since April 2021, following a sharp decline of 3.3% in December
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