ICICI Direct, The US dollar slipped yesterday amid a decline in US treasury yields. Further, investors are worried that the Fed may tighten monetary policy too much, hurting the economy.
December 08, 2022 / 09:50 AM IST
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ICICI Direct’s currency report on USDINR
The US dollar slipped yesterday amid a decline in US treasury yields. Further, investors are worried that the Fed may tighten monetary policy too much, hurting the economy. Meanwhile, sharp downside was cushioned on risk aversion in global markets • Rupee future maturing on December 28 depreciated marginally by 0.01% yesterday amid weak domestic market sentiments and FII outflows. However, sharp fall was prevented as RBI raised its repo rate by 35 bps to 6.25% and sounded hawkish over inflation outlook • The rupee is likely to appreciate further amid weakness in dollar and sharp decline in crude oil prices. Also, RBI raised its benchmark interest rates for a fifth consecutive time and said GDP growth in India remains resilient while inflation is expected to moderate but the battle against inflation is not over. Meanwhile, sharp appreciation may be prevented on risk aversion in global markets and FII outflows. US$ INR (December) may trade in a range of 82.10-82.55.
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08122022 – currency
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