ICICI Direct's currency report on USDINR
Rupee appreciated yesterday amid pullback in US treasury yields and softening of crude oil prices. Meanwhile, investors remained cautious ahead of economic data from US to gauge the economic health • Rupee is likely to depreciate today amid strong dollar and risk aversion in the global markets. Dollar is gaining strength on hawkish comments from Fed officials and as data showed number of Americans filing new claims for unemployment benefits declined last week, signaling tight labor market conditions. Further, market awaits a speech from Federal Reserve chair Powell to get the hint on rate trajectory. US$INR is likely to hold the support near 82.35 level and rise towards 82.75 levels.
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