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Rupee likely to depreciate on strong dollar, high crude oil prices, USDINR pair to trade in this range
Rupee is expected to depreciate further on Tuesday due to stronger dollar and higher crude oil prices. Further, pessimistic sentiments in the global markets may hurt the rupee. Additionally, consistent FII withdrawal from domestic markets will continue to put pressure on the rupee.
The Indian rupee depreciated 1.05% to hit its lowest level against the US dollar on Monday amid soaring oil prices and continued outflows of foreign portfolio money on last trading session. The local unit is expected to depreciate further on Tuesday due to stronger dollar and higher crude oil prices. Further, pessimistic sentiments in the global markets may hurt the rupee. Additionally, consistent FII withdrawal from domestic markets will continue to put pressure on the rupee. US$INR (March) is expected to rise further towards 77.50 for the day, according to ICICI Direct.
“Rupee faces quadrupole whammy: Higher US Dollar Index, higher oil prices and FPI outflows and carry trade unwinding. Our suggestion remains to be flexible in your approach and do not get fixated on long term view right now. Things can change overnight. Therefore, manage your risk well. Stick to long option spreads over futures. USDINR remains in uptrend. If spot manages to sustain above 77 levels, then it an aim for 77.90 levels. Support remains near 76.70 and 76.40 levels.”
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