Rupee may depreciate this week amid pessimistic market sentiments, firm dollar; USDINR to trade in this range
时间:2024-09-29 03:59:04 阅读(143)
By Raj Deepak Singh
Rupee hit all time low last week amid strong dollar, persistent FII outflows and risk aversion in the global markets. Market sentiments were hurt as investors fear that high inflation is threatening to eat into corporate profits and restraint consumer spending. Additionally, outlook for global economy is looking gloomy amid supply chain disruption, lockdown in China and Russia’s war against Ukraine.
We expect rupee to depreciate further in this week amid pessimistic global market sentiments and strong dollar. Demand for dollar may climb on concern that major central banks action to combat high inflation would hurt global economic growth. Market sentiments are hurt as supply disruption due to Covid-19 lockdown and war between Russia and Ukraine have heightened fears about global economic growth. On top of this major central banks are ending easy money era.
Additionally, traders will take cues from major economic data from US and will remain vigilant ahead of Fed Chair Powell speech to get the hint on future monetary stance USDINR since April 2021 is making higher highs on daily chart. Rupee is holding a strong support level of 76.50, as long it sustains above this level it can slip further till 77.80/78.00. Beyond 78.00 rupee is unlikely to sustain as it will work as strong and physiological resistance.
(Raj Deepak Singh is an Analyst – F&O, Currency, and Commodities at ICICIdirect. The views expressed are the author’s own. Please consult your financial advisor before investing)
猜你喜欢
- Transactions between 2 govt firms exempt from prior nod requirements by audit committee for RPTs- Sebi
- Nykaa share price down 44% from life-time high; should you buy, hold or sell after Q1 profit surges 33% on-yr-
- NSE Indices floats consultation paper on index rules
- Nifty to witness buying above 17300, use Bull Call Spread for 6 Oct F&O expiry; Bank Nifty may trade mixed
- NSE Bulk deals, January 6- LANDMARK, SIGACHI, TNPETRO and other major deals that took place on Friday
- Top stocks bought and sold by mutual funds in May; Adani Total Gas, HDFC Life, Kotak Bank, Hindustan Zinc, more
- NSE F&O Ban- Hindustan Copper, GNFC, Piramal Enterprises are stocks under ban on August 4, Friday
- NSE Bulk Deals, August 14- Debock Industries, Drone Destination, other major deals took place on Monday
- NSE Indices floats consultation paper on index rules