Rupee is expected to depreciate on Monday amid strong dollar and on anticipation that robust employment report may force the US Fed to quickly withdraw economic stimulus by raising interest rate in potentially larger intervals. Meanwhile, ease in crude oil prices and rise in risk appetite in the global markets may prevent further downside in Rupee, according to ICICI Direct. The local unit on Thursday ended 0.16% higher than previous close at 75.79 against the dollar as crude prices fell.
Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services
“Rupee consolidated in a narrow range but traded with a positive bias against the US dollar as talks progressed between Russia and Ukraine to end their weeks-long conflict. On Friday, the dollar gained against its major crosses after data showed the economy added 431,000 for the month, while unemployment rate was 3.6%. This week, on the domestic front, market…
