Rupee Wrap - June 20, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee appreciated against the dollar supported by a fall in global oil prices.

However, concerns that more aggressive rate hikes by global central banks to bring inflation down, slow global economic growth and raise the risk of a recession kept appreciation capped.

The Rupee ended at 77.98/dollar compared with 78.07/dollar on Friday.

The local un it briefly appreciated to an intraday high of 77.88, its strongest level since June 10.

The BSE Sensex gained this Monday tracking global equity markets, but Asian and EM currencies were weak today and weighed on sentiments.

NDF is currently trading at 77.94-77.99/dollar this Monday afternoon vs. a close at 77.96/dollar close on Friday.

The U.S. Dollar is trading marginally weaker this Monday afternoon against the basket amid profit booking.

The U.S. is shut on Monday for the Juneteenth holiday, so trading could be subdued.

Rest of session range for the Dollar Index is $104.20-$104.80.

The Euro is trading with small gains against the Greenback this Monday afternoon in Asian trade as markets focused on the European Central Bank's tools to fight fragmentation in the currency bloc.

Rest of session range for Euro is $1.0470-$1.0560.

The Sterling is trading with small gains against the Greenback this Monday afternoon in Asian trade amid speculation that the BoE may have to turn more hawkish and hike rates aggressively to control rising inflation.

Rest of session range for the Pound Sterling is $1.2170-$1.2295.

The Yen remained flat against the Greenback this Monday afternoon trade.

Rest of session range for the Japanese currency is 133.45-135.60 Yen.

Source : Equity Bulls

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