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The INR is expected to depreciate further after hawkish comments made by the Federal Reserve members. The value of rupee has depreciated to 0.17% and is likely to see further depreciation in the coming months, where it is likely to decline further.
Dollar closed at 66.725 per dollar at 0.1 %yesterday. Rupee hits two months low at 66.95 today morning compared to previous close of 66.87.
Federal bank’s Williams and Lockhart said that there will be a 2-3 hikes this year. Overall rupee movement will be dominated by the global cues and the timing of the fed interest rate hike. Inflation has also increased to 5.39% accelerating from a 4.83% rise in the previous month; inflation is further likely to go up in the month of June to 5.5 %. Moreover the monsoon for this year is said to be one week in delay which will have impact on the consumer price goods.
Technicals:
US Dollar index has surged till 94.99 at the time of writing after making a low of 94.32 yesterday and it is currently trading at 94.76. The DXY major resistant at 95(55 day EMA) and any break above will take the par till a 95.35 /96 level.
USD/INR has broken the minor resistance 66.85 jumped till 67. Minor weakness can be seen only below 66.70. Major resistance is Around 67.10 and break above targets 67.50.
