Rising global crude oil prices along with FIIs fund outflow from the equity market will weaken the Indian rupee during the upcoming week.
The rupee is expected to trade with a weak bias upto 75 to a US$ in the coming week.
Sajal Gupta, Head, Forex and Rates at Edelweiss Securities stated that rising crude and trade deficit has been keeping the currency under pressure and even FPI outflows have been a constant pressure on the rupee.
"Omicron normalisation would also lead to demand revival and thus more imports and more pressure on the rupee," added Gupta.
Last week, the rupee closed at 74.41 to a USD after weakening to 74.75.
"In the coming days, the price action of USD INR will be determined by Crude oil prices, FOMC Meeting outcome, risk sentiments, and dollar inflows," stated Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities.
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