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Currency Outlook

Rupee Outlook

• Rupee continued to trade in a narrow range amid concerns over rising crude oil prices and firm dollar. Moreover, investors remained cautious ahead of inflation data from US and China scheduled this week

• Rupee is likely to depreciate today amid firm dollar and weak global market sentiments. Further, elevated crude oil prices may hurt rupee. Oil prices are rising on concerns over supply crunch amid production cuts by Saudi Arabia and Russia. Moreover, investors will remain cautious ahead of major economic data from US and China to gauge health of economy. US$INR is likely to hold the support near 82.70 level and rise back till 82.90 level

Euro and Pound Outlook

• Euro ended on negative note amid strong dollar and as German industrial production fell more than anticipated. However, further downside was cushioned amid rise in government bond yields and unexpected increase in Eurozone Sentix investor confidence. For today, EURUSD is likely to face the hurdle near 1.1020 level and slip back towards 1.0940 level amid firm dollar and weak global market sentiments. EURINR may move south towards 90.70 level as long as it stays below 91.30 level

• Pound is expected move south towards 1.2700 level amid strong dollar and pessimistic global market sentiments. Meanwhile, sharp downside may be cushioned on hawkish comments from BOE Chief Economist Huw Pill. GBPINR is likely to face the hurdle near 105.90 level and slip towards 105.0 levels

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