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Currency Outlook

Rupee Outlook

• Rupee depreciated yesterday amid firm dollar and surge in crude oil prices. Further, month end dollar demand from importers weighed on local currency.

• Rupee is likely to depreciate today amid strong dollar and elevated crude oil prices. Meanwhile, investors will remain cautious ahead of major economic data from US to gauge the economic health of the country. ISM Manufacturing PMI is projected to show that activity in sector contracted for 9 th consecutive month. Further, number of available jobs in US is likely to drop and remained below 10-million mark. US$INR is likely to hold the support near 82.10 and rise further till 82.50

Euro and Pound Outlook

• Euro ended on negative note amid firm dollar. Further, it retreated after data showed inflation ticked lower in July, while growth figures showed economic activity picking up in Q2 2023. For today EURUSD is likely to face hurdle near 1.1020 level and slip back towards 1.0940 level amid strong dollar and on anticipation that easing price pressure may provide room for ECB to hit a pause button sooner. EURINR may slip till 89.90 level as long as it stays below 90.60 level

• Pound is expected move south towards 1.2760 level amid strong dollar and expectation of disappointing economic data from country. Meanwhile, sharp fall may be cushioned as BOE is likely to hike rates again in upcoming policy meeting. GBPINR is likely to face hurdle near 105.70 level and slip towards 105.00 levels

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