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Currency Outlook

Rupee Outlook

• Rupee depreciated for the first time in last three days ahead of the key FOMC meeting. Meanwhile strong dollar inflows has restricted its fall. For the day, USDINR is expected to move towards the 82.00 ahead of much anticipated 25 bps hike by the Federal reserve. For now, investors will be watching out for the commentary on future path of the interest rate cycle.

• US$INR is likely to consolidate in between 81.60 and 82.00. Only a move below 81.60 would weaken the pair towards 81.40. On the flipside a move above 82.00 would rise towards 82.20.

Euro and Pound Outlook

• Euro is likely to trade on a weaker note amid weaker economic numbers form the Euro zone. The weakness in the loan growth in the region could weaken the Euro to slide towards the psychological mark near 1.10. EURINR is expected to dip towards 90.30 as long as it trades under 91.00

• Pound is expected to consolidate in the range of 1.2840-1.2910. GBPINR is likely to move inside 105.20-105.90. A move above 105.90 would open the doors towards 106.20. Similarly below 105.20 it would slide towards 104.80.

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