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Currency Outlook

Rupee Outlook

• Rupee is expected to consolidate near the 82.00 mark as investors turned cautious ahead of the next week’s FOMC meeting. Meanwhile, expectation of weak economic numbers could restrict the upside in the dollar. Further, rising probability of Fed pause after July hike could also weigh on the dollar.

• US$INR is likely to consolidate in the range of 81.90-82.25. A move outside the range could bring more clarity in the trend. Below 81.90 it would slid towards 81.70. Similarly above 82.25 it would rise towards 82.45.

Euro and Pound Outlook

• Euro is likely to recover its yesterday’s losses amid weakness in dollar. Further sticky inflation numbers could force the ECB to stick to its hawkish monetary policy. EURUSD is most likely to find support near 1.1180 and move higher towards 1.1250. EURINR may find the support near 91.80 level and rise towards 92.40 level.

• Pound lost the most yesterday after UK inflation number dropped below the 8% for the first time since May 2022.The pair is expected to face the hurdle near 1.3050 and inch lower towards 1.2880. GBPINR is likely to face the resistance near 106.60 and move towards the immediate support near 105.80.

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