EURINR is likely to weaken towards 89 .00 - Axis Securities Ltd
Currency Outlook
Rupee Outlook
* Rupee depreciated for the third day in a row on Wednesday on concerns that higher oil prices may fan inflation in the oil -importing nation . The elevated US treasury yields also pressured the domestic currency .
* The pair is expected to hold the support near 83 .00 and move higher towards 83 .30 amid strong dollar and rising US rising treasury yield . The expectation of better economic numbers from US would support the Fed to keep the rates at higher level for longer period . Meanwhile, investors will eye on Fed members speech to get more clarity on the future rate path . USDINR is expected to move in towards 83 .30 , as long as it holds above the 83 .00 mark . Only close below 83 .00 it would slide towards 82 .80 .
Euro and Pound Outlook
* Euro bounced back from its lowest level since June 08th 2023 amid hawkish comments from the ECB member Kazimir . Earlier the pair hit the 1 .07 mark amidst weaker set of economic numbers from Euro zone . The pair is expected to remain under pressure amid expectation of weak economic numbers and strong dollar . EURUSD could hit the key support at 1 .07 , as long as it trades under 1 .0760 . EURINR is likely to weaken towards 89 .00 , as long as the pair trades below 89 .60 mark
* The pound hit the 1 .25 mark on Wednesday amid strong dollar and increasing risk -off sentiments . The pair is likely to weaken towards 1 .2450 as long as it trades under 1 .2560 . The forecast of weaker economic numbers from the region could weaken the pair . GBPINR is expected to dip towards 104 .00 , as long as it trades under 104 .70 .
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