EURINR may rise till 91.30 level as long as it stays above 90.70 level

08-07-2023 10:42 AM | Source: ICICI Direct

EURINR may rise till 91.30 level as long as it stays above 90.70 level - ICICI Direct

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Currency Outlook

Rupee Outlook

• Rupee depreciated on Friday amid surge in crude oil prices and wider selloff in Asian currencies. Further, market participants remained cautious ahead of Job report from US to gauge economic health of the country

• Rupee is likely to appreciate today amid weakness in Dollar and improved domestic market sentiments. Dollar is showing weakness amid mixed US jobs report. US economy added fewer jobs in July but recorded solid wage growth. US$INR has failed to breach 83.00 levels, which is still acting as a strong hurdle. For today USDINR pair may appreciate back towards 82.50 levels as long as it sustains below immediate resistance level of 82.80.

Euro and Pound Outlook

• Euro ended on positive note amid weak dollar and improved domestic market sentiments. However, sharp upside was capped on disappointing economic data from euro zone. For today, EURUSD is likely to hold the support near 1.0970 level and rise back towards 1.1060 level amid expectation of further correction in dollar. However, sharp upside may be capped as German Industrial production is forecasted to decline by 0.4% in June 2023. EURINR may rise till 91.30 level as long as it stays above 90.70 level

• Pound is expected move north towards 1.2810 level amid weakness in dollar. Meanwhile, investors will remain cautious ahead of BOE policymaker comments to get the clues on future rate trajectory. GBPINR is likely to hold the support near 105.00 level and rise towards 105.85 levels.