09-08-2023 09:54 AM | Source: ICICI Direct
Euro remained under pressure on Thursday amid weaker set of economic numbers from Euro zone - ICICI Direct
News By Tags | #2767 #3961

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Currency Outlook

Rupee Outlook

* Rupee slid towards its lowest level of 83.20 yesterday, amid strong dollar and outflow of funds from the domestic market. The rally in oil prices also weighed on the domestic currency

* The pair is expected to face the hurdle near 83.30 and move towards 83.00 amid decline in US treasury yields and softer dollar. Meanwhile, investors will keep an eye on Fed members speech to get more clarity on the future rate path. The CME Fed Watch tool still indicates 92% probability of Fed holding rates steady in September. USDINR is expected to move inside the range of 83.00-83.30. Only close below 83.00 it would slide towards 82.80.

Euro and Pound Outlook

* Euro remained under pressure on Thursday amid weaker set of economic numbers from Euro zone. The GDP of the last quarter revised to 0.1% against 0.3%. Further weaker than expected German industrial production numbers also weighed on the pair. EURUSD could take a pause it is decline on expectation of increase in German inflation numbers. The pair is likely to rise towards 1.0750, as long as it holds above 1.0680. EURINR is likely to find the support near 89.00 and move back towards 89.60 mark

* The pound lost more than 0.25% on Thursday amid strong dollar and weak economic numbers. The pair is likely to find support near its 200 day EMA at 1.2450 and rebound towards 1.2520 amid softness in the dollar. GBPINR is expected to find support near 103.60 and move back towards 104.20. Only close below 103.60 would weaken towards 103.30.


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