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08-03-2023 10:43 AM | Source: ICICI Direct
Euro slipped yesterday amid strong dollar and risk aversion in the global markets - ICICI Direct
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Currency Outlook

Rupee Outlook
• Rupee depreciated intensely yesterday posting biggest single-day loss in nearly two months on risk aversion in the global markets and strong dollar. Market sentiments were hurt after rating agency Fitch downgraded US government rating from AAA to AA+.

• Rupee is likely to depreciate further amid firm dollar and weak global market sentiments. Dollar is gaining strength as more than expected increase in private payroll suggest resilient labor market and possibility of Fed holding rates at elevated level for longer period. US$INR is likely to hold the support near 82.50 level and rise back till 82.80 level

 

Euro and Pound Outlook

• Euro slipped yesterday amid strong dollar and risk aversion in the global markets. Further, euro skid on decline in European government bond. For today, EURUSD is likely to face hurdle near 1.0980 level and slip further towards 1.0890 level amid strong dollar and pessimistic global market sentiments. EURINR may move south towards 90.10 level as long as it stays below 90.70 level

• Pound is expected move south towards 1.2650 level amid strong dollar and risk aversion in the global markets. Meanwhile, sharp downside may be cushioned as BOE is likely to hike interest rates in today’s policy meeting and keep doors open for further rate hikes. While, investors are split on the size of rate increase. GBPINR is likely to face the hurdle near 105.50 level and slip towards 104.70 levels.

 

 

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