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Currency Outlook

Rupee Outlook

* Rupee appreciated marginally aided by softness in dollar and retreat in US treasury yields. Further, rise in risk appetite in the global markets supported rupee

* Rupee is likely to appreciate today amid weakness in dollar, decline in US treasury yield and improved global market sentiments. Meanwhile, investors will remain cautious ahead of key economic data from US to gauge economic health of the country and determine the outlook for interest rates. US$INR is likely to face hurdle near 82.75 level and move south towards 82.45 level

Euro and Pound Outlook

* Euro ended on positive note amid soft dollar and rise in German bond yields. Additionally, hawkish comments from ECB governing council member Holzmann supported single currency. For today, EURUSD is likely to rise further towards 1.0860 level as long as it trades above 1.08050 level (200–Day EMA) amid weak dollar and on anticipation that ECB will continue with its tightening monetary policy to combat high inflation. EURINR may move north towards 89.75 level as long as it stays above 89.20 levels

* Pound is expected to hold support near 1.2570 level and strengthen towards 1.2650 level on soft dollar and improved global market sentiments. GBPINR is likely to rise towards 104.60 level as long as it trades above 103.80 level

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