Rupee is expected to appreciate amid weakness in the dollar - ICICI Direct
Currency Outlook
Rupee Outlook
• Rupee is expected to appreciate amid weakness in the dollar. The forecast of weaker set of economic numbers from US could force the Fed to take a pause in its rate hike regime after much anticipated 25 bps hike in the July meeting. Meanwhile rise in crude oil prices could limit the appreciation in the rupee
• US$INR is likely to consolidate in a narrower range of 81.90-82.25 today. Only a move outside of the rang would bring more clarity in the direction. Above 82.25 it would rise towards 82.40. On the other hand a move below 81.90 would weaken towards 81.80
Euro and Pound Outlook
• Euro is likely to hold its ground against the dollar ahead of the key CPI numbers. The forecast of sticky inflation numbers could force the ECB to hold its monetary policy tight in its fight against inflation. EURUSD is most likely to find support near 1.12 and move towards 1.1280. EURINR may find support near 92.00 level and rebound towards 92.60 level
• Pound is expected to hold the psychological support near 1.30 and move towards 1.31 amid expectation of higher inflation numbers in UK. The forecast of higher inflation numbers would force the BOE to increase the interest rates again. GBPINR is expected to hold support near 106.80 and move towards 107.60.
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