IGI Logo

Currency Outlook 

Rupee Outlook

• Rupee is expected to depreciate amid re-bounce in dollar. The weakness in export numbers, which dropped to the lowest level since October 2022 could weigh on the rupee. Meanwhile the expectation of weaker manufacturing index numbers from US could hurt the recovery in the dollar. Further, rising probability of Fed pause after July hike could also limit its upside

• US$INR is likely to rise towards the key resistance near 82.30, as long as it holds above the 82.00 mark

Euro and Pound Outlook

• Euro is likely to take a pause in its rally amid rebound in the dollar. Meanwhile, focus will remain on Today’s ECB president’s speech. EURUSD is most likely to dip towards the initial support near 1.12 as long as trades under 1.1260. EURINR may weaken towards 91.80 level as long as the pair trades below the 92.60 level.

• Pound is expected to dip towards 1.3030 mark amid rebound in dollar. For GBPUSD 1.3150 could act as key resistance. The weaker HPI data could limit the upside in the pair. GBPINR is likely to move in the range of 107.00-107.90. Only close below 107.00 would weaken towards 106.50.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631

Above views are of the author and not of the website kindly read disclaimer