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Currency Outlook

Rupee Outlook

• Rupee is expected to depreciate amid re-bounce in dollar. The expectation of better retail sales number from US could support the dollar to erase some of its earlier losses. Further increasing probability of 25 bps interest rate hike in July by the Federal reserve could also provide enough strength to the dollar. Meanwhile, weaker crude oil prices and persistent FII flows could limit the downside in the rupee

• US$INR is likely to consolidate in a narrower range of 81.90-82.25 today. Only close above 82.25 it would rally towards 82.40

Euro and Pound Outlook

• Euro is likely to take a pause in its rally amid rebound in the dollar. Further, drop in global demand of goods amid higher interest rate cost could hurt the growth in the major export driven economy Germany. EURUSD is most likely to dip towards the initial support near 1.12 as long as trades under 1.1260. EURINR may weaken towards 92.00 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. GBPINR is expected to move in the wider range of 107.00-107.70 ahead of the key CPI numbers due this week.

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