US$INR is likely to find support near 81.60 and move back towards 82.00 - ICICI Direct
Currency Outlook
Rupee Outlook
• Rupee appreciated to its highest level in three weeks on Monday amid strong dollar inflows. Meanwhile, improved economic numbers from US helped the dollar index to edge higher against the major pair. For the day, USDINR is expected to find support near 81.60 and rise back towards the 82.00 mark ahead of the key FOMC meeting due this week. Further, expectation of better economic number could limit the downside in the pair.
• US$INR is likely to find support near 81.60 and move back towards 82.00. Only a move below 81.60 would open the doors towards 81.40.
Euro and Pound Outlook
• Euro is likely to trade on a weaker note amid rebound in dollar. Further, expectation of weaker economic numbers could also weigh on the pair. EURUSD is most likely to slip towards 1.1040, as long as it remains under 1.1110. EURINR is expected to dip towards 90.30 as long as it trades under 91.00
• Pound is expected to remain under pressure amid recovery in dollar. The pair is expected to face the hurdle near 1.2880 and inch lower towards 1.2760. GBPINR is likely to face the resistance near 105.30 and move towards the immediate support near 104.50.
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