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Currency Outlook

Rupee Outlook

• US$INR is expected to consolidate near the 82.00 level ahead of the key FOMC meeting due this week. The rebound in the dollar index could limit the downside in the pair. Meanwhile, forecast of weaker manufacturing numbers from US could limit the upside momentum in the dollar

• US$INR is likely to remain in the sideways range of 81.90-82.20. A move outside the range could bring more clarity in the trend. Below 81.90 it would slid towards 81.70. Similarly above 82.20 it would rise towards 82.30.

Euro and Pound Outlook

• Euro is likely to trade on a weaker note amid rebound in dollar. Further, expectation of contraction in the manufacturing activity in Eurozone could hurt the Euro. EURUSD is most likely to slip towards 1.1080, as long as it remains under 1.1160. EURINR may face the hurdle near 91.60 and slide towards 91.00 level

• Pound is expected to remain under pressure amid recovery in dollar. Further, forecast of weaker set of economic numbers from UK could also hurt the pair. The pair is expected to face the hurdle near 1.2920 and inch lower towards 1.2810. GBPINR is likely to face the resistance near 106 and move towards the immediate support near 105.

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