Euro declined by 0.21% on Friday amid rebound in dollar - ICICI Direct
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Currency Outlook
Rupee Outlook
• Rupee appreciated marginally on Friday amid uptick in Asian currencies, persistent FII inflows and softening of crude oil prices. Meanwhile, sharp gains were prevented on weak domestic market sentiments and month end dollar demand from importers
• Rupee is likely to trade in tight range amid muted domestic market sentiments. Further, trading activity will be subdued as most of global markets will remain closed on account of New Year’s day. USDINR Jan may trade in a range of 83.40-83.20 levels.
Euro and Pound Outlook
• Euro declined by 0.21% on Friday amid rebound in dollar. Further, euro slipped after CPI data from Spain signaled easing price pressure. Core CPI eased to 3.8% in December from 4.5% in November. Meanwhile, further downside was cushioned as German bund yields jump to 1½ week high. For today, EURINR Jan may slip towards 91.70 level as long as it trades below 92.30 levels.
• Pound slipped by 0.07% on Friday amid recovery in dollar and muted domestic market sentiments. For today, GBPINR Jan is likely to move south towards 105.70 level as long as it stays below 106.30 levels. A move below 105.70 levels may open doors for 105.50 levels. On a flip side move above 106.30 GBPINR may rally further towards 106.50 levels
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