Pound mostly remained in a tight range yesterday - ICICI Direct
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Currency Outlook
Rupee Outlook
* Rupee depreciated towards the end of the session yesterday amid aggressive dollar bids by the importers, while likely central bank intervention capped its losses. Weakness in major Asian peers also weighed on the rupee.
* USDINR is expected to face stiff resistance near 83.50 and move towards 83.25 on expectation of intervention by RBI. Further, forecast of mixed set of economic numbers from US and moderation in key inflation number would restrict the upside in the dollar. Moreover, improved risk appetite and better than expected CAD numbers would help the rupee to regain its strength. USDINR April is likely to face the hurdle near 83.50 and move back towards 83.30. A move below 83.30 it would slide towards 83.20.
Euro and Pound Outlook
* Euro gave up early advance and edged lower due to dovish comments from ECB Governing council member Kazaks, who expressed support for a rate cut in June. Meanwhile, better than expected Eurozone economic confidence helped it to trim its losses. EURUSD is expected to consolidate in the band of 1.08 and 1.0860. Forecast of improved retails sales numbers from Germany would provide some support to the pair to hold the key support at 1.08. EURINR April is likely to find support near 90.20 and move towards 90.70. Only close below 90.20 it would test 90.00.
* Pound mostly remained in a tight range yesterday. Strong dollar restricted its upside. The pair is expected to consolidate in the band of 1.2580 and 1.2680. Only a move below 1.2580 would open the downside towards 1.2540. GBPINR April is likely move in the band of 105.00 and 105.80. Only a move below 105.00 it would slip towards 104.80 level.
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