Rupee appreciated marginally on Wednesday amid pullback in the dollar index -ICICI Direct
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Currency Outlook:
Rupee Outlook:
• Rupee appreciated marginally on Wednesday amid pullback in the dollar index. Broadly it traded in a very thin range as most investors awaited key economic numbers from US this week
• Rupee is likely to appreciate towards the 83.00 mark on expectation of correction in the dollar. Forecast of lower US GDP numbers in last quarter could hurt the dollar and increase the prospects of rate cut in March. However, higher crude oil prices and outflow of funds from domestic equity markets would restrict the upside in rupee. USDINR Jan is likely to consolidate in between 83.00-83.25. Only above 83.25 it would open the doors towards 83.40. On the other hand a move below 83.00 would weaken towards 82.80 mark.
Euro and Pound Outlook:
• Euro recouped all its losses and gained more than 0.25% yesterday amid correction in the dollar. Improved manufacturing activity in the Euro zone also supported the pair to rise towards 1.09 mark. EURUSD is likely to rise towards 1.0920 level on expectation of correction in the dollar. Meanwhile, focus will remain on ECB monetary policy and comments from the ECB president to get more clarity on future rate path. EURINR January may move higher towards 90.70 as long as it holds above 90.20.
• Pound rallied 0.30% yesterday amid improved PMI data and softness in the dollar. Better than expected economic numbers would keep BOE rate expectation in higher for longer and support the pair to trade higher. The pair is expected to rise towards 1.2760, as long as it trades above 1.2670. GBPINR is likely to hold the support of 105.30 and move towards 106.20
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