Rupee appreciated yesterday amid weak dollar and decline in US treasury yields -ICICI Direct
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Currency Outlook:
Rupee Outlook:
• Rupee appreciated yesterday amid weak dollar and decline in US treasury yields. Further, rise in risk appetite in the domestic markets supported domestic currency. Meanwhile, dollar demand from importers capped sharp gains.
• Rupee is likely to appreciate today amid soft dollar and fall in US treasury yields. Dollar lost it strength after China cut interest rate in a bid to support economic growth, raising hopes of additional stimulus form China which would boost global growth. Additionally, investor will evaluate FOMC meeting minutes for new clues on when Fed is probable to begin cutting rates. Moreover, rupee may gain strength on likely inflows and optimistic domestic market sentiments. USDINR Feb may slip towards 82.85 levels as long as it sustains below 83.10 levels
Euro and Pound Outlook:
• Euro gained by 0.28% yesterday amid weak dollar and improved economic data from euro zone. Eurozone new car registrations increased in January and construction output rose by the most in 10 months in December. For today, EURUSD is likely to hold the support near 1.0770 level and rise towards 1.0850 level amid weak dollar and signs of economic strength in the Eurozone. EURINR Feb may rise towards 90.00 level as long as it trades above 89.35 levels
• Pound is expected to rise further towards 1.2700 level amid weak dollar and expectation of improved economic data from Britain. Meanwhile, sharp upside may be capped on dovish statement from BOE Governor Andrew Bailey. He said that he was comfortable with investors betting on interest rate cuts this year. GBPINR Feb is likely to move north towards 105.0 level as long as it stays above 104.40 levels
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