Rupee ended flat yesterday as month end dollar - ICICI Direct
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Currency Outlook
Rupee Outlook
• Rupee ended flat yesterday as month end dollar demand from importers overshadowed improved domestic market sentiments and strength in other Asian currencies
• Rupee is expected to appreciate today majorly on the back of weakness in dollar and soft US treasury yields. Further, rupee may gain strength on softening of crude oil prices. Meanwhile, sharp gains may be limited on weak global market sentiments and FII outflows. Additionally, investors will remain cautious ahead of BOJ monetary policy, to see whether central bank could further tweak a key bond yield policy tool. USDINR is likely to rise towards 83.40 level as long as it sustains above 83.25 levels
Euro and Pound Outlook
• Euro edged higher on Monday amid weak dollar and improved global market sentiments. However, sharp upside was capped as data showed inflation in Germany eased noticeably in October, while Europe’s largest economy shrank slightly in the Q3 2023. For today, EURUSD is likely to rise further towards 1.0650 levels as long as it remains above 1.0560 level amid soft dollar. Meanwhile, investors will remain cautious ahead of CPI data to get more clarity on interest rate outlook. EURINR Nov may move north towards 88.75 level as long as it stays above 88.00 levels
• Pound is expected to dive towards 1.2080 level amid pessimistic global market sentiments and ahead of an interest rate decision by the BOE, where expectations are for the central bank to stand pat. GBPINR is likely to edged lower towards 100.80 as long as it trades below 101.50 level.
Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631
