Rupee ended the day on a weaker note despite correction in the dollar and strong domestic equities - ICICI Direct
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Currency Outlook
Rupee Outlook
• Rupee ended the day on a weaker note despite correction in the dollar and strong domestic equities. The higher crude oil prices capped the upside in the rupee.
• The pair is expected to face the hurdle near 83.20 and move back towards 82.80 amid weakness in the US dollar. Further, expectation of pause in Federal reserve interest rates in the September meeting may restrict the upside in the dollar index. Meanwhile, investors will keep an eye on today's domestic inflation numbers, which is expected to remain above the RBI’s higher limit at 6%. USDINR is expected to appreciate towards 82.80, as long as it trades below 83.20
Euro and Pound Outlook
• Euro gained more than 0.40% on Monday amid weakness in the dollar. However, the gains were capped after the European commission cuts its 2023 Eurozone GDP forecast to 0.8% from an earlier projection of 1.1%. The pair is likely to remain in the range of 1.070-1.0750 ahead of the key economic numbers. Above 1.0750 it would extend its rebound towards 1.0780. EURINR is likely to find the support near 88.80 and move back towards 89.30 mark
• The pound edged higher amid correction in the dollar. The pair is expected to hold the support of 200 day EMA at 1.2450 and rebound towards 1.2550 amid softness in the dollar. Meanwhile, traders will eye on key job data from the region. GBPINR is expected to find support near 103.40 and move back towards 104.10.
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