Rupee is expected to appreciate today amid correction in dollar after unemployment rate and average hourly earnings underwhelmed - ICICI Direct
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Currency Outlook
Rupee Outlook
• Rupee ended flat on Friday ahead of job data from US which would help to determine interest rate outlook. Additionally, Reserve bank of India kept its benchmark interest rate unchanged
• Rupee is expected to appreciate today amid correction in dollar after unemployment rate and average hourly earnings underwhelmed. Data showed moderation in wages and unemployment rate remained unchanged at 18th month high. Meanwhile, rise in crude oil prices and risk aversion in the global markets may limit further gains in pair. Market sentiments are hurt on rising conflict between Palestine and Israel. USDINR is likely to slip back towards 83.00 levels as long as it sustains below 83.30 levels
Euro and Pound Outlook
• Euro ended on positive note amid weakness in US dollar. Further, stronger than expected German factory orders and hawkish comments from ECB official Schnabel supported single currency. For today, EURUSD is likely to rise further towards 1.0610 levels as long as it remains above 1.0530 levels amid further correction in dollar, hawkish comments from ECB officials and expectation of improved economic data from euro zone. EURINR may move north towards 88.20 level as long as it stays above support level of 87.70 levels
• Pound is expected to rise towards 1.2280 level amid correction in dollar.
Meanwhile, sharp upside may be capped as global market sentiments are
hurt on escalating military conflict in the middle east. GBPINR is likely to
rise towards 102.00 level as long as it trades above 101.30 level.
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