Rupee is expected to appreciate today amid weakness in dollar and correction in crude oil prices - ICICI Direct
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Currency Outlook
Rupee Outlook
• Rupee ended at its lifetime closing low amid surge in crude oil prices and weakness in other Asian currencies. Additionally, rupee slipped on muted domestic market
• Rupee is expected to appreciate today amid weakness in dollar and correction in crude oil prices. Oil prices are stabilized on hopes that US would ease sanctions on Venezuela. Dollar is taking back foot as investors braced for slew of speeches from Federal Reserve officials to get cues on interest rate outlook. Meanwhile, risk sentiments remained fragile amid ongoing tension in Middle East. USDINR is likely to rise back towards 83.40 level as long as it sustains above 83.15 levels
Euro and Pound Outlook
• Euro edged higher yesterday amid weak dollar and improved domestic market sentiments. Meanwhile, sharp upside was capped on dovish comments from ECB Governing Council member de Cos. For today, EURUSD is likely to rise further towards 1.0600 levels as long as it remains above 1.0530 levels amid soft dollar and ease of political risk in Euro Zone. Further, expectation of improved economic data from region may support single currency. EURINR may move north towards 88.25 level as long as it stays above support level of 87.60 levels
• Pound is expected to rise towards 1.2250 level amid weak dollar
and hawkish comments from BOE policymaker. Meanwhile,
investors will remain cautious ahead of job data that will further
guide BOE interest rate path. GBPINR is likely to rise towards
101.90 level as long as it trades above 101.20 level.
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