Powered by: Motilal Oswal
26-10-2023 11:23 AM | Source: ICICI Direct
Rupee is expected to depreciate today amid strong dollar - ICICI Direct
News By Tags | #CurrencyTips #ICICIDirect

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 depreciated yesterday amid firm dollar and FII outflows from domestic market. Further, rupee slipped on month end dollar demand from importers

• Rupee is expected to depreciate today amid strong dollar, elevated crude oil and surge in US treasury yields across curve. Yields are rising as the recent batch of economic data from US showed resilience in the economy, reinforcing expectations that US Fed would keep rates higher for longer duration. Moreover, investors will remain cautious ahead of GDP and Job data from US to get more clarity on interest rate trajectory. USDINR is likely to rise towards 83.30 level as long as it sustains above 83.05 levels



Euro and Pound Outlook

• Euro edged lower yesterday amid strong dollar and weak global market sentiments. Downsides were limited by better than expected German Oct IFO business climate index. For today, EURUSD is likely to slip further towards 1.0520 levels as long as it remains below 1.0600 levels. Additionally, investors will remain careful ahead of ECB monetary policy decision, where central bank is likely to keep its policy rate unchanged and focus will be on statements from ECB to get clues on interest rate trajectory. EURINR may move south towards 87.50 level as long as it stays below 88.05 levels

• Pound is expected to dive towards 1.2050 level amid strong dollar and risk aversion in global markets. Also, weak economic data from Britain reinforced expectations that BOE will hold rates steady. GBPINR is likely to edged lower towards 100.0 level as long as it trades below 101.0 level.



Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

SEBI Registration number INZ000183631

To Read Complete Report & Disclaimer     Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer